Virginia Retirement System; limitations on average final compensation. (SB687)
Introduced By
Sen. Dave Marsden (D-Burke) with support from co-patron Sen. Scott Surovell (D-Mount Vernon)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Virginia Retirement System; average final compensation. Provides that if an employee receives increases in compensation related to a promotion or new position in the last four years of service that exceed 400 percent of the employee's average annual compensation during the preceding three years, then the employee's service retirement allowance shall be based upon average annual compensation during the employee's final ten years of service. The provision would not apply to an employee who returns to service after at least a one year gap in service, who receives a judicial appointment, or who is elected Governor or Attorney General. Read the Bill »
Outcome
Bill Has Failed
History
Date | Action |
---|---|
11/03/2014 | Prefiled and ordered printed; offered 01/14/15 15100156D |
11/03/2014 | Referred to Committee on Finance |
01/19/2015 | Impact statement from VRS (SB687) |
01/22/2015 | Impact statement from VRS (SB687) |
01/28/2015 | Passed by indefinitely in Finance (14-Y 0-N) (see vote tally) |