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1998 SESSION

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HB 405 Retirement System; prior service credit.

Introduced by: George W. Grayson | all patrons    ...    notes | add to my profiles

SUMMARY:

Prior service credit under the Virginia Retirement System. Provides a purchase-price refund and a prior service reclassification for "prior service credit" to certain employees who retired after April 5, 1996, but who had purchased the credit before April 5, 1996. VRS members who are approved for voluntary retirement under the Workforce Transition Act of 1995 and who have at least 25 years of creditable service may purchase "prior service credit" for active military duty, certified creditable service in another state's retirement system, or both. The 1996 amendment also allows these members to purchase up to three years of "prior service credit" for five percent (rather than 15 percent) of (i) their annual compensation for each year to be credited or (ii) their creditable compensation during their 36 highest consecutive months of creditable service, whichever is greater.


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