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1995 SESSION

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HB 1760 Retirement System; service credit for teachers and G.A. employees.

Introduced by: Ward L. Armstrong | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Retirement System. Permits any vested member who is a teacher up to two years of service credit for any involuntary leave of absence, without pay, required by local school division policies related to pregnancy or childbirth provided (i) the member was on such leave from a covered position prior to July 1, 1974, (ii) the member has not withdrawn all accumulated contributions, and (iii) the member reenters service in a covered position at any time. Current law requires the teacher to reenter service within one year after the last date of such leave.

The bill also allows full-time employees of the General Assembly who formerly were employed by the General Assembly on a part-time basis to acquire service retirement credit, with the current employer bearing the cost of the first five years of service credit. The bill also permits a full-time employee of a legislative branch agency who was previously employed on a temporary basis by an executive branch agency for at least three years to purchase service retirement credit for such years at his own expense. Persons opting to acquire such additional service credit must notify their employer by August 30, 1995.


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