51.1-1403 - Health insurance credits for retired constitutional officers, employees of constitutional officers, general registrars, employees of general registrars, and local social service employees.
§ 51.1-1403. Health insurance credits for retired constitutional officers,employees of constitutional officers, general registrars, employees ofgeneral registrars, and local social service employees.
A. A local officer, as defined in § 51.1-124.3, general registrar, employeeof a general registrar, or an employee of a local social services board,retired under the Virginia Retirement System who rendered at least 15 yearsof total creditable service under the System shall receive a health insurancecredit to his monthly retirement allowance, which shall be applied to reducethe retired member's health insurance premium cost. The amount of eachmonthly health insurance credit payable under this section shall be $1.50 foreach full year of the retired member's creditable service, not to exceed amaximum monthly credit of $45; however, each former member whose retirementwas for disability shall receive a monthly health insurance credit of $45.Eligibility for the credit shall be determined in a manner prescribed by theVirginia Retirement System. Any member who elects to defer his retirementpursuant to subsection C of § 51.1-153 shall be entitled to receive theallowable credit provided by this section on the effective date of hisretirement. The cost of such credit shall be borne by the Commonwealth.
B. In addition to the health insurance credit authorized in subsection A,localities which participate in the Virginia Retirement System may elect toprovide an additional health insurance credit of $1 per month for each fullyear of the retired member's creditable service, not to exceed a maximummonthly credit of $30. The costs of such additional health insurance creditshall be borne by the locality.
C. 1. Those retired employees who purchase an alternative personal healthinsurance policy from a carrier or organization of their own choosing shallbe eligible to receive a credit in the amount specified in subdivision C 2.Eligibility for the credit and payment of the credit shall be determined in amanner prescribed by the Virginia Retirement System.
2. The credit shall be in (i) the amount provided in subsection A, orsubsection A and subsection B if the additional credit authorized bysubsection B is provided or (ii) the amount of premium paid for the personalhealth insurance policy, whichever is less.
D. Any person included in the membership of a retirement system provided byChapter 1 (§ 51.1-124.1 et seq.), 2 (§ 51.1-200 et seq.), 2.1 (§ 51.1-211 etseq.), or 3 (§ 51.1-300 et seq.) who (i) rendered at least 15 years of totalcreditable service as a local officer as defined in § 51.1-124.3 or as anemployee of a local social services board or combined service as a generalregistrar or an employee of a general registrar and (ii) after terminatingservice as a local officer or employee of a local social services board orgeneral registrar or as an employee of a general registrar, was employed by alocal government that does not elect to provide a health insurance creditunder § 51.1-1402, shall be eligible for the credit provided by subsection A,provided that the retired employee is participating in a health insuranceplan. The Commonwealth shall be charged with the credit as provided for insubsection A. In such case, the health insurance credit shall be determinedbased upon the amount of state service or service as a local officer orservice as an employee of a local social services board or combined serviceas a general registrar or an employee of a general registrar, whichever isgreater.
E. The Virginia Retirement System shall (i) actuarially determine the amountnecessary to fund all credits provided under this section, (ii) reflect thecost of such credits in the applicable employer contribution rate pursuant to§ 51.1-145, and (iii) prescribe such terms and conditions as are necessary tocarry out the provisions of this section. The costs associated with theadministration of the health insurance program provided for in this sectionshall be recovered from the health insurance credit trust fund.
(1997, c. 989, § 2.1-20.1:7; 2000, c. 517; 2001, c. 844; 2005, cc. 382, 432;2006, c. 336.)