SB 497 Law-Enforcement Officers' Retirement System.
Kenneth W. Stolle | all patrons    ...    notes
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Summary:
Virginia Retirement System. Creates the Law-Enforcement Officers' Retirement System within the Virginia Retirement System for (i) law-enforcement officers, employed full time or part time by a police department or sheriff's office which is a part of or administered by any political subdivision of the Commonwealth, who are responsible for the prevention and detection of crime and the enforcement of the penal, traffic, or highway laws of the Commonwealth; and (ii) full-time salaried fire fighters. Membership in the Law-Enforcement Officers' Retirement System shall be at the election of the employer by resolution legally adopted and approved by the Board of Trustees of the Virginia Retirement System. In such resolution, the employer shall notify the Board of the employer's election to provide either the base benefit or the enhanced benefit. The base benefit is equivalent to the current benefit provided by the State Police Officers' Retirement System (SPORS), i.e., 1.50 percent of the first $13,200 of average final compensation plus 1.65 percent of average final compensation in excess of $13,200 multiplied by the amount of creditable service. The enhanced benefit is equal to 1.50 percent of the first $13,200 of average final compensation plus 2.00 percent of average final compensation in excess of $13,200 multiplied by the amount of creditable service. The cost of the enhanced benefit in excess of the base benefit shall be borne by the employee. The bill also provides that members may retire early with 25 years of creditable service, unlike SPORS, which currently requires members to have attained age 50 with five or more years of service to take an early retirement.

Full text:
01/25/94  Senate: Presented and ordered printed  pdf

Status:
01/25/94  Senate: Presented and ordered printed
01/25/94  Senate: Referred to Committee on Finance
02/16/94  Senate: Continued to 1995 in Finance (15-Y 0-N)
12/20/94  Senate: Left in Finance