Summary as passed:
Virginia Retirement System; purchase of prior service credit. Provides that school division superintendents may purchase an additional 10 years of retirement service credit for prior service for the Commonwealth or another state (this is in addition to the four years under law that may already be purchased). The cost for each additional year of service shall equal 10 percent of the superintendent's compensation at the time of purchase, provided that the additional retirement service is purchased within one year of the superintendent's eligibility and is paid for in one lump-sum payment to the Virginia Retirement System. For each year of service purchased under the bill, the school division superintendent is required to serve the same number of years as a school division superintendent subsequent to the date of purchase. Any school division superintendent who fails to serve the required number of years shall forfeit any credited service for the number of years not served and shall be liable to his local board for any amount paid by it for purchasing the forfeited prior service credit.
Summary as introduced:
Virginia Retirement System; purchase of prior service credit. Increases from 4 years to 14 years the maximum years of retirement service credit that may be purchased by a school division superintendent for prior service for the Commonwealth or another state.