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

Introduced By

Sen. Ken Stolle (R-Virginia Beach)

Progress

Introduced
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. Read the Bill »

Outcome

Bill Has Failed

History

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