Virginia Retirement System; modifies hybrid retirement program. (HB1072)

Introduced By

Del. Chris Jones (R-Suffolk) with support from co-patron Del. Daun Hester (D-Norfolk)

Progress

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

Description

Virginia Retirement System; hybrid retirement program. Modifies the hybrid retirement program by (i) increasing the mandatory employer contribution to the defined contribution component from 1% to 2% of creditable compensation, (ii) decreasing the employer's maximum matching contribution to the defined contribution component from 2.5% to 1.5% of creditable compensation, (iii) increasing the employee's mandatory contribution to the defined contribution component from 1% to 2% of creditable compensation, (iv) decreasing the employee's maximum contribution to the voluntary defined contribution component from 4% to 3% of creditable compensation, (v) decreasing from three years to two years the period in which a new member of the hybrid retirement program is required to make the maximum voluntary contribution to the defined contribution component, and (vi) decreasing the employee's contribution to the defined benefit component from 4% to 3% of creditable compensation. The bill also sets a new employee's voluntary contribution rate to the defined contribution component at 0.5% unless the employee opts out. Amends § 51.1-169, of the Code of Virginia. Read the Bill »

Status

01/19/2016: Awaiting a Vote in the Appropriations Committee

History

DateAction
01/13/2016Committee
01/13/2016Prefiled and ordered printed; offered 01/13/16 16102742D
01/13/2016Referred to Committee on Appropriations
01/19/2016Assigned to sub: Compensation and Retirement
01/19/2016Assigned App. sub: Compensation and Retirement
01/25/2016Impact statement from VRS (HB1072)
02/11/2016Subcommittee recommends continuing to 2017
02/12/2016Continued to 2017 in Appropriations