Retirement System; hybrid retirement program created, optional defined retirement plan created, etc. (HB1130)

Introduced By

Del. Bill Howell (R-Fredericksburg) with support from co-patron Del. Chris Jones (R-Suffolk)

Progress

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

Description

Virginia Retirement System; optional hybrid retirement plan.  Creates a new optional hybrid retirement plan with a defined benefit retirement plan component and a defined contribution retirement plan component for all state employees except judges and employees currently eligible for optional retirement plans. The plan will be available beginning January 1, 2014.

The defined benefit component has a multiplier of 1.0 and a required employee contribution of 4%, and the employer's contribution is actuarially determined using the same methodology used for the current defined benefit retirement plan. The defined contribution component includes a required employee contribution of 2% and a corresponding mandatory contribution from the employer of 1%, with optional additional employee contributions of up to 4% which could be matched by another 2.5 % from the employer. Maximum contributions to the defined contribution plan are 6% from the employee and 3.5% from the employer, for a total of 9.5%.

If a current employee elects to participate in the new plan, his accrued service in the defined benefit plan at the time of his election would transfer with a multiplier of the defined benefit plan from which he is leaving, but his service thereafter would accrue with a 1.0 multiplier. Amends § 51.1-1100, § 51.1-1400, § 51.1-1405, § 51.1-145, § 51.1-201, § 51.1-202, § 51.1-212, § 51.1-213, § 51.1-601.1, § 51.1-602, § 51.1-608, § 51.1-609, § 51.1-611, of the Code of Virginia. View Full Text »

Outcome

Bill Has Passed

History

  • 01/12/2012 Presented and ordered printed 12104008D
  • 01/12/2012 Referred to Committee on Appropriations
  • 01/16/2012 Assigned App. sub: Compensation and Retirement
  • 01/25/2012 Impact statement from VRS (HB1130)
  • 02/09/2012 Subcommittee recommends reporting with amendment(s) (7-Y 0-N)
  • 02/10/2012 Reported from Appropriations with substitute (19-Y 2-N) (see vote tally)
  • 02/10/2012 Committee substitute printed 12105287D-H1
  • 02/12/2012 Read first time
  • 02/13/2012 Read second time
  • 02/13/2012 Committee substitute agreed to 12105287D-H1
  • 02/13/2012 Engrossed by House - committee substitute HB1130H1
  • 02/14/2012 Read third time and passed House (68-Y 30-N)
  • 02/14/2012 VOTE: PASSAGE (68-Y 30-N) (see vote tally)
  • 02/15/2012 Constitutional reading dispensed
  • 02/15/2012 Referred to Committee on Finance
  • 02/20/2012 Impact statement from VRS (HB1130H1)
  • 02/24/2012 Impact statement from VRS (HB1130H1)
  • 02/27/2012 Impact statement from VRS (HB1130H1)
  • 02/28/2012 Committee substitute printed 12105671D-S1
  • 02/28/2012 Reported from Finance with substitute (15-Y 0-N) (see vote tally)
  • 02/29/2012 Incorporates HB1129
  • 02/29/2012 Constitutional reading dispensed (40-Y 0-N) (see vote tally)
  • 03/01/2012 Read third time
  • 03/01/2012 Reading of substitute waived
  • 03/01/2012 Committee substitute agreed to 12105671D-S1
  • 03/01/2012 Engrossed by Senate - committee substitute HB1130S1
  • 03/01/2012 Passed Senate with substitute (32-Y 7-N) (see vote tally)
  • 03/01/2012 Reconsideration of Senate passage agreed to by Senate (40-Y 0-N) (see vote tally)
  • 03/01/2012 Passed Senate with substitute (36-Y 4-N) (see vote tally)
  • 03/02/2012 Placed on Calendar
  • 03/02/2012 Impact statement from VRS (HB1130S1)
  • 03/05/2012 Senate substitute rejected by House 12105671D-S1 (3-Y 93-N)
  • 03/05/2012 VOTE: REJECTED (3-Y 93-N) (see vote tally)
  • 03/06/2012 Senate insisted on substitute (39-Y 0-N) (see vote tally)
  • 03/06/2012 Senate requested conference committee
  • 03/07/2012 House acceded to request
  • 03/07/2012 Conferees appointed by House
  • 03/07/2012 Delegates: Howell, W.J., Jones, Joannou
  • 03/08/2012 Conferees appointed by Senate
  • 03/08/2012 Senators: Watkins, Howell, Wagner
  • 03/10/2012 Conference report agreed to by Senate (33-Y 6-N) (see vote tally)
  • 03/10/2012 Reconsideration of conference report agreed to by Senate (40-Y 0-N) (see vote tally)
  • 03/10/2012 Conference report agreed to by Senate (34-Y 6-N) (see vote tally)
  • 03/10/2012 Conference substitute printed 12106174D-H2
  • 03/10/2012 Pending question ordered
  • 03/10/2012 Conference report agreed to by House (60-Y 34-N)
  • 03/10/2012 VOTE: ADOPTION (60-Y 34-N) (see vote tally)
  • 03/15/2012 Enrolled
  • 03/15/2012 Bill text as passed House and Senate (HB1130ER)
  • 03/15/2012 Signed by Speaker
  • 03/16/2012 Impact statement from VRS (HB1130ER)
  • 03/17/2012 Signed by President
  • 03/22/2012 Impact statement from VRS (HB1130ER)
  • 04/09/2012 G Approved by Governor-Chapter 701 (effective 7/1/12)
  • 04/09/2012 G Acts of Assembly Chapter text (CHAP0701)

Comments

Gail Griffin writes:

notice that the members of the General Assembly voted yes to this bill as it applies to teachers, but NO to it applying to them and their retirement package.

Posted 9 months ago.