SB 396

Abstract

Virginia Retirement System; increased retirement allowance for certain judges. Provides that judges appointed or elected to an initial term on or after July 1, 2024, and who are at least age 55 at the time of appointment will be placed in Plan 1 with service weighted at 3.5.

Virginia Retirement System; increased retirementallowance for certain judges. Increases, for the purposes of determining benefits provided under the Judicial Retirement System,the retirement multiplier from 1.0 percent to 1.7 percent. The increasewould apply only to judges who are participants in the hybrid retirementprogram and who are at least age 55 at the time of appointment. Thebill provides that such changes apply only to service earned as ajudge on or after July 1, 2025. The bill has a delayed effective date of July 1, 2025.