Retirement System; Board shall pay cash-out amount in direct rollover to an individual plan. (HB419)
Introduced By
Progress
√ |
Introduced |
√ |
Passed Committee |
√ |
Passed House |
√ |
Passed Senate |
√ |
Signed by Governor |
√ |
Became Law |
Description
Retirement; mandatory cash-outs. Provides that if a member does not elect a direct rollover or direct payment of a mandatory cash-out greater than $1,000, the Board of the Virginia Retirement System shall pay the cash-out amount in a direct rollover to an individual retirement plan designated by the Board. Amends § 51.1-124.4 (“Exemption of assets from taxation; exemption of benefits and assets from execution and assignment; trust funds; unclaimed property; eligible rollover distribution.”), of the Code of Virginia. View Full Text »
Status
04/05/2006: signed by governor
View Bill's History
