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1998 SESSION

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HB 133 Retirement System; prior service credit.

Introduced by: Lacey E. Putney | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Retirement System; prior service credit. Authorizes the purchase of prior service credits on a pre-tax basis. Employers are authorized to pay an equivalent amount in lieu of member contributions, which payments will not be considered wages or salary. The measure takes effect upon the first to occur of (i) July 30, 1998, or (ii) receipt of a ruling from the Internal Revenue Service stating that this measure does not affect the tax status of the retirement system. The bill has an emergency clause.


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