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1994 SESSION

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HB 310 Group life, accidental death, and dismemberment insurance policies.

Introduced by: Whittington W. Clement | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Retirement System; assignment of insurance. Permits the insured to make a voluntary irrevocable assignment of group life insurance, and any individual conversion policy that may be issued upon termination of his group life insurance, provided by the Virginia Retirement System. The bill also permits a member of a local system who is elected to a position as a constitutional officer to choose, with the concurrence of the local governing body, not to participate in VRS and to stay a member of the local retirement system, if the member has accumulated more than half the total service credits necessary to become eligible for full normal retirement benefits.


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