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ACROSS SESSIONS

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1995 SESSION

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LD0177728
SENATE BILL NO. 120 Offered January 19, 1994 A BILL to amend and reenact § 51.1-206 of the Code of Virginia, relating to the service retirement allowance for state police officers. ----------
Patrons--Robb, Benedetti, Norment, Potts, Quayle and Trumbo; Delegates: Grayson and Way
---------- Referred to the Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1. That § 51.1-206 of the Code of Virginia is amended and reenacted as follows:

§ 51.1-206. Service retirement allowance.

A. A member shall receive an annual retirement allowance, payable for life, as follows:

1. Normal retirement. - The allowance shall equal 1.50 percent of the first $13,200 of average final compensation plus 1.65 2.0 percent of average final compensation in excess of $13,200 multiplied by the amount of creditable service. If the member is credited with thirty-fivetwenty-five or more years of service, he shall receive 1.65 2.5 percent of his average final compensation multiplied by the amount of creditable service.

2. Early retirement. - The allowance shall be determined in the same manner as for normal retirement with creditable service and average final compensation being determined as of the date of actual retirement. If the member has less than twenty-five years of service at retirement, the amount of the retirement allowance shall be reduced on an actuarial equivalent basis for the period by which the actual retirement date precedes the earlier of (i) his normal retirement date or (ii) the first date on or after his fiftieth birthday on which he would have completed a total of twenty-five years of creditable service.

B. In addition to the allowance payable under subsection A of this section, a member shall receive an additional allowance equal to $7,080 annually from date of retirement until his sixty-fifth birthday.

Such allowance shall be reviewed and adjusted by the Board biennially to an amount recommended by the actuary of the Virginia Retirement System based upon increases in social security benefits in the interim. This subsection shall not apply to the following: (i) any member who qualifies for retirement under subsection C of § 51.1-205 and is credited with less than twenty years' service rendered in a hazardous position or (ii) any member employed initially on or after July 1, 1974, who is credited with less than twenty years' service rendered in a hazardous position.

C. If a beneficiary of a service retirement allowance under this chapter is at any time in service as an employee in a position covered for retirement purposes under the provisions of this or any chapter other than Chapter 7 (§ 51.1-700 et seq.) of this title, his retirement allowance shall cease while so employed.