§ 51.1-1401. Health insurance credits for retired teachers.
A. A teacher, as defined in § 51.1-124.3, retired under the VirginiaRetirement System, and any employee retired under a defined contribution planpursuant to § 51.1-126.6, who rendered at least 15 years of total creditableservice under the System or plan shall receive a health insurance credit tohis monthly retirement allowance, which shall be applied to reduce theretired member's health insurance premium cost. The amount of each monthlyhealth insurance credit payable under this section shall be $4 for each fullyear of the retired member's creditable service; however, each former memberwhose retirement was for disability shall receive a monthly health insurancecredit of $4 multiplied by the smaller of (i) twice the amount of hiscreditable service or (ii) the amount of creditable service he would havecompleted at age 60 if he had remained in service to that age. Eligibilityfor the credit shall be determined in a manner prescribed by the VirginiaRetirement System. Any member who elects to defer his retirement pursuant tosubsection C of § 51.1-153 shall be entitled to receive the allowable creditprovided by this section on the effective date of his retirement.
B. 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 subsection D.Eligibility for the credit and payment of the credit shall be determined in amanner prescribed by the Virginia Retirement System.
C. The credit shall be in (i) the amount provided in subsection A or (ii) theamount of premium paid for the personal health insurance policy, whichever isless.
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.) of this title who (i) rendered at least 15years of total creditable service as a teacher as defined in § 51.1-124.3 and(ii) after terminating service as a teacher, was employed by a localgovernment that does not elect to provide a health insurance credit under §51.1-1402, shall be eligible for the credit provided by subsection A andsubsection B if provided by the school division from which the servicedescribed in clause (i) was rendered, provided that the retired employee isparticipating in a health insurance plan. The Commonwealth and local schooldivision, if appropriate, shall be charged with the credit as provided for insubsection E. In such case, the health insurance credit shall be determinedbased upon the amount of state service or service as a teacher, 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, 51.1-204, and 51.1-304, and (iii) prescribe such terms andconditions as are necessary to carry out the provisions of this section. Thecosts associated with the administration of the health insurance programprovided for in this section shall be recovered from the health insurancecredit trust fund.
(1992, c. 770, § 2.1-20.1:3; 1993, cc. 743, 938; 1995, cc. 612, 734; 1996, c.764; 1998, cc. 195, 676; 1999, cc. 832, 980, 984; 2000, c. 911; 2001, c. 844;2004, c. 84; 2007, cc. 866, 921; 2009, c. 23.)
§ 51.1-1401. Health insurance credits for retired teachers.
A. A teacher, as defined in § 51.1-124.3, retired under the VirginiaRetirement System, and any employee retired under a defined contribution planpursuant to § 51.1-126.6, who rendered at least 15 years of total creditableservice under the System or plan shall receive a health insurance credit tohis monthly retirement allowance, which shall be applied to reduce theretired member's health insurance premium cost. The amount of each monthlyhealth insurance credit payable under this section shall be $4 for each fullyear of the retired member's creditable service; however, each former memberwhose retirement was for disability shall receive a monthly health insurancecredit of $4 multiplied by the smaller of (i) twice the amount of hiscreditable service or (ii) the amount of creditable service he would havecompleted at age 60 if he had remained in service to that age. Eligibilityfor the credit shall be determined in a manner prescribed by the VirginiaRetirement System. Any member who elects to defer his retirement pursuant tosubsection C of § 51.1-153 shall be entitled to receive the allowable creditprovided by this section on the effective date of his retirement.
B. 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 subsection D.Eligibility for the credit and payment of the credit shall be determined in amanner prescribed by the Virginia Retirement System.
C. The credit shall be in (i) the amount provided in subsection A or (ii) theamount of premium paid for the personal health insurance policy, whichever isless.
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.) of this title who (i) rendered at least 15years of total creditable service as a teacher as defined in § 51.1-124.3 and(ii) after terminating service as a teacher, was employed by a localgovernment that does not elect to provide a health insurance credit under §51.1-1402, shall be eligible for the credit provided by subsection A andsubsection B if provided by the school division from which the servicedescribed in clause (i) was rendered, provided that the retired employee isparticipating in a health insurance plan. The Commonwealth and local schooldivision, if appropriate, shall be charged with the credit as provided for insubsection E. In such case, the health insurance credit shall be determinedbased upon the amount of state service or service as a teacher, 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, 51.1-204, and 51.1-304, and (iii) prescribe such terms andconditions as are necessary to carry out the provisions of this section. Thecosts associated with the administration of the health insurance programprovided for in this section shall be recovered from the health insurancecredit trust fund.
(1992, c. 770, § 2.1-20.1:3; 1993, cc. 743, 938; 1995, cc. 612, 734; 1996, c.764; 1998, cc. 195, 676; 1999, cc. 832, 980, 984; 2000, c. 911; 2001, c. 844;2004, c. 84; 2007, cc. 866, 921; 2009, c. 23.)
§ 51.1-1401. Health insurance credits for retired teachers.
A. A teacher, as defined in § 51.1-124.3, retired under the VirginiaRetirement System, and any employee retired under a defined contribution planpursuant to § 51.1-126.6, who rendered at least 15 years of total creditableservice under the System or plan shall receive a health insurance credit tohis monthly retirement allowance, which shall be applied to reduce theretired member's health insurance premium cost. The amount of each monthlyhealth insurance credit payable under this section shall be $4 for each fullyear of the retired member's creditable service; however, each former memberwhose retirement was for disability shall receive a monthly health insurancecredit of $4 multiplied by the smaller of (i) twice the amount of hiscreditable service or (ii) the amount of creditable service he would havecompleted at age 60 if he had remained in service to that age. Eligibilityfor the credit shall be determined in a manner prescribed by the VirginiaRetirement System. Any member who elects to defer his retirement pursuant tosubsection C of § 51.1-153 shall be entitled to receive the allowable creditprovided by this section on the effective date of his retirement.
B. 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 subsection D.Eligibility for the credit and payment of the credit shall be determined in amanner prescribed by the Virginia Retirement System.
C. The credit shall be in (i) the amount provided in subsection A or (ii) theamount of premium paid for the personal health insurance policy, whichever isless.
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.) of this title who (i) rendered at least 15years of total creditable service as a teacher as defined in § 51.1-124.3 and(ii) after terminating service as a teacher, was employed by a localgovernment that does not elect to provide a health insurance credit under §51.1-1402, shall be eligible for the credit provided by subsection A andsubsection B if provided by the school division from which the servicedescribed in clause (i) was rendered, provided that the retired employee isparticipating in a health insurance plan. The Commonwealth and local schooldivision, if appropriate, shall be charged with the credit as provided for insubsection E. In such case, the health insurance credit shall be determinedbased upon the amount of state service or service as a teacher, 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, 51.1-204, and 51.1-304, and (iii) prescribe such terms andconditions as are necessary to carry out the provisions of this section. Thecosts associated with the administration of the health insurance programprovided for in this section shall be recovered from the health insurancecredit trust fund.
(1992, c. 770, § 2.1-20.1:3; 1993, cc. 743, 938; 1995, cc. 612, 734; 1996, c.764; 1998, cc. 195, 676; 1999, cc. 832, 980, 984; 2000, c. 911; 2001, c. 844;2004, c. 84; 2007, cc. 866, 921; 2009, c. 23.)
