Summary as introduced:
Retirement Incentive Program Act of 2003. Creates a voluntary retirement incentive program for state employees. A state employee who is at least 50 years of age and who has at least 27 years of creditable service, if a member of the Virginia Retirement System, or 23 years of creditable service, if a member of the State Police Officers' Retirement System or the Virginia Law Officers' Retirement System, is eligible to participate. An employee must apply to participate in the program by September 15, 2003, and the employee's employer must approve the application.
For each employee participating, the Commonwealth will purchase on behalf of such employee years of credit to be added to his age or creditable service for retirement purposes. The amount of years to be purchased is substantially similar to the amount of years of credit that the Commonwealth may purchase under the Workforce Transition Act of 1995. Employees participating in the retirement incentive program are required to retire on an immediate retirement allowance and shall not be rehired by the Commonwealth in a similar position for a period of 3 years.
01/08/03 Senate: Presented & ordered printed, prefiled 01/08/03 039053504 pdf | impact statement
01/08/03 Senate: Presented & ordered printed, prefiled 01/08/03 039053504
01/08/03 Senate: Referred to Committee on Finance
02/04/03 Senate: Left in Finance