Virginia Retirement System; increases monthly retirement benefits of future retirees. (HB431)

Introduced By

Del. Morgan Griffith (R-Salem)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Virginia Retirement System; benefits.  Increases monthly retirement benefits of future retirees by increasing the percentage of average final compensation multiplied by the amount of creditable service according to the years of service as follows: Years of Creditable Service                  Percentage of Average Final Compensation  Less than 25                                                                1.70% 25 or more but less than 30                                           1.80% 30 or more but less than 35                                           1.90% 35 or more but less than 40                                           2.0% 40 or more                                                                   3.0% Under current law the percentage multiplier is 1.70% regardless of years of service. The bill provides a higher percentage multiplier to certain members of the Virginia Law Officers' Retirement System who already have a multiplier of 2.0% under current law. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/06/2006Prefiled and ordered printed; offered 01/11/06 064290308
01/06/2006Referred to Committee on Appropriations
01/27/2006Assigned App. sub: Compensation and Retirement (Putney)
01/29/2006Fiscal impact statement from VRS (HB431)
02/15/2006Left in Appropriations