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1994 SESSION

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LD7190681
SENATE BILL NO. 2 AMENDMENT IN THE NATURE OF A SUBSTITUTE (Proposed by the Senate Committee on Finance) (Patron Prior to Substitute--Senator Marye) Senate Amendments in [ ] -- February 15, 1994 A BILL to amend and reenact § 51.1-303 of the Code of Virginia, relating to the weighted years of service factor under the Judicial Retirement System.

Be it enacted by the General Assembly of Virginia:

1. That § 51.1-303 of the Code of Virginia is amended and reenacted as follows:

§ 51.1-303. Creditable service.

A. Service For those members in service on June 30, [ 1995 1994 ] , service as a judge shall be multiplied by a factor of 3 1/2, the weighted years of service factor, to calculate years of creditable service. To calculate years of creditable service for those new members appointed or elected to terms commencing on or after July 1, [ 1995 1994 ] , service as a judge shall be multiplied by the weighted years of service factor of 2 1/2. [ The term "new members" means a judge first elected or appointed after July 1, 1994. ]

B. Service qualifying for credit under the provisions of the Virginia Retirement System and the State Police Officers' Retirement System shall be included as creditable service for the purposes of this chapter, provided the requirements of those systems for crediting service have been complied with. Service purchased in accordance with the provisions of § 51.1-143 shall not be considered in determining the actuarial equivalent for early retirement nor shall it be considered twice in determining any disability allowance payable under this chapter.

C. If a member ceases to be a judge, has not received a refund of the accumulated contributions credited to his member's contribution account, and accepts employment in a position covered by the Virginia Retirement System, he shall be entitled to credit for his previous creditable service under this chapter. The amount of service transferred to the credit of the member in the Virginia Retirement System shall not exceed the amount of credit which would provide a benefit of seventy-five percent of average final compensation determined on the assumption that the member was eligible for normal retirement as of the date of transfer and that he had elected no optional allowance. Future retirement rights shall be as provided in the Virginia Retirement System.