HOUSE BILL 1447

File Code: State Pensions and Retirement

Sponsored By:

Chairman, Appropriations Committee

Entitled:

Employees' Retirement System and Employees' Pension System - Deferred Retirement Option Program

Synopsis:

Creating a Deferred Retirement Option Program (DROP) for specified members of specified State systems; establishing eligibility requirements; providing for an application procedure; specifying how participation affects a participant's compensation and benefits; requiring the State Retirement Agency to request a private letter ruling from the Internal Revenue Service that makes specified confirmations; making the Act contingent on receipt of an Internal Revenue Service ruling; etc.

History by Legislative Date

House Action

3/11

First Reading House Rules and Executive Nominations

Motion Rules Suspended for late introduction (Delegate Rawlings) Adopted (127-1)

Referred House Rules and Executive Nominations

3/18

Re-referred Appropriations

3/19

Hearing 3/22 at 1:00 p.m.

3/28

Unfavorable Report by Appropriations

Senate Action

No Action

Bill indexed under the following Subjects:

ADMINISTRATIVE AGENCIES -see also- ELECTRONIC GOVERNMENT

FEDERAL GOVERNMENT

RETIREMENT SYSTEMS -see also- MANDATORY RETIREMENT

STATE EMPLOYEES

Bill affects the following Statutes:

State Personnel and Pensions

( 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

Roll Call Vote (Legislative date is shown):

House

March 11, 2002: Motion Rules Suspended for late introduction (Rawlings) Adopted (127-1)