2003 Session

Budget Amendments - HB1400 (Member Request)

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Chief Patron: Abbitt
Virginia Retirement System (language only)

Item 527 #1h

Item 527 #1h

Independent Agencies
Virginia Retirement System

Page 494, after line 3, insert:
"H.  Any public school teacher member in service on July 1, 2003, may purchase up to five years of prior service that was removed from the member record between January 1, 1980, and December 31, 1985.  The cost to purchase such service shall be five percent of creditable compensation or five percent of average final compensation, whichever is greater, if the purchase is initiated prior to July 1, 2004.  Thereafter, the cost to purchase such service will be the actuarial value of such service."

(This amendment provides the ability for affected public school teachers to purchase VRS service credit.)