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2022 SESSION
SB 507 Virginia Retirement System; benefits for certain local law-enforcement employees.
Introduced by: Lynwood W. Lewis, Jr. | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED SENATE:
Virginia Retirement System; benefits for certain local law-enforcement employees. Requires localities to use the 1.85 percent multiplier for determining the annual retirement allowance for deputy sheriffs for service earned on or after July 1, 2023.
SUMMARY AS INTRODUCED:
Virginia Retirement System; benefits for certain local law-enforcement employees. Requires localities to use the 1.85 percent multiplier for determining the annual retirement allowance for local law-enforcement officers receiving benefits similar to those provided to State Police officers. Currently, localities may elect to provide a 1.7 percent multiplier in lieu of the 1.85 percent multiplier.