Eligible Virginia retirees would receive extra credit for qualifying service

The two covered retirement systems would award one extra year of service credit for every five full years of qualifying service. This provision covers eligible members of the state police retirement system and the employee retirement system governed by § 51.1-214. Members must qualify for a pension without an early-retirement reduction under the rules cited in the bill. Qualifying service includes service in either covered system and service earning benefits under § 51.1-138. Extra credit would not count toward eligibility for the separate payments under §§ 51.1-206(B) and 51.1-217(B). The rule would apply to retirements on or after July 1, 2027, and count qualifying service earned through the retirement date, regardless of when it was earned.