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1995 SESSION

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HB 1421 Retirement System; eligibility for group life insurance.

Introduced by: Harvey B. Morgan | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Retirement System; eligibility for group life insurance program. Permits those VRS members who, on and after July 1, 1995, are covered under the group life insurance program and whose effective date of retirement was before July 1, 1970, to be eligible for the same group life insurance program as VRS members who retired or will retire on and after July 1, 1970. Currently, the life insurance benefit for VRS members who retired before July 1, 1970, equals about 25 percent of their annual salary. The current benefit for those members who retired or will retire after July 1, 1970, is twice the amount of annual salary, a program that became effective July 1, 1970, through amendments to 51.1-505. It is estimated that between 1700 and 1750 VRS retirees would be affected by this bill.


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