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1994 SESSION

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HB 133 Member contributions to the Virginia Retirement System.

Introduced by: Arthur R. Giesen, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Retirement System; "accumulated contributions" in a member's individual account. Expands the existing definition of "accumulated contributions" to include all member contributions paid by the employer on behalf of the member on and after July 1, 1980, and all interest which would have accrued to such funds when, among other existing circumstances, the member requests a refund of contributions prior to retirement. This change in law will result in affected employees' pre-1990 contributions being treated in the same way as post-1990 contributions.


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