Retirement System; authority to manage and invest certain funds. (SB614)

Introduced By

Sen. Ken Stolle (R-Virginia Beach)

Progress

√
 Introduced
X
 Passed Committee
☐
 Passed House
√
 Passed Senate
☐
 Signed by Governor
☐
 Became Law

Description

Virginia Retirement System; authority to manage and invest certain funds. Authorizes the Virginia Retirement System to manage and invest funds in a trust or equivalent arrangement established by a local government or other local entity to fund certain postemployment benefits. The bill would provide that the Commonwealth would not be liable for any losses suffered by a local entity, or a trust or equivalent arrangement established by the local entity, on investments of such funds made by the Virginia Retirement System. In addition, no officer, director, or member of the Board of the Virginia Retirement System or of any advisory committee thereof or any subsidiary corporation of the Virginia Retirement System whose actions are within the standard of care of a prudent person acting in a like capacity would be liable for any investment losses. Amends § 15.2-1547, § 15.2-1548, § 15.2-1549, § 51.1-124.31, of the Code of Virginia. View Full Text »

Outcome

Bill Has Failed

History

  • 01/09/2008 Prefiled and ordered printed; offered 01/09/08 080579328
  • 01/09/2008 Referred to Committee on Finance
  • 01/14/2008 Impact statement from VRS (SB614)
  • 01/16/2008 Reported from Finance (15-Y 0-N) (see vote tally)
  • 01/17/2008 Constitutional reading dispensed (37-Y 0-N) (see vote tally)
  • 01/18/2008 Read second time and engrossed
  • 01/21/2008 Read third time and passed Senate (40-Y 0-N) (see vote tally)
  • 01/21/2008 Communicated to House
  • 02/11/2008 Placed on Calendar
  • 02/11/2008 Read first time
  • 02/11/2008 Referred to Committee on Appropriations
  • 02/14/2008 Assigned App. sub: Compensation and Retirement (Jones, S.C.)
  • 03/03/2008 Left in Appropriations