VACo worked to defeat SB 5 (Stanley) in today’s Senate Finance Committee meeting. SB 5 would have had a negative fiscal impact on localities.
The legislation increases the amount of the monthly health insurance credit (HIC) payable to certain local service retirees with 15 or more years of total creditable service from $1.50 per year of creditable service capped at a maximum benefit of $45 (30 years of creditable service) to $4 per year of creditable service with no benefit cap.
Additionally, monthly Plan benefits for those eligible members receiving disability income from an eligible VRS plan (either disability retirement or long-term disability) would be increased to the greater of $120, or $4 per year of creditable service at the time of disability retirement, or $4 per year for each year of creditable service at the time of eligibility for long-term disability.
VACo Contact: Beau Blevins