SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

1998 SESSION

  • | print version

HB 262 Retirement System; benefits provided.

Introduced by: Alan A. Diamonstein | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Retirement System; benefits provided. Permits all state retirees who defer retirement to be eligible to receive the health care insurance credit upon retirement. Currently, state police officers and judges who defer retirement do not receive the credit. The bill also increases the monthly supplement paid under the State Police Officers Retirement System to retirees who have not attained age 65. The measure also provides that (i) VRS has responsibility and authority for the health premium credit program and can charge administrative expenses to the health premium credit fund; (ii) provisions to allow members to purchase up to three years of credit for military service at five percent of compensation after 25 years of service are extended to service rendered in a local or state retirement system of this or another state, or as a civilian employee of the United States; (iii) the Board may determine the manner in which beneficiary designations are maintained; and (iv) a retiree who returns to a covered position and later retires must retire under the option selected for the first retirement. The bill is a recommendation of the Virginia Retirement System.


FULL TEXT

AMENDMENTS

HISTORY