2002 Session

Budget Amendments - HB30 (Conference Report)

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VRS Retirement (language only)

Item 4-6.03 #1c

Item 4-6.03 #1c

Positions and Employment
Employee Benefits

Page 453, following line 33, insert:
“f.1. Any member of the Virginia Retirement System who is retired under the provisions of §51.1-155.1 of the Code of Virginia who: 1) returns to work in a position that is covered by the provisions of §51.1-155.1 of the Code of Virginia after a break of not less than four years, 2) receives no other compensation for service to a public employer than that provided for the position covered by §51.1-155.1 of the Code of Virginia during such period of reemployment,
3) retires within one year of commencing such period of reemployment,
and 4) retires directly from service at the end of such period of reemployment may either:
2. Revert to the previous retirement benefit received under the provisions of §51.1-155.1 of the Code of Virginia, including any annual cost of living adjustments granted thereon.  This benefit may be adjusted upward to reflect the effect of such additional months of service and compensation received during the period of reemployment, or
3. Retire to the provisions of Title 51.1 in effect at the termination of his or her period of reemployment, including any purchase of service that may be  eligible for purchase under the provisions of  §51.1-142.2 of the Code of Virginia.
4. The Virginia Retirement System shall establish procedures for verification by the employer of eligibility for the benefits provided for in this section."

(This amendment clarifies the options available to individuals who retire under the provisions of § 51.1-155.1 of the Code of Virginia and who later return to employment covered by the Virginia Retirement System.)