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