Bill Text: VA HB2481 | 2019 | Regular Session | Prefiled
Bill Title: Virginia Retirement System; authorizes localities to opt out of group insurance program.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-02-05 - Left in Appropriations [HB2481 Detail]
Download: Virginia-2019-HB2481-Prefiled.html
Be it enacted by the General Assembly of Virginia:
1. That §§51.1-504 and 51.1-801 of the Code of Virginia are amended and reenacted as follows:
§51.1-504. Election of political subdivision to participate; approval by Board.
A. Any
political subdivision which that has group life insurance
with any insurance company or nonprofit association may continue the coverage,
but shall not participate in this group insurance program while the other group
life insurance is in effect. Upon discontinuance of the other group life
insurance, the political subdivision may request coverage for eligible
employees under this group insurance program.
B. Any county, city, or town that participates in the Retirement System pursuant to the provisions of Article 5 (§51.1-130 et seq.) of Chapter 1 may, by ordinance adopted by a recorded vote of a majority of the members of the governing body, elect to withdraw from participation in the group insurance program. If a locality does not participate in the group insurance program, it may establish, pursuant to the provisions of §51.1-801, locally funded or insured group life insurance coverage or accidental death and dismemberment insurance.
§51.1-801. Counties, cities, and towns generally.
The governing body of any county, city, or town may, by ordinance adopted by a recorded vote of a majority of the members elected, establish a retirement system. The retirement system may cover injured or retired officers and employees of the county, city, or town. Benefits may be payable to the officers and employees or their dependents, estates, or designated beneficiaries. The retirement system may provide for accrued vested or contractual rights thereunder. The local governing body may, through self-funding or the purchase of insurance and annuities, or a combination thereof, provide retirement allowances, death benefits, and group life insurance coverage or accidental death and dismemberment insurance for officers and employees of the county, city, or town and group accident and sickness insurance coverage for officers and employees of the county, city, or town and their dependents. The governing body may by ordinance establish a fund for the payment of retirement allowances, death benefits, and insurance and annuity premiums by appropriating funds from the treasury of the county, city, or town or by requiring employee contributions through payroll deductions, or both, or by any other mode not prohibited by law.
For the purposes of this section, the term "employees" may include teachers or other employees of county, city, and town school boards.
If any county, city, or town participates in the Virginia
Retirement System and also establishes a local retirement system providing
supplemental benefits to the employees covered under the Virginia Retirement
System, the local system shall not be required to satisfy the retirement age
and service criterion established in clause A
(i) of subsection A of §51.1-800.
