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1998 SESSION

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HB 227 Medical College of Virginia Hospitals Authority.

Introduced by: Franklin P. Hall | all patrons    ...    notes | add to my profiles

SUMMARY:

Medical College of Virginia Hospitals Authority. Requires any employee of the Authority hired on or after July 1, 1998, to participate in the Authority's retirement plan. Employees hired before July 1, 1998, will continue to have the option of participating in either the VRS or the Authority's retirement plan. Employees who elected to remain in the VRS will have the option to switch to the Authority's plan in an open enrollment period in April 2001. The retirement plan contribution for employees hired on or after July 1, 1998, will be set by the Authority; for employees hired before that date, the rate will be the lesser of the VRS rate or eight percent. The Authority is authorized to provide group life insurance to its employees in lieu of the insurance provided by the VRS. The Authority will pay the cost of the retiree health care credit for retired employees who were employed prior to July 1, 1998.


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