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• Subject Index: Since 1995
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1995 SESSION

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SB 776 Retirement benefits for state employees.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Retirement System; retirement benefits for certain members. Allows members of the Virginia Retirement System and the State Police Officers' Retirement System who are age 50 and have at least ten years of service to retire and start collecting a retirement allowance. The allowance is based on the larger of the present value of the benefits the member would have received had he deferred collecting benefits until reaching age 55 or the accumulated member contributions and interest. This option will be available to anyone who met the eligibility criteria on January 1, 1994. Members taking retirement under this option must agree not to work for the state for two years following retirement. State employees will also be able to elect a joint and survivor option, under which the payment stream will be based on the life expectancies of both the member and the contingent beneficiary. The VRS is required to begin administering this program by May 1, 1995. The bill has an emergency clause.

FULL TEXT

• 01/17/95  Senate: Presented & ordered printed w/emg clause LD3183743  pdf
• 01/31/95  Senate: Committee substitute printed LD3219743-S1  pdf
• 02/22/95  Senate: Bill text as passed Senate and House (SB776ER)  pdf
• 04/03/95  Governor: Acts of Assembly Chapter text (CHAP0692)  pdf

HISTORY

• 01/17/95  Senate: Presented & ordered printed w/emg clause LD3183743
• 01/17/95  Senate: Referred to Committee on Finance
• 01/31/95  Senate: Reported from Finance with substitute (15-Y 0-N)
• 01/31/95  Senate: Committee substitute printed LD3219743-S1
• 02/01/95  Senate: Constitutional reading dispensed (39-Y 0-N)
• 02/01/95  Senate: VOTE: CONST. READING DISPENSED (39-Y 0-N)
• 02/02/95  Senate: Read second time
• 02/02/95  Senate: Reading of substitute waived
• 02/02/95  Senate: Committee substitute agreed to LD3219743-S1
• 02/02/95  Senate: Engrossed by Senate - comm. sub. LD3219743-S1
• 02/02/95  Senate: Constitutional reading dispensed (39-Y 0-N)
• 02/02/95  Senate: VOTE: CONST. READING DISPENSED (39-Y 0-N)
• 02/02/95  Senate: Passed Senate (40-Y 0-N)
• 02/02/95  Senate: VOTE: PASSAGE (40-Y 0-N)
• 02/02/95  Senate: Communicated to House
• 02/03/95  House: Placed on Calendar
• 02/04/95  House: Read first time
• 02/04/95  House: Referred to Committee on Appropriations
• 02/17/95  House: Reported from Appropriations (21-Y 0-N)
• 02/20/95  House: Read second time
• 02/21/95  House: Read third time
• 02/21/95  House: Passed House (99-Y 1-N)
• 02/21/95  House: VOTE: PASSAGE EMERGENCY (99-Y 1-N)
• 02/22/95  Senate: Bill text as passed Senate and House (SB776ER)
• 02/27/95  Senate: Enrolled
• 02/28/95  House: Signed by Speaker
• 03/01/95  Senate: Signed by President
• 03/27/95  Governor: Approved by Governor-Chapter 692 (effective 3/27/95)
• 04/03/95  Governor: Acts of Assembly Chapter text (CHAP0692)