HD10 - The Portability of State Pension Benefits for Professional Educators
Executive Summary: House Joint Resolution 52 directed the Virginia Retirement System (VRS) to study the portability of state pensions for professional educators. The issue of pension portability for teachers and, in fact, for all employees is not new. To some extent Social Security coverage, five-year vesting in Virginia, and tax-sheltered annuities under 403(b) of the IRS Code provide limited portability. In the absence of interstate agreements and/or federal intervention, portability beyond this extent is not likely to occur. The language in HJR 52 indicated a need to provide portability to alleviate the potential shortage of educators in Virginia. A survey conducted by the VRS indicated that the lack of pension portability was not a serious issue for either recruiting or retaining teachers. While portability from state to state is a desirable end if it can be accomplished equitably, there does not appear to be a significant problem that requires General Assembly action at this time. |
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