Freedom of Information Act; expands current record & meeting exemptions for retirement systems. (SB1369)

Introduced By

Sen. Brandon Bell (R-Roanoke)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Freedom of Information Act; Virginia Retirement System. Expands current record and meeting exemptions for the Virginia Retirement System (VRS) and local retirement systems by allowing the withholding of internal deliberations of or decisions by the retirement system on the pursuit of particular investment strategies, or the selection or termination of investment managers, prior to the execution of such investment strategies or the selection or termination of such managers, to the extent that disclosure of such records would have an adverse impact on the financial interest of the retirement system. The bill also excludes records relating to the acquisition, holding, or disposition of a security or other ownership interest in an entity, where such security or ownership interest is not traded on a governmentally regulated securities exchange, to the extent that (i) such records contain (a) trade secrets as defined in the Uniform Trade Secrets Act ( 59.1-336 et seq.); (b) financial records, including balance sheets and financial statements; (c) the entity's portfolio company information; (d) investment performance information; or (e) subscription agreements or other agreements executed by the retirement system and the entity; (ii) such records are not generally available to the public through regulatory disclosure or otherwise; and (iii) disclosure of such records would have an adverse impact on the financial interest of the retirement system. The bill provides that nothing shall be construed to authorize the withholding of the identity or amount of any investment held or the present value and performance of all asset classes and subclasses. The bill also expands the VRS closed meeting exemption to include the Investment Advisory Committee appointed by the VRS Board of Trustees. The bill contains technical amendments. Read the Bill »


03/21/2007: signed by governor


01/17/2007Presented and ordered printed 070853164
01/17/2007Referred to Committee on General Laws and Technology
01/22/2007Assigned GL&T sub: #1
02/02/2007Constitutional reading dispensed (40-Y 0-N)
02/02/2007VOTE: (40-Y 0-N) (see vote tally)
02/05/2007Read second time
02/05/2007Reading of amendments waived
02/05/2007Committee amendments agreed to
02/05/2007Engrossed by Senate as amended SB1369E
02/05/2007Printed as engrossed 070853164-E
02/06/2007Read third time and passed Senate (40-Y 0-N)
02/06/2007VOTE: (40-Y 0-N) (see vote tally)
02/06/2007Communicated to House
02/08/2007Placed on Calendar
02/08/2007Read first time
02/08/2007Referred to Committee on General Laws
02/09/2007Assigned GL sub: #2 FOIA/Procurement (Marshall, D.)
02/15/2007Reported from General Laws with amendment (22-Y 0-N) (see vote tally)
02/19/2007Read second time
02/20/2007Read third time
02/20/2007Committee amendment agreed to
02/20/2007Engrossed by House as amended
02/20/2007Passed House with amendment BLOCK VOTE (99-Y 0-N)
02/20/2007VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
02/22/2007House amendment agreed to by Senate (40-Y 0-N)
02/22/2007VOTE: (40-Y 0-N) (see vote tally)
02/22/2007Emergency clause added
03/08/2007Bill text as passed Senate and House (SB1369ER)
03/08/2007Signed by Speaker
03/11/2007Signed by President
03/21/2007G Approved by Governor-Chapter 739 (effective 3/21/07)
04/05/2007G Acts of Assembly Chapter text (CHAP0739)