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1996 SESSION

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SJ 5 Constitutional amendment; governmental employees retirement system.

Introduced by: Stanley C. Walker | all patrons    ...    notes | add to my profiles

SUMMARY:

Constitutional amendment (second resolution); governmental employees retirement system. Requires the General Assembly to maintain a retirement system for state employees and employees of participating political subdivisions and school divisions. The funds of the retirement system shall be deemed separate and independent trust funds, shall be segregated from all other funds of the Commonwealth, and shall be invested and administered solely in the interests of the members and beneficiaries thereof. Neither the General Assembly nor any public officer, employee, or agency shall use or authorize the use of such trust funds for any purpose other than as provided in law for benefits, refunds, and administrative expenses, including but not limited to legislative oversight of the retirement system. The proposed amendment permits the investment of trust funds as authorized by law and subjects the retirement system to restrictions, terms, and conditions as may be prescribed by the General Assembly. In contrast to the current constitutional provision, the proposed amendment clearly establishes that the funds of the retirement system are held in trust for members and beneficiaries and, as such, cannot be appropriated, loaned, diverted, or in any way used by the General Assembly or specified others.


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