Constitutional amendment; contributions to defined benefit retirement plans. (SJ319)

Introduced By

Sen. Adam Ebbin (D-Alexandria)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Constitutional amendment (first resolution); contributions to defined benefit retirement plans maintained for employees. Requires that contributions to defined benefit retirement plans that are maintained for state employees and employees of participating political subdivisions and school divisions be made in strict adherence with contribution rates and times for the payment of the contributions as recommended by the Board of Trustees of the Virginia Retirement System (VRS).

Under the resolution, for the four fiscal years beginning on and after July 1, 2014, the General Assembly could make contributions at a rate that is less than the VRS recommended contribution rate without any deferred contributions being recognized so long as the contributions are at least equal to certain minimum amounts. In addition, for fiscal years beginning on or after July 1, 2018, the General Assembly could provide for the deferral of all or any portion of such contributions for any fiscal year in which the maximum amount is appropriated from the Revenue Stabilization Fund by a separate vote of a majority of all the members voting in each house. All contributions deferred would be required to be repaid within 10 years at an annual interest rate equal to the current actuarially calculated long-term rate of return as determined by VRS. The resolution also requires that retirement contributions deferred in 2010 be repaid by June 30, 2024.

The resolution also specifies how certain other factors and variables used in setting contribution rates are to be determined. Read the Bill »

Status

01/29/2013: passed committee

History

DateAction
01/09/2013Prefiled and ordered printed; offered 01/09/13 13101035D
01/09/2013Referred to Committee on Privileges and Elections
01/29/2013Reported from Privileges and Elections (12-Y 2-N 1-A) (see vote tally)
01/31/2013Reading waived (40-Y 0-N) (see vote tally)
02/01/2013Read second time and engrossed
02/04/2013Rejected by Senate (15-Y 25-N) (see vote tally)
02/04/2013Reconsideration of passage agreed to by Senate (40-Y 0-N) (see vote tally)
02/04/2013Rejected by Senate (16-Y 24-N) (see vote tally)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 8 minutes.