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2005 SESSION

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SB 1152 Law Officers' Retirement System; includes deputy sheriffs.

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

SUMMARY AS INTRODUCED:

Retirement; deputy sheriffs.  Makes deputy sheriffs members of the Virginia Law Officers' Retirement System (VALORs) by election of the county or city for whom the deputy sheriffs serve. The bill also provides that those deputy sheriffs in counties or cities providing Law Enforcement Officers' Retirement System (LEOs) retirement benefits to deputy sheriffs as of June 30, 2005, shall also participate in VALORs; however, any deputy sheriff in service on June 30, 2005, in such county or city may elect to continue retirement coverage under LEOs.  Deputy sheriffs participating in VALORs shall receive a 2.0 average final compensation retirement multiplier but shall not receive any annual supplement.

For any county or city that provided LEOs benefits to deputy sheriffs as of June 30, 2005, and for any county or city that on or after July 1, 2005, elects for its deputy sheriffs to participate in VALORs, the Compensation Board shall fund or reimburse such county or city one-half of its total retirement costs for state-responsible deputy sheriffs (to include any state-responsible deputy sheriff in service on June 30, 2005, who has elected to continue retirement coverage under LEOs).  Total retirement costs are defined as the retirement contributions required for deputy sheriffs whose positions are funded by the Compensation Board. Such costs shall be computed using the salaries of such deputy sheriffs as fixed by the Board. Total retirement costs shall not include the costs of member contributions for retirement, without regard to whether the member contributions are paid by the county or city or by the deputy sheriff. 


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