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Session Laws, 1994
Volume 773, Page 4711   View pdf image
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GENERAL ASSEMBLY COMPENSATION COMMISSION

19.  Termination of rights in Plan.

At any time after termination of service as a legislator but prior to receiving a
retirement allowance, a member may elect to withdraw the member's accumulated
contributions by completing an application for refund of contributions and submitting the
application to the Board of Trustees. A member who withdraws accumulated
contributions does not have any further rights under the Legislative Pension Plan.

20.  Transfer of credit.

(a)     In general. Except as provided in subsection (b) of this section, creditable
service earned as a member of the Legislative Pension Plan qualifies for benefits under
the Legislative Pension Plan and no other system or plan administered by the Board of
Trustees.

(b)     Exception. Prior to retirement, a member may elect to transfer creditable
service in the Legislative Pension Plan and the member's accumulated contributions to
the State system in which the member participates, if the member:

(1)     Has less than 8 years of creditable service in the Legislative Pension
Plan; or

(2)     Earned the creditable service for years of service in the Legislative
Pension Plan on or before January 8, 1975.

(c)     Effect of transfer of creditable service. A member who is eligible to transfer
creditable service to another State system and who makes the election to transfer shall
withdraw the member's accumulated contributions.

21.  Miscellaneous Provisions.

(a)     Receipt of retirement allowance from another State system. A retiree who is
receiving a retirement allowance from another State system may receive a retirement
allowance from the Legislative Pension Plan if the years of service in the Legislative
Pension Plan do not overlap with the years of service in the State system.

(b)     Average final compensation. As of January 8, 1975, the annual salary payable
to a member while serving as a legislator may not be added to the earnable compensation
payable by the State or a political subdivision of the State to determine the member's
average final compensation in a State system in which the member participates.

(c)     Applicability. Except as otherwise provided herein, this Item 3A (including
the calculation for the retirement allowance and the survivor's allowance) applies to:

(1)     A legislator who elects to join the pension plan during the legislator's
term of office;

(2)     A former legislator who:

(a)     elected to join the legislative pension plan during the legislator's
term of office;

(b)     has not withdrawn the member's accumulated contributions; and

- 4711 -

 

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Session Laws, 1994
Volume 773, Page 4711   View pdf image
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