15103525D
SENATE BILL NO. 1022
Senate Amendments in [ ] -- January 29, 2015
A BILL to amend and reenact §1 of Chapter 682 of the Acts of
Assembly of 2001, relating to retirement allowance of persons who retired from the
Virginia Retirement System or the State Police Officers' Retirement System
prior to January 1, 1990.
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Patron Prior to Engrossment--Senator Colgan
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Referred to Committee on Finance
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Be it enacted by the General Assembly of Virginia:
1. That §1 of Chapter 682 of the Acts of Assembly of
2001 is amended and reenacted as follows:
§1. Any person who retired (i) from the Virginia Retirement
System or the State Police Officers' Retirement System (or any predecessor
retirement system for such retirement systems) before January 1, 1980
1990, and (ii) with at least fifteen 15 years of creditable
service under such retirement systems before January 1, 1980 1990,
or any contingent annuitant or survivor of such person, as provided under the
provisions of Title 51.1, shall have his monthly retirement allowance
increased, beginning July 1, 2001 2015, by the sum of (a) four
dollars multiplied by the member's number of years of creditable service under
such retirement systems at the time of retirement prior to January 1, 1980
1990, plus (b) four dollars multiplied by the number of years between such
member's retirement date prior to January 1, 1980 1990, and 12:00
p.m. on December 31, 1979 1989. For purposes of this computation,
any portion of a year shall be rounded to a full year. All post-retirement
supplements applicable after July 1, 2001 2015, pursuant to Title
51.1 shall be based on such increased retirement allowance. Such increase shall
not be applicable to the additional allowance provided under subsection B of §
51.1-206 or such additional allowance as it is incorporated in §51.1-138.
[ 2. That the provisions of this act shall not become
effective unless an appropriation of at least $ 74.5 million to the Unfunded
Liability Special Reserve Fund (for the Virginia Retirement System) is included
in a general appropriation act passed in 2015 by the General Assembly that
becomes law. ]
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