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1999 SESSION

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HB 1542 Retirement System; normal retirement (50/30).

Introduced by: James M. Shuler | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Virginia Retirement System; retirement options. Allows state employees, teachers, and employees of political subdivisions that do not elect to be exempt, to retire from service with unreduced benefits when they reach 50 years of age and have 30 years of service credits. Currently, VRS members with 30 years of service credit must be at least age 55 to retire with unreduced benefits.

SUMMARY AS PASSED HOUSE:

Virginia Retirement System; normal retirement. Provides as an alternative date for normal retirement, the completion of 30 years of creditable service. Under current law a member’s 65th birthday is his normal retirement date. Under this bill, the revised definition will apply to employees of political subdivisions unless the locality specifically opts out by July 1, 1999.

SUMMARY AS INTRODUCED:

Virginia Retirement System; normal retirement. Provides as an alternative date for normal retirement, the completion of 30 years of creditable service. Under current law a member’s 65th birthday is his normal retirement date. Under this bill, the revised definition will apply to employees of political subdivisions unless the locality specifically opts out by July 1, 1999.