HOUSE BILL NO. 987

AMENDMENT IN THE NATURE OF A SUBSTITUTE

(Proposed by the House Committee on Appropriations

on ________________)

(Patron Prior to Substitute—Delegate Garrett)

A BILL to direct the Virginia Retirement System and the Department of Education to review and analyze options for providing enhanced retirement benefits to teachers in the field of career and technical education.

Be it enacted by the General Assembly of Virginia:

1. § 1. That the Virginia Retirement System and the Department of Education, in consultation with the Joint Legislative Audit and Review Commission, shall review and analyze options for enhancing the retirement system options for teachers in the field of career and technical education. Such review shall include (i) a review of the retirement options for teachers in the field of career and technical education in the Commonwealth's neighboring states, (ii) an analysis of the effects of changing the formula for determining the amount of creditable service earned for purposes of determining retirement eligibility, (iii) a survey of interest in such a change in the creditable service formula for teachers in the field of career and technical education, and (iv) an evaluation of the costs that would be incurred by the Virginia Retirement System of any change to the formula to provide such teachers with greater creditable service. The Virginia Retirement System and the Department of Education shall complete their review and report their findings to the Chairs of the House Committee on Appropriations and the Senate Committee on Finance and Appropriations by November 1, 2026.