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1996 SESSION

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964652308
HOUSE BILL NO. 344 Offered January 15, 1996 A BILL to amend and reenact § 51.1-143 of the Code of Virginia, relating to purchase of Virginia Retirement Service credit for prior service. ---------- Patrons-- Johnson, Kilgore, Phillips, Plum, Stump and Tate ---------- Referred to Committee on Appropriations ----------

Be it enacted by the General Assembly of Virginia:

1. That § 51.1-143 of the Code of Virginia is amended and reenacted as follows:

§ 51.1-143. Prior service credit for certain military service or under system of another state, political subdivision, or public school system.

A. Any member in service who has been credited with five or more years of membership service may purchase all or part of the following:

1. Active duty service in the armed forces of the United States not otherwise creditable as prior service under this chapter.

2. Certified creditable service in the retirement system of another state or of a political subdivision or public school system of this or another state.

3. Civilian service of the United States.

The service credit may not be considered in the calculation of any retirement benefit by another retirement system. TheFor service described in subdivision 1, the member must pay an amount equal to five percent of his present annual compensation for each year to be credited or five percent of his average annual creditable compensation during his thirty-six highest consecutive months of creditable service, whichever is greater For service described in subdivisions 2 and 3, the member must pay an amount equal to fifteen percent of his present annual compensation for each year to be credited or fifteen percent of his average annual creditable compensation during his thirty-six highest consecutive months of creditable service, whichever is greater.

B. Service purchased under this section shall not be considered in determining the actuarial equivalent for early retirement.