Virginia Retirement System; health insurance credits for retired state employees, effective clause.

Virginia Retirement System; health insurance credits for retired state employees, constitutional officers, and other employees. Increases annually the amount of the health insurance credit for retirees who rendered at least 30 years of creditable service in the Virginia Retirement System. The bill increases the credit by the same percentage as any annual post-retirement supplement that is calculated for employees hired on or after July 1, 2010.The bill also increases the health insurance credit for constitutional officers and other employees who rendered at least 15 years of creditable service. The monthly credit for such employees would be the greater of $120 or $4 per year of service. Under current law, the credit for such employees is limited to $45 per month. The provisions of the bill are contingent on funding in a general appropriation act.