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)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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. Read the Bill »


Bill Has Passed


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


This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 3 clips in all, totaling 11 minutes.


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.