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1997 SESSION

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SB 1085 Retirement System; early retirement, purchase of prior service credit.

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

SUMMARY:

Virginia Retirement System; exceptions from general early retirement provisions; purchase of prior service credit. Provides that certain state employees exempted from the state personnel system, agency heads of state institutions, and school division superintendents who are involuntarily separated from employment after 20 years of service can retire with the equivalent of 30 years of creditable service (i.e., full benefits) at age 55. The bill also permits employees who retire under these circumstances to purchase up to three years of prior service credit for military service or service in the retirement system of another state. The cost of this service credit is five percent of present annual compensation per year. Currently, the option to buy such prior service credit is available only to state employees with at least 25 years of creditable service.

FULL TEXT

• 01/20/97  Senate: Presented & ordered printed 974893753  pdf

HISTORY

• 01/20/97  Senate: Presented & ordered printed 974893753
• 01/20/97  Senate: Referred to Committee on Finance
• 02/04/97  Senate: Left in Finance