HB2984: Retirement System; benefits for certain state and local employees.

Chief Patron

Del. Riley Ingram (R-62)

Status

Bill is Dead

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Summary

Virginia Retirement System; retirement benefits for state and local employees.  Provides that (i) state police officers hired on or after July 1, 2007, shall have a retirement multiplier of 2.1 percent  and shall not be eligible for the additional annual allowance now available, and that all other state police officers shall have a retirement multiplier of 1.85 percent (instead of 1.7 percent); (ii) all other employees covered under the Virginia Retirement System who currently have a retirement multiplier of 1.7 percent shall have a retirement multiplier of 1.75 percent; (iii)  employees hired on or after July 1, 2007, into a position covered under the State Police Officers' Retirement System (SPORS), the Virginia Law Officers' Retirement System (VaLORS), or a local law-enforcement position with retirement coverage comparable to that of SPORS, who already were vested under either of the other two of these three retirement programs, may choose to maintain coverage under the vested program; (iv) for employees hired on or after July 1, 2007, into a position covered by the Virginia Retirement System, the age and creditable service requirement for unreduced early retirement allowance is changed from 50 years of age and 25 years of service to 55 years of age and 30 years of service; (v) for local law enforcement employees hired on or after July 1, 2007, localities may provide retirement benefits comparable to that provided under VaLORS (and not that provided under SPORS);  and (v) the Compensation Board shall reimburse localities, based on  the local fiscal stress index, for a portion of the additional cost to the localities of providing local law-enforcement employees retirement coverage comparable to that provided under the State Police Officers' Retirement System (SPORS), or the Virginia Law Officers' Retirement System (VaLORS).   

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