SB1369: Judicial Retirement System; increased retirement allowance for judges, assistant attorneys.

Legislative Summary

Virginia Retirement System; Judicial Retirement System; increased retirement allowance for judges, assistant attorneys for the Commonwealth, and public defenders. Increases, for the purposes of determining benefits provided under the hybrid retirement program, the retirement multiplier from one percent to 1.7 percent for assistant attorneys for the Commonwealth and public defenders appointed on or after July 1, 2023, who are participants in the hybrid retirement program. The bill also increases, for the purposes of determining benefits provided under the Judicial Retirement System, the retirement multiplier from one percent to 1.7 percent for judges appointed on or after July 1, 2023, who are participants in the hybrid retirement program and who are at least 55 years of age at the time of appointment.