Retirement System; hybrid retirement program created, optional defined retirement plan created, etc. (SB498)

Introduced By

Sen. John Watkins (R-Midlothian) with support from co-patron Sen. Jeff McWaters (R-Virginia Beach)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Virginia Retirement System; optional defined contribution and defined benefit retirement program.  Creates a new hybrid retirement program, administered by the Virginia Retirement System, that contains a defined contribution and a defined benefit component.  All new state and local employees commencing employment on or after January 1, 2014 would make an irrevocable election to participate in the hybrid plan or the traditional retirement plan.  Employees in-service on December 31, 2013 would be given the opportunity to make a one-time, irrevocable election to participate in the new hybrid program. Read the Bill »


Bill Has Passed


01/11/2012Prefiled and ordered printed; offered 01/11/12
01/11/2012Prefiled and ordered printed; offered 01/11/12 12102731D
01/11/2012Referred to Committee on Finance
01/25/2012Impact statement from VRS (SB498)
02/09/2012Reported from Finance with substitute (14-Y 0-N) (see vote tally)
02/09/2012Committee substitute printed 12105257D-S1
02/10/2012Impact statement from VRS (SB498S1)
02/13/2012Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/14/2012Read second time
02/14/2012Reading of substitute waived
02/14/2012Committee substitute agreed to 12105257D-S1
02/14/2012Engrossed by Senate - committee substitute SB498S1
02/14/2012Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/14/2012Passed Senate (40-Y 0-N) (see vote tally)
02/15/2012Impact statement from VRS (SB498S1)
02/16/2012Placed on Calendar
02/16/2012Read first time
02/16/2012Referred to Committee on Appropriations
02/17/2012Assigned App. sub: Compensation and Retirement
02/28/2012Subcommittee recommends reporting with amendment(s) (8-Y 0-N)
02/29/2012Reported from Appropriations with substitute (18-Y 4-N) (see vote tally)
02/29/2012Committee substitute printed 12105697D-H1
03/02/2012Read second time
03/05/2012Read third time
03/05/2012Committee substitute agreed to 12105697D-H1
03/05/2012Engrossed by House - committee substitute SB498H1
03/05/2012Passed House with substitute (62-Y 34-N)
03/05/2012VOTE: PASSAGE (62-Y 34-N) (see vote tally)
03/06/2012House substitute rejected by Senate (0-Y 40-N) (see vote tally)
03/07/2012House insisted on substitute
03/07/2012House requested conference committee
03/07/2012Impact statement from VRS (SB498H1)
03/08/2012Senate acceded to request (40-Y 0-N) (see vote tally)
03/08/2012Conferees appointed by Senate
03/08/2012Senators: Watkins, Wagner, Howell
03/08/2012Conferees appointed by House
03/08/2012Delegates: Howell, W.J., Jones, Joannou
03/10/2012Conference report agreed to by Senate (35-Y 5-N) (see vote tally)
03/10/2012Conference substitute printed 12106172D-S2
03/10/2012Conference report agreed to by House (58-Y 35-N)
03/10/2012VOTE: ADOPTION (58-Y 35-N) (see vote tally)
03/15/2012Bill text as passed Senate and House (SB498ER)
03/15/2012Signed by Speaker
03/16/2012Impact statement from VRS (SB498ER)
03/17/2012Signed by President
03/22/2012Impact statement from VRS (SB498ER)
04/09/2012Governor's recommendation received by Senate
04/17/2012Placed on Calendar
04/18/2012Senate concurred in Governor's recommendation (33-Y 6-N) (see vote tally)
04/18/2012House concurred in Governor's recommendation (57-Y 37-N)
04/18/2012VOTE: ADOPTION (57-Y 37-N) (see vote tally)
04/18/2012G Governor's recommendation adopted
04/18/2012Reenrolled bill text (SB498ER2)
04/18/2012Signed by President as reenrolled
04/18/2012Signed by Speaker as reenrolled
04/18/2012G Approved by Governor-Chapter 823 (effective 7/1/12)
04/18/2012G Acts of Assembly Chapter text (CHAP0823)


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 10 minutes.