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2023 SESSION

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HB 1568 VRS and certain political subdivisions; portability of service credit.

Introduced by: Wendell S. Walker | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Portability of service credit between Virginia Retirement System and certain political subdivisions of the Commonwealth; remove vesting requirement for transfers. Removes the requirement that any transferring member be vested with benefits in his current retirement system in order to purchase service credit in the retirement system applicable to such member's new covered position, where the transfer of such assets is (i) from the Virginia Retirement System (VRS) to a political subdivision of the Commonwealth that has a defined benefit plan that is not supplemental to VRS, (ii) from any such political subdivision's plan to VRS, or (iii) from one such political subdivision's plan to any other such political subdivision's plan.

FULL TEXT

• 01/06/23  House: Prefiled and ordered printed; offered 01/11/23 23100917D  pdf | impact statement

HISTORY

• 01/06/23  House: Prefiled and ordered printed; offered 01/11/23 23100917D
• 01/06/23  House: Referred to Committee on Appropriations
• 01/15/23  House: Assigned App. sub: Compensation and Retirement
• 02/07/23  House: Left in Appropriations