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1997 SESSION

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HB 2687 Retirement System; retirement allowance calculation.

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

SUMMARY:

Virginia Retirement System; retirement allowance calculation. Changes the current formula for computing the annual retirement allowances for regular and disabled retirees and beneficiaries of the VRS, State Police Officers' Retirement System, and Judicial Retirement System. With a slight variation for judges, the current formula is basically 1.50 percent of the first $13,200 of average final compensation (AFC) plus 1.65 percent of AFC in excess of $13,200 multiplied by the amount of creditable service. The bill provides for a single multiplier (1.70 percent) with no AFC or creditable service thresholds. For all retirements on and after July 1, 1998, the bill eliminates the additional retirement allowance, equal to three percent of a VRS, SPORS, or JRS members' service retirement allowance, enacted in 1994 (Chapter 5, Special Session I) as part of the settlement of the Harper case. For those members who retire on or before June 30, 1998, the bill provides an additional two percent increase in their base benefits, which, coupled with the Harper settlement increase, results in a five percent benefit increase for all retirements on or before June 30, 1998.


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