Judicial retirement system; weighted years of service factor. (HB299)
Introduced By
Del. Manoli Loupassi (R-Richmond)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Judicial retirement system; weighted years of service factor. Eliminates the class of judicial retirees created in 2010 for whom the weighted years of service factor is dependent upon age. Under the bill, the weighted years of service factor for all judges entering the system on and after January 1, 1995, is 2.5. Judges entering the system earlier have a weighted years of service factor of 3.5. The bill does not change recent amendments to the judicial retirement system: (i) the setting of a "normal retirement date" of age 65 for judges and (ii) the reduction of the annual retirement allowance from 1.7 to 1.65 for members entering the system on and after January 1, 2013, parroting the change made for all VRS members who enter the system on or after July 1, 2010, or who had less than 60 months of creditable service as of January 1, 2013. Read the Bill »
Outcome
History
| Date | Action |
|---|---|
| 12/31/2013 | Committee |
| 12/31/2013 | Prefiled and ordered printed; offered 01/08/14 14100219D |
| 12/31/2013 | Referred to Committee for Courts of Justice |
| 01/10/2014 | Assigned Courts sub: Civil |
| 01/15/2014 | Impact statement from VRS (HB299) |
| 01/15/2014 | Subcommittee recommends reporting (9-Y 0-N) |
| 01/15/2014 | Subcommittee recommends referring to Committee on Appropriations |
| 01/20/2014 | Reported from Courts of Justice (21-Y 0-N) (see vote tally) |
| 01/20/2014 | Referred to Committee on Appropriations |
| 01/23/2014 | Assigned App. sub: Compensation and Retirement |
| 01/23/2014 | Impact statement from VRS (HB299) |
| 02/06/2014 | Subcommittee recommends laying on the table |
| 02/12/2014 | Left in Appropriations |