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1997 SESSION

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HB 1425 Retirement System; increases in service retirement allowances.

Introduced by: Vincent F. Callahan, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Retirement System; increases in service retirement allowances. Increases the multiplier from 1.65 percent to 1.75 percent of average final compensation to compute the annual retirement allowance for regular and disabled retirees of the Virginia Retirement System, the State Police Officers' Retirement System, and the Judicial Retirement System. The bill also provides a similar increase in the multiplier for retirement allowances commencing on, before, or after July 1, 1995, that are paid to the beneficiaries of such retirees. 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.

FULL TEXT

• 01/22/96  House: Presented & ordered printed 962242144  pdf

HISTORY

• 01/22/96  House: Presented & ordered printed 962242144
• 01/22/96  House: Referred to Committee on Appropriations
• 02/09/96  House: Continued to 1997 in Appropriations (21-Y 0-N)
• 12/20/96  House: No action taken by Appropriations by voice vote