Retirement System; modifies for new employees all defined benefit retirement plans. (HB1189)

Introduced By

Del. Lacey Putney (I-Bedford) with support from co-patrons Del. Bob Brink (D-Arlington), Del. Johnny Joannou (D-Portsmouth), and Del. Chris Jones (R-Suffolk)

Progress

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

Description

Virginia Retirement System; new employees.  Modifies for new employees all the defined benefit retirement plans administered by the Virginia Retirement System ("VRS"), as follows: (i) requires employee to contribute five percent of creditable compensation, (ii) reduces the portion of the increase in the Consumer Price Index used for determining annual retirement allowance supplements ("COLA") from three percent plus one-half percent of the additional increase up to seven percent, to two percent plus one-half percent of the additional increase up to six percent.  The bill also decreases the Commonwealth's contribution for employees of certain optional retirement plans by one percent of creditable compensation.

In addition to these modifications, for new state and local employees covered under the main defined benefit plan (i.e. excluding the separate plans for state and local law enforcement employees and judges), the bill (i) reduces the average final compensation multiplier from 1.70 percent to 1.65 percent, (ii) increases the number of months used to calculate average final compensation from 36 to 60, and (iii) changes the condition for unreduced early retirement benefits from 50 years of age and 30 years of creditable service, to one whereby the sum of age plus years of service equals 90. Amends § 51.1-124.3, § 51.1-126, § 51.1-142.2, § 51.1-144, § 51.1-153, § 51.1-155, § 51.1-166, § 51.1-301, § 51.1-303, of the Code of Virginia. View Full Text »

Outcome

Bill Has Passed

History

  • 01/13/2010 Committee
  • 01/13/2010 Prefiled and ordered printed; offered 01/13/10 10103075D
  • 01/13/2010 Referred to Committee on Appropriations
  • 01/19/2010 Assigned App. sub: Compensation and Retirement
  • 01/28/2010 Impact statement from VRS (HB1189)
  • 02/11/2010 Subcommittee recommends reporting with amendment(s) (7-Y 0-N)
  • 02/12/2010 Reported from Appropriations with substitute (21-Y 0-N) (see vote tally)
  • 02/12/2010 Committee substitute printed 10104949D-H1
  • 02/14/2010 Read first time
  • 02/15/2010 Read second time
  • 02/15/2010 Committee substitute agreed to 10104949D-H1
  • 02/15/2010 Engrossed by House - committee substitute HB1189H1
  • 02/16/2010 Read third time and passed House (80-Y 19-N)
  • 02/16/2010 VOTE: --- PASSAGE (80-Y 19-N) (see vote tally)
  • 02/17/2010 Constitutional reading dispensed
  • 02/17/2010 Referred to Committee on Finance
  • 02/18/2010 Impact statement from VRS (HB1189H1)
  • 02/21/2010 Reported from Finance with substitute (15-Y 0-N) (see vote tally)
  • 02/21/2010 Committee substitute printed 10105501D-S1
  • 02/23/2010 Constitutional reading dispensed (40-Y 0-N) (see vote tally)
  • 02/24/2010 Amendment by Senator agreed to
  • 02/24/2010 Read third time
  • 02/24/2010 Reading of substitute waived
  • 02/24/2010 Committee substitute agreed to 10105501D-S1
  • 02/24/2010 Passed by temporarily
  • 02/24/2010 Reading of amendment waived
  • 02/24/2010 Amendment by Senator Whipple agreed to
  • 02/24/2010 Passed by for the day
  • 02/25/2010 Read third time
  • 02/25/2010 Amendment by Senator Whipple reconsidered (40-Y 0-N) (see vote tally)
  • 02/25/2010 Amendment by Senator Whipple rejected
  • 02/25/2010 Committee substitute reconsidered (40-Y 0-N) (see vote tally)
  • 02/25/2010 Committee substitute rejected 10105501D-S1
  • 02/25/2010 Floor substitute printed 10105675D-S2 (Norment)
  • 02/25/2010 Reading of substitute waived
  • 02/25/2010 Substitute by Senator Norment agreed to 10105675D-S2
  • 02/25/2010 Engrossed by Senate - floor substitute HB1189S2
  • 02/25/2010 Passed Senate with substitute (40-Y 0-N) (see vote tally)
  • 02/26/2010 Placed on Calendar
  • 03/01/2010 Senate substitute rejected by House 10105675D-S2 (0-Y 99-N)
  • 03/01/2010 VOTE: --- REJECTED (0-Y 99-N) (see vote tally)
  • 03/03/2010 Impact statement from VRS (HB1189S1)
  • 03/03/2010 Impact statement from VRS (HB1189S2)
  • 03/03/2010 Senate insisted on substitute (40-Y 0-N) (see vote tally)
  • 03/03/2010 Senate requested conference committee
  • 03/03/2010 House acceded to request
  • 03/03/2010 Conferees appointed by Senate
  • 03/03/2010 Senators: Whipple, Watkins, Reynolds
  • 03/03/2010 Conferees appointed by House
  • 03/03/2010 Delegates: Putney, Jones, Joannou
  • 03/11/2010 Conference substitute printed 10106002D-H2
  • 03/11/2010 Conference report agreed to by House (85-Y 13-N)
  • 03/11/2010 VOTE: --- ADOPTION (85-Y 13-N) (see vote tally)
  • 03/11/2010 Conference report agreed to by Senate (38-Y 1-N) (see vote tally)
  • 03/22/2010 Enrolled
  • 03/22/2010 Bill text as passed House and Senate (HB1189ER)
  • 03/22/2010 Signed by Speaker
  • 03/25/2010 Signed by President
  • 04/07/2010 Impact statement from VRS (HB1189ER)
  • 04/13/2010 G Approved by Governor-Chapter 737 (effective 7/1/10)
  • 04/13/2010 G Acts of Assembly Chapter text (CHAP0737)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 16 clips in all, totaling 54 minutes. Click the image of the video to play it.

Comments

Thomas Crouch writes:

The changes regarding years of service/age negatively affect the law enforcement officers and fire fighters of Virginia. 50 years of age with 20 years of service is difficult to accomplish, and these careers lead to well documented shortened life expectancy, even after retirement.

Posted 40 months ago.
Jay Whitehead writes:

This bill is a disaster in the making. Virginia will not be able to retain public servants who give unselfishly of their time and energy for the good of the Commonwealth. Why would anyone graduating from college want to enter education, law enforcement, etc with the promisory note of a properly funded retirement in exchange for a short changed salary to be permanently altered at the expense of the people. I am sincerly disappointed in Delegate Putney for sponsoring this bill. Surely his constituents will make note of this in the next election.

Posted 40 months ago.
ed carrier writes:

This simply shows the sad state of affairs that has been produced in the state of Virginia and across the nation in general in reference to those individuals who spend their life in public service. I never expected to see the VRS threatened in this manner. People, teachers, deserve better. The next election will bring about change from the voters.

Posted 40 months ago.
Wallace Chadwick writes:

This bill will ultimately hurt Public Safety. The thought of cutting retirement to anyone who serves in this field is unsettling. It is a documented fact that public safety officials do not have a long life expectancy. Public safety already gives as much as they can, even when the Commonwealth is in a budget crunch we sacrifice services as well as much needed cost of living raises. We are not getting rich doing these jobs, and we are not asking to, we just want to know the stae is behind us like we are behind them. The next election should reflect the aforementioned.

Posted 39 months ago.