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1996 SESSION

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HB 337 Retirement System; prior service credit for active military service.

Introduced by: Phillip A. Hamilton | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Retirement System; prior service credit. Permits any vested member in service with at least 25 years of creditable VRS service to purchase prior service credit for "active duty military service," as that term is defined in the bill, provided that the member's discharge was not dishonorable and the member has not withdrawn his accumulated contributions. The bill provides that such prior service credit shall be calculated at the ratio of one year of prior service credit to one year of active duty military service, up to a maximum of four years of prior service credit. The member must pay an amount equal to 5 percent of his present annual compensation for each year to be credited or 5 percent of his average annual creditable compensation during his 36 highest consecutive months of creditable service, whichever is greater. Such prior service credit shall not be otherwise creditable as prior service nor considered in the calculation of any retirement benefit by another retirement system. Prior service credit for more than three years of military service may be purchased by the member pursuant to § 51.1-143. The bill applies to employees of political subdivisions unless the governing body opts out of the program by notifying the Board of Trustees on or before July 1, 1996.


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