SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

1995 SESSION

  • | print version

HB 750 Retirement System; service retirement allowance for teachers.

Introduced by: C. Richard Cranwell | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Retirement System; service retirement allowance for teachers. Increases the multiplier from 1.65 percent to 1.75 percent of average final compensation in excess of $13,200 to compute annual retirement allowance. Teachers credited with 35 or more years of service shall receive an increase from 1.65 percent to 1.75 percent of average final compensation multiplied by the amount of creditable service. For teachers with less than 35 years of service, the multiplier for the first $13,200 of average final compensation remains unchanged at 1.50 percent.


FULL TEXT

HISTORY