HB1480: Virginia Retirement System; creditable service for General Assembly members.

HOUSE BILL NO. 1480

Offered January 14, 2015
Prefiled January 4, 2015
A BILL to amend and reenact § 51.1-141 of the Code of Virginia, relating to the creditable service of General Assembly members.
Patron-- Rush

Committee Referral Pending

Be it enacted by the General Assembly of Virginia:

1. That § 51.1-141 of the Code of Virginia is amended and reenacted as follows:

§ 51.1-141. Service equivalents.

The Board shall determine how much service in any month is the equivalent of a month of service or how much service in any year is the equivalent of a year of service. The Board shall not allow more than one year of service credit for all service rendered in any period of twelve consecutive months. However, the Board shall not allow more than eight months of service credit for service rendered as a member of the General Assembly in any period of twelve consecutive months for (i) anyone who becomes a member of the General Assembly for the first time on or after July 1, 2015, or (ii) any member or former member of the General Assembly who has less than five years of creditable service as of July 1, 2015, under the State Police Officers' Retirement System (§ 51.1-200 et seq.), the Virginia Law Officers' Retirement System (§ 51.1-211 et seq.), a defined benefit retirement plan established under this chapter including any hybrid retirement program, or pursuant to § 51.1-138. In addition, the creditable service of each member of the General Assembly described in clause (ii) that is attributable to service in the General Assembly prior to July 1, 2015, shall be reduced by one-third.