HB 428 Virginia Retirement System; benefits for certain local employees

About HB-428

Virginia Retirement System; benefits for local law-enforcement, correctional, and emergency response employees in certain localities. Permits any locality that is exempt from providing all of the special statutory retirement benefits to local law-enforcement, correctional, and emergency response employees because the locality's annual retirement allowance for such employees exceeds the statutory amount to provide all of the other statutory benefits except the statutory annual retirement allowance (i) to all employees eligible for such benefits or (ii) only to eligible employees hired on or after July 1, 2010. The additional costs of providing the benefits would be borne by the locality making the election.