SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

1999 SESSION

  • | print version

HB 1756 Deferred compensation; benefits for state employees and teachers.

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

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION: (all summaries)

Retired state employees, and teachers health insurance credit; health insurance program; deferred compensation program. Allows former state employees andteachers with at least 15 years of creditable service to receive the retiree health insurance credit if, after leaving state service, they worked for a local government which does not elect to provide a retiree health insurance credit. Persons who have been ineligible to receive the credit under the existing law, but would have been eligible if this measure had been in effect, may enroll within 180 days following this measure's effective date to receive the credit prospectively. The measure also allows any former state employee who is receiving VRS annuity payments and participating in the state retiree health benefits program on July 1, 1999, to elect to cease receiving the VRS annuity payments until reapplying for such benefits at a later date and to continue participating in the retiree health insurance program. Technical and clarifying changes are made to the provisions relating to the health insurance credit for state retirees. The bill also authorizes the Virginia Retirement System to establish a plan into which employers can make contributions to deferred compensation accounts. Effective January 1, 2000, the Commonwealth, political subdivisions participating in the VRS-administered deferred compensation plan, and sponsors of a plan established under § 403 (b) of the Internal Revenue Code shall transfer funds to the institution holding investments under the plan. The amounts credited to accounts of participants in the deferred compensation plan shall not exceed, on a semi-monthly basis, the lesser of $50 or 50 percent of the participants contribution, provided the employee is contributing at least $10 per pay period in the plan.


FULL TEXT

AMENDMENTS

HISTORY