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1996 SESSION

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HB 901 Retirement System; prior service credit for active military service.

Introduced by: Alan A. Diamonstein | 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 (i) "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as that term is defined in the bill, provided that the member's discharge was not dishonorable and the member has not withdrawn his accumulated contributions or (ii) certified creditable service in the retirement system of another state or (iii) both. The bill provides that such prior service credit shall be calculated at a ratio of one year to one year, up to a maximum of three years of prior service credit. 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 36 highest consecutive months of creditable service, whichever is greater. Prior service credit for more than three years 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. The bill contains an emergency clause.


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