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2002 Session

Budget Amendments - SB30 (Committee Approved)

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Retirement Benefits for State Employees (language only)

Item 4-6.03 #3s

Item 4-6.03 #3s

Positions and Employment
Employee Benefits

Language
Page 453, following line 33, insert:
“f. If a member served in a position as a state employee as defined in §51.1-124.3, Code of Virginia, and also including members of the State Police Officers' Retirement System pursuant to Chapter 2 (§ 51.1-200 et seq.) of this title, the Virginia Law Officers' Retirement System pursuant to Chapter 2.1 (§ 51.1-211 et seq.) of this title and the Judicial Retirement System pursuant to Chapter 3 (§ 51.1-300 et seq.) of this title, between December 1, 2001, and November 30, 2003, inclusive, then his average final compensation shall be adjusted as follows:
1. Any member who retires on an immediate annuity with an effective retirement date between December 1, 2001, and November 30, 2002, inclusive, shall have his average final compensation multiplied by 1.01011 prior to the calculation of the retirement allowance payable under Title 51.1. The Retirement System shall recalculate the retirement allowance payable to those members who retired between December 1, 2001, and June 30, 2002, inclusive, and shall apply the increase prospectively.
2. Any member who has been in continuous service since July 1, 2002, and who retires on an immediate annuity with an effective retirement date between December 1, 2002, and November 30, 2003, inclusive, shall have his average final compensation multiplied by 1.0303 prior to the calculation of the retirement allowance payable under
Title 51.1.
3. Any member who has been in continuous service since July 1, 2002, and who retires on an immediate annuity with an effective retirement date on or after December 1, 2003, shall have his average final compensation multiplied by 1.06121 prior to the calculation of the retirement allowance payable under
Title 51.1. "


Explanation
(This amendment increases the average final compensation for retirement of state employees who are subject to the current salary freeze.)