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1998 SESSION

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HB 272 Retirement System; general early retirement provisions.

Introduced by: W. Tayloe Murphy, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Retirement System; exceptions to general early retirement provisions. Allows a member of the VRS who served as the chief executive officer of an interstate commission on Virginia's behalf, is involuntarily separated from service, and has 20 or more years of service, to retire without reduction in his retirement benefits at age 55. The bill also eliminates the exclusion for members of the General Assembly from the general prohibition on VRS retirees receiving retirement benefits while in service in a covered position. Active members of the General Assembly who are eligible to receive a retirement benefit from service other than as a member of the General Assembly may receive the retirement benefit based on their non-General Assembly service. Active members of the General Assembly receiving a retirement allowance while in service as a member of the General Assembly shall be unretired.


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