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• Subject Index: Since 1995
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1995 SESSION

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HB 1077 Retirement System; increases in service retirement.

Introduced by: Vincent F. Callahan, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Retirement System; increases in service retirement allowances. Increases the multiplier from 1.65 percent to 1.75 percent of average final compensation to compute the annual retirement allowance for regular and disabled retirees of the Virginia Retirement System, the State Police Officers' Retirement System, and the Judicial Retirement System. Effective July 1, 1994, the bill also increases retirement allowances that commenced prior to that date to any beneficiary under any of the retirement systems to the extent necessary so that the amount of each allowance payment on any date then or thereafter shall be equal to the amount that would have been payable on such date had the allowance been computed using 1.75 percent of average final compensation as the multiplier in computing the retirement allowance of the member with respect to whom the allowance originally commenced.

FULL TEXT

• 01/25/94  House: Presented and ordered printed  pdf

HISTORY

• 01/25/94  House: Presented and ordered printed
• 01/25/94  House: Referred to Committee on Appropriations
• 02/11/94  House: Continued to 1995 in Appropriations (22-Y 0-N)
• 12/19/94  House: No action taken by Appropriations by voice vote