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1998 SESSION

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HB 36 Retirement allowance calculation.

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

SUMMARY:

Virginia's retirement systems; retirement allowance calculation. Changes the current formula for computing the annual retirement allowances for regular and disabled retirees and beneficiaries of the Virginia Retirement System, 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. The bill also provides that members who retire on or before December 31, 1998, will receive a two percent increase in their retirement allowances.

FULL TEXT

• 01/14/98  House: Presented & ordered printed, prefiled 12/19/97 982061144  pdf
• 02/13/98  House: Committee substitute printed 989677144-H1  pdf
• 02/15/98  House: Printed as engrossed 989677144-EH1  pdf
• 03/25/98  House: Bill text as passed House and Senate (HB36ER)  pdf
• 05/01/98  Governor: Acts of Assembly Chapter text (CHAP0674)  pdf

AMENDMENTS

• House amendments
• Senate amendments
• Senate amendments engrossed

HISTORY

• 01/14/98  House: Presented & ordered printed, prefiled 12/19/97 982061144
• 01/14/98  House: Referred to Committee on Appropriations
• 02/13/98  House: Committee substitute printed 989677144-H1
• 02/13/98  House: Reported from Appropriations with sub. (26-Y 0-N)
• 02/14/98  House: Read first time
• 02/15/98  House: Read second time
• 02/15/98  House: Committee substitute agreed to 989677144-H1
• 02/15/98  House: Amendment by Mr. Callahan agreed to
• 02/15/98  House: Engrossed by House - com. sub. w/amd. 989677144-EH1
• 02/15/98  House: Printed as engrossed 989677144-EH1
• 02/16/98  House: Read third time and passed House (Block Vote) (100-Y 0-N)
• 02/16/98  House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
• 02/16/98  House: Communicated to Senate
• 02/17/98  Senate: Constitutional reading dispensed
• 02/17/98  Senate: Referred to Committee on Finance
• 03/04/98  Senate: Reported from Finance with amendments (15-Y 2-N)
• 03/05/98  Senate: Const. reading disp., passed by for the day (40-Y 0-N)
• 03/05/98  Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
• 03/06/98  Senate: Read third time
• 03/06/98  Senate: Reading of amendments waived
• 03/06/98  Senate: Committee amendments agreed to
• 03/06/98  Senate: Engrossed by Senate as amended
• 03/06/98  Senate: Passed Senate with amendments (38-Y 2-N)
• 03/06/98  Senate: VOTE: PASSAGE R (38-Y 2-N)
• 03/09/98  House: Placed on Calendar
• 03/10/98  House: Passed by for the day
• 03/11/98  House: Passed by for the day
• 03/12/98  House: Senate amendments agreed to by House (97-Y 1-N)
• 03/12/98  House: VOTE: ADOPTION (97-Y 1-N)
• 03/25/98  House: Bill text as passed House and Senate (HB36ER)
• 03/31/98  House: Enrolled
• 03/31/98  Senate: Signed by President
• 04/02/98  House: Signed by Speaker
• 04/16/98  Governor: Approved by Governor-Chapter 674 (effective 1/1/99)
• 05/01/98  Governor: Acts of Assembly Chapter text (CHAP0674)