GERSPressRelease-103122-Section5ofActNo.8560BillNo.34-0171
GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM “Contributing today for a better tomorrow” Press Release For Immediate Release Date: Monday, October 31, 2022 Austin L. Nibbs, CPA, CGMA Administrator/CEO Bus.: 340.776.7703 • Fax: 340.776.4499 Act No. 8560 (Bill No. 34-0171) Section 5 GERS Administrator/CEO, Austin L. Nibbs, would like to advise the members that Act No. 8560 which was enacted into law by the Governor on April 11, 2022. Section 5 of Act No. 8560 repealed Act No. 7261, section 7, subsection (k), as amended by Act No. 7281, section 1(c), which was stricken in its entirety. Act No. 7261, section 7, subsection (k), which was amended by Act No. 7281, section 1(c), provided that: Notwithstanding any provision, regulation, or law to the contrary, any member of the GERS who has attained thirty or more years of credited service completed as of the date of enactment of this Act shall pay an additional three percent (3%) of their salary into the GERS, effective October 1, 2011. Because Act No. 7261, section 7, subsection (k), which was amended by Act No. …
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GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM “Contributing today for a better tomorrow” Press Release For Immediate Release Date: Monday, October 31, 2022 Austin L. Nibbs, CPA, CGMA Administrator/CEO Bus.: 340.776.7703 • Fax: 340.776.4499 Act No. 8560 (Bill No. 34-0171) Section 5 GERS Administrator/CEO, Austin L. Nibbs, would like to advise the members that Act No. 8560 which was enacted into law by the Governor on April 11, 2022. Section 5 of Act No. 8560 repealed Act No. 7261, section 7, subsection (k), as amended by Act No. 7281, section 1(c), which was stricken in its entirety. Act No. 7261, section 7, subsection (k), which was amended by Act No. 7281, section 1(c), provided that: Notwithstanding any provision, regulation, or law to the contrary, any member of the GERS who has attained thirty or more years of credited service completed as of the date of enactment of this Act shall pay an additional three percent (3%) of their salary into the GERS, effective October 1, 2011. Because Act No. 7261, section 7, subsection (k), which was amended by Act No. 7281, section 1(c), was stricken in its entirety, members with thirty or more years who have paid an additional three percent (3%) after April 11, 2022 are eligible for a refund of the additional 3% paid. We note that the law does not speaks to retroactivity, and therefore, members who had thirty or more years of service prior to April 11, 2022, and who had paid in an additional three percent (3%) prior to April 11, 2022 are not eligible for a refund of the additional 3% paid. 438 Kronprindsens Gade | GERS Complex – Ste. 1 | St. Thomas, VI 00802-5720 | 340.776.7703 3004 Estate Orange Grove – Ste. 1 | Christiansted, VI 00820-4260 | 340.718.5480 www.usvigers.com