HB 1904 Retirement System; prior service credit.
Alan A. Diamonstein | all patrons    ...    notes
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Summary:
Virginia Retirement System; prior service credit. Permits any vested member in service to purchase prior service credit for (i) active duty military service in the armed forces of the United States, provided that the discharge from the armed forces was not dishonorable and the member has not withdrawn his accumulated contributions or (ii) certified creditable service in the retirement system of another state or (iii) both. “Active duty military service” means full-time service of at least 180 consecutive days in the United States Army, Navy, Air Force, Marines, or Coast Guard, or reserve components thereof. The bill provides that such prior service credit shall be calculated at the ratio of one year of prior service credit to one year of active duty military service or certified creditable service in the retirement system of another state, up to a maximum of five years of prior service credit. The member must pay an amount equal to 10 percent of his present annual compensation for each year to be credited or 10 percent of his average annual creditable compensation during his 36 highest consecutive months of creditable service, whichever is greater. Such prior service credit shall not be otherwise creditable as prior service nor considered in the calculation of any retirement benefit by another retirement system.

Full text:
01/20/95  House: Presented & ordered printed LD1607204  pdf
02/03/95  House: Committee substitute printed LD4310124-H1  pdf

Status:
01/20/95  House: Presented & ordered printed LD1607204
01/20/95  House: Referred to Committee on Appropriations
02/03/95  House: Committee substitute printed LD4310124-H1
02/03/95  House: Reported from Appropriations with sub. (22-Y 0-N)
02/04/95  House: Read first time
02/05/95  House: Read second time
02/05/95  House: Committee substitute agreed to LD4310124-H1
02/05/95  House: Engrossed by House - com. sub. LD4310124-H1
02/06/95  House: Read third time and passed House (Block Vote) (100-Y 0-N)
02/06/95  House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
02/06/95  House: Communicated to Senate
02/07/95  Senate: Read first time
02/07/95  Senate: Referred to Committee on Finance
02/21/95  Senate: Left in Finance