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1999 SESSION

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SB 210 Deferred retirement option plan.

Introduced by: Kenneth W. Stolle | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Deferred retirement option plan. Establishes a deferred retirement option plan for state employees, state police officers, local government employees, and teachers. To participate in the program, members must be eligible to retire under VRS or SPORS with unreduced benefits (age 55 with 30 years of service for VRS members, age 50 with 25 years of service for state police officers) and satisfy additional age and service requirements as the VRS Board determines are required to avoid affecting employer contribution rates. The employee continues working for a maximum of three years on a temporary full-time basis. During this time the retirement benefits that he would have received if he had ceased working when he retired, plus interest, are deposited in an account. The account balance will be paid to the participant when he stops working under the plan. The employee does not receive service credit or contributions to his retirement account while he is working under the plan, and when he stops working he starts drawing monthly retirement benefits in the same amount he would have received has he not participated in the plan, adjusted by accrued cost of living allowances.


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