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Legislation


2004 Regular Session

HOUSE BILL 476

File Code: State Pensions and Retirement Crossfiled with: SENATE BILL 145
Sponsored By:
Delegate Fulton
Entitled:
Employees' Retirement System and Employees' Pension System - (Comeback Early Out) Deferred Retirement Option Program

Synopsis:

Creating a Deferred Retirement Option Program (DROP) for specified members of the Employees' Retirement System and the Employees' Pension System; establishing eligibility requirements; providing for an application procedure; specifying how participation affects a member's retirement allowance, compensation, and other terms and conditions of employment; requiring any accrued pension liability to be funded over a 15-year period; requiring certain special fund budgetary savings to be transferred to the General Fund of the State; etc.

History by Legislative Date

House Action
1/30
First Reading Appropriations
2/4
Hearing 2/17 at 11:00 a.m.
2/9
Hearing cancelled
Hearing 2/24 at 11:00 a.m.
2/19
Hearing cancelled
4/12
Unfavorable Report by Appropriations
Senate Action
No Action
Bill indexed under the following Subjects:
BUDGET AND MANAGEMENT, DEPARTMENT OF
FORMS
REPORTS
RETIREMENT SYSTEMS -see also- MANDATORY RETIREMENT
SALARIES -see also- OVERTIME
STATE EMPLOYEES
WORK, LABOR AND EMPLOYMENT -see also- COL BARG; HOLIDAY; etc
Bill affects the following Statutes:
State Personnel and Pensions
( 21-304 , 22-217 , 22-401.1 , 23-215 , 23-401.1 )

Documents:

Bill Text: First Reading (PDF), Third Reading, Enrolled
Fiscal Note: Available (PDF)
Amendments: None offered
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