SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

1995 SESSION

  • | print version

SB 612 Life insurance for retired participants in VRS.

Introduced by: Madison E. Marye | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Retirement System; increased life insurance benefit for certain retired participants. Increases the amount of life insurance to which VRS participants who retired prior to July 1, 1970, are eligible. Currently, participants who retired before July 1, 1970, are eligible for life insurance in an amount equal to 25 percent of their annual salary. VRS participants retiring on or after July 1, 1970, are eligible for an amount of insurance equal to 25 percent of twice the amount of their annual salary. The distinction exists because the legislation doubling the amount of life insurance benefit became effective July 1, 1970, and did not apply retroactively to persons who had previously qualified for retirement benefits. By eliminating the distinction between members based on their date of retirement, the measure makes all current VRS participants eligible for the higher amount of life insurance.


FULL TEXT

AMENDMENTS

HISTORY