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2001 SESSION
HB 2081 State Police and Law Officers' Retirement Systems.
Introduced by: Lacey E. Putney | all patrons ... notes | add to my profiles | history
SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION:
Law Officers' Retirement System. Modifies the retirement allowance paid under the Virginia Law Officers' Retirement System (VaLORS) by increasing from 1.7 percent to 2.0 percent the percentage of average final compensation multiplied by the years of creditable service in a VaLORS-covered or similar position, and by deleting the supplemental allowance currently paid to members upon retirement until age 65 (currently $9,264 annually). This provision applies to employees who become members of VaLORS on or after July 1, 2001, and to current employees who elect to accept the modifications by October 31, 2001. The bill also amends the State Police Officers' Retirement System (SPORS) to provide that the annual allowance is paid from the date of retirement until Social Security retirement age, rather than until age 65.
SUMMARY AS PASSED:
Law Officers' Retirement System. Modifies the retirement allowance paid under the Virginia Law Officers' Retirement System (VaLORS) by increasing from 1.7 percent to 2.0 percent the percentage of average final compensation multiplied by the years of creditable service in a VaLORS-covered or similar position, and by deleting the supplemental allowance currently paid to members upon retirement until age 65 (currently $9,264 annually). This provision applies to employees who become members of VaLORS on or after July 1, 2001, and to current employees who elect to accept the modifications by October 31, 2001. The bill also amends the State Police Officers' Retirement System (SPORS) to provide that the annual allowance is paid from the date of retirement until Social Security retirement age, rather than until age 65.
SUMMARY AS PASSED HOUSE:
Virginia Law Officers' Retirement System. Modifies the retirement allowance paid under the Virginia Law Officers' Retirement System ("VaLORS) by increasing from 1.7% to 2.0% the percentage of average final compensation multiplied by the years of creditable service in a VaLORS-covered or similar position, and by deleting the supplemental allowance currently paid to members upon retirement until age sixty-five (currently $9,264 annually). The bill applies to employees who become members of VaLORS on or after July 1, 2001, and to current employees who elect to accept the modifications by October 31, 2001.
SUMMARY AS INTRODUCED:
Virginia Law Officers' Retirement System. Modifies the retirement allowance paid under the Virginia Law Officers' Retirement System ("VaLORS) by increasing from 1.7% to 2.0% the percentage of average final compensation multiplied by the years of creditable service in a VaLORS-covered or similar position, and by deleting the supplemental allowance currently paid to members upon retirement until age sixty-five (currently $9,264 annually). The bill applies to employees who become members of VaLORS on or after July 1, 2001, and to current employees who elect to accept the modifications by October 31, 2001.