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Bill > HB987
VA HB987
VA HB987Virginia Retirement System; service credit for career and technical education teachers.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
03/14/2026
03/14/2026
Introduced Session
2026 Regular Regular Session
Bill Summary
Virginia Retirement System; service credit for career and technical education teachers. Provides that a member of the Virginia Retirement System shall be eligible for additional years of service credit for service earned as a teacher in the field of career and technical education. The amount of service credit earned shall determined as follows: (i) for service earned as a member who is 45 years of age or older but younger than 55 years of age at the time of such service, such service shall be multiplied by the weighted years of service factor of 2.0 and (ii) for service earned as a member who is 55 years of age or older at the time of such service, such service shall be multiplied by the weighted years of service factor of 2.5.
AI Summary
This bill mandates that the Virginia Retirement System and the Department of Education, in collaboration with the Joint Legislative Audit and Review Commission, will conduct a comprehensive review of retirement options for career and technical education teachers in Virginia. This review will involve examining retirement benefits in neighboring states, analyzing the impact of altering the formula used to calculate creditable service (which refers to the years of service that count towards retirement benefits), surveying teachers' interest in such changes, and evaluating the financial costs to the Virginia Retirement System. The findings of this review are to be reported to the Chairs of the House Committee on Appropriations and the Senate Committee on Finance and Appropriations by November 1, 2026.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Left in Committee Appropriations (on 02/18/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://lis.virginia.gov/bill-details/20261/HB987 |
| BillText | https://lis.virginia.gov/bill-details/20261/HB987/text/HB987HC1 |
| Fiscal Note/Analysis - Fiscal Impact Statement from Virginia Retirement System (HB987) | https://lis.blob.core.windows.net/files/1097196.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/HB987/text/HB987 |
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