HB2420: Retirement System; benefits for certain state and local public safety officers.

Chief Patron

Del. Terry Kilgore (R-1)

Status

Bill is Dead

View Entire History

Summary

Retirement; benefits for certain state and local public safety officers.  Makes several changes to the benefits of state and local public safety officers and the funding of such benefits.

Deputy sheriffs. All deputy sheriffs would become members of the Law Enforcement Officers' Retirement System (LEOs).

State police officers. State police officers would receive a 2.0% average final compensation retirement multiplier and would continue to receive the additional annual supplement.

Persons provided LEOs retirement coverage, including deputy sheriffs. Any member of LEOs would receive a 1.7% average final compensation retirement multiplier and the additional annual supplement. However, the multiplier for sheriffs would be increased from 1.7% to 2.0%, and an employer may elect to increase the multiplier to 2.0% for other classes of covered employees. The employer is responsible for paying the actuarial cost of the increase.

Other provisions of the bill. Beginning July 1, 2007, the Compensation Board would reimburse 100% of each county's or city's employer contribution to the Virginia Retirement System for state-responsible deputy sheriffs. However, the reimbursement would be based upon the salaries of such state-responsible deputy sheriffs as fixed by the Board.

  View Full Text »