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2002 SESSION

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HB 1137 Retirement; teachers return to workforce.

Introduced by: James H. Dillard, II | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Retirement; teachers. Changes the conditions under which retired teachers are permitted to return to teaching without interrupting their retirement benefits by (i) permitting such even if the retiree is receiving retirement benefits from an early retirement incentive program, (ii) specifying that such retirees must have been receiving retirement benefits for a period of at least 30 days before returning to a teaching position, and (iii) requiring that the teacher be hired pursuant to a contract that does not exceed one year in duration. Current law (i) prohibits such continuation of retirement benefits if any portion of the retirement benefits is based on an early retirement incentive program, (ii) directs the Joint Legislative and Audit Review Commission and the Board of Trustees of the Virginia Retirement System to determine the period of time for eligibility that a retiree must have received retirement benefits before returning to teach; and (iii) does not specify the duration of the teacher's contract. The provisions of the bill are made subject to the receipt of a written ruling from the Internal Revenue Service that affirmatively states that the provisions of the bill will not in any way adversely affect the qualified plan status of the Virginia Retirement System under federal law.


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