SB 458 — Virginia Retirement System; plan credits and accounts.

SESSION ENROLLED VIRGINIA ACTS OF ASSEMBLY ––-- 2024 SESSION CHAPTER E353 An Act to amend and reenact §§ 51.1-142.2 and 55.1-2544 of the Code of Virginia, relating to Virginia Retirement System;

R O [S 458] Approved LApril L2, 2024 Be it enacted by the General Assembly of Virginia:

That §§ 51.1-142.2 and 55.1-2544 of the Code of Virginia are amended and reenacted as followE:follows:

service credit for Daccumulated accCertainsick membersleave. may purchase credit for service as provided in this section.

Certain members may purchase credit for service as provided in this section.

(i) leave of absence for educational purposes that was previously approved by the member's employer;member, all as defined in the Family and Medical Leave Act of 1993, 29 U.S.C.

(ii)§ leave2601 ofet absenceseq., forasfamily aamended, seriousand healthpreviously conditioncertified ofby the membermember's oremployer; of an immediate family member, all as defined in the Family and Medical Leave Act of 1993, 29 U.S.C.

§(iii) 2601up etto seq.,one asyear amended,of andservice previouslycredit certifiedper byoccurrence of leave for any unpaid leave of absence due to the member'sbirth, employer;adoption, or death of a qualifying child, as defined in § 51.1-500;

(iii)(iv) upservice toas onea yearfull-time employee of serviceanother creditstate, pera occurrencepublic ofschool leavesystem forof anyanother unpaidstate, leaveor ofa absencepolitical duesubdivision toof the birth,Commonwealth adoption, or deathanother ofstate, aas qBalifyingcertified child,by assuch definedstate, inpublic §school 51.1-500;system, or political subdivision;

(iv)(v) full-time service asof a full-timepolitical employeesubdivision of anotherthis state,state anot publi5credited schoolto suchthe state,member publicunder schoolan system,agreement oras provided for in § 51.1-143.1, as certified by such political subdivision;

(v) full-time service of a politicaE subdivision of this state not credited to the member under an agreement as provided for in § 51.1-143.1, as certified by such political subdivision;

However, no member in service shall be all2.allowed to purchase more than a total of four years of service credit pursuant to this subdivision.

2.

For each year or portion thereof to be credited at the time of purchase under this subsection, the member shall pay the approximate normal cost of the retirement plan under which the member ision,is the covered at the time of such purchase, as determined by the Board in its sole discretion.

Except as otherwise required by Chapter 1223 of Title 10 of the United States Code, as amended, no service credit may be purchased under this section if it is included in the calculation of any retirement allowance received or to be received by the member from this or another retirement system, or if there is a balance in a defined contribution account that serves as a primary retirement account related to such service.

ceasingB. to be a member under this chapter, as provided in § 51.1-128, because of the withdrawal of his accumulated contributions.

ForAny eachmember yearin orservice portionmay thereof to be credited at the time of purchase underall ofprior 2service thiscredit subsection,for thecreditable memberservice shalllost payfrom theceasing withdrawn amount to be purchaseda plusmember interestunder accruedthis dailychapter, andas compoundedprovided annuallyin from§ the51.1-128, datebecause of withdrawal to the datewithdrawal of paymenthis ataccumulated thecontributions. assumed rate of return established by the Board for the actuarial valuation of the retirement system that is in effect at the time of the purchase.

For each year or portion thereof to be credited at the time of purchase under this subsection, the member shall pay the withdrawn amount to be purchased plus interest accrued daily and compounded annually from the date of withdrawal to the date of payment at the assumed rate of of 2 return established by the Board for the actuarial valuation of the retirement system that is in effect at the time of the purchase.