- Report Published -
|Reporting of Creditable Compensation and Service by Institutions of Higher Education Who Are Employed Under Non-Scholastic Year Contracts|
|Virginia Retirement System|
|Chapter 945 (Regular Session, 2005)|
|[This report includes the reporting requirements in the Chapter 933 (H.B. 2866).]|
The 2005 Session of the General Assembly, through House Bill 2866 and Senate Bill 1327, established the Restructured Higher Education and Financial Operations Act. The Act provides for more independence in several important areas such as capital building projects, procurement and personnel. In addition, it directed the Virginia Retirement System to work with representatives of Virginia’s public institutions of higher education and other interested persons to develop procedures for the reporting of creditable compensation and creditable service for state employees of institutions of higher education. Specifically, the VRS was to establish procedures for payroll reporting to address issues associated with those contract employees whose term of employment does not coincide with the normal scholastic year.