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1997 SESSION

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HB 1819 Retirement System; benefits provided.

Introduced by: Alan A. Diamonstein | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Retirement System; benefits provided. Permits all state retirees who defer retirement to be eligible to receive the health care insurance credit upon retirement (under current Code, state police officers and judges are not covered); deletes the requirement that VRS transfer funds to the Department of Personnel and Training which represent the health insurance credit for retirees who do not receive a monthly benefit or an insufficient monthly benefit to pay the insurance premium (administration of the health insurance credit program was transferred to VRS in 1995 so the transfer of funds between the agencies is no longer necessary); and permits VRS to recover the costs associated with the administration of the health insurance credit from the health insurance credit fund. The bill also permits the purchase of certain certified creditable service in the retirement system of another political subdivision or public school system of this or another state or civilian service of the United States, and provides that retirement benefits for employees of certain political subdivisions shall not be actuarially reduced if the member is involuntarily separated and has 20 or more years of creditable service. Finally, the measure allows a chief executive officer of the State Council of Higher Education with 20 years of creditable service to retire with 30 years of creditable service if he is involuntarily terminated.


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