Retirement System; average final compensation retirement multiplier for teachers. (SB187)

Introduced By

Sen. Mark Herring (D-Leesburg)

Progress

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

Description

Virginia Retirement System; average final compensation retirement multiplier for teachers. Increases from 1.7 to 2.0 the average final compensation retirement multiplier for teachers with five or more years of creditable service earned as a teacher. The 2.0 multiplier would apply to the total amount of creditable service at the time of retirement, regardless if some portion of the total amount of creditable service relates to other than teaching. The bill applies to current and future retirees. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/07/2008Prefiled and ordered printed; offered 01/09/08 084690240
01/07/2008Referred to Committee on Finance
01/21/2008Impact statement from VRS (SB187)
02/13/2008Left in Finance

Comments

Michael Spinelli writes:

Loyal state employees need more support during retirement.