Employee Retirement Security & Pension Reform, Commission on; established, report, sunset provision. (HB665)

Introduced By

Del. Bill Howell (R-Fredericksburg) with support from co-patron Del. Mark Cole (R-Fredericksburg)

Progress

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

Description

Commission on Employee Retirement Security and Pension Reform established. Creates the Commission on Employee Retirement Security and Pension Reform in the legislative branch to study and make recommendations relating to the financial soundness of retirement plans covering state and local government employees; the suitability of retirement plans offered or maintained for current state and local government employees and the attributes of retirement plans that will be suitable for future employees; the impact on state and local governments of the anticipated retirement of experienced employees between 2016 and 2026 and strategies for replacing such employees; and the elements of compensation and benefits packages that are essential to attracting and retaining a highly productive state and local government workforce. The Commission will be composed of 10 legislative members, seven nonlegislative citizen members, and two state officials. Legislative members from the House of Delegates will include the Speaker of the House of Delegates, the Chairman of the House Committee on Appropriations, the Chairman of the House Committee on Finance, and three members of the House of Delegates to be appointed by the Speaker of the House of Delegates. Legislative members from the Senate will include the Majority Leader of the Senate, any Chairman of the Senate Committee on Finance who is not the Majority Leader of the Senate, and two members of the Senate to be appointed by the Senate Committee on Rules. Four nonlegislative citizen members will be appointed by the Speaker of the House of Delegates, one of whom will be appointed from a list of five nominees jointly submitted by the Virginia Association of Counties and the Virginia Municipal League and one of whom will be appointed from a list of three nominees submitted by the Virginia Education Association. The Senate Committee on Rules will appoint three nonlegislative citizen members, one of whom will be appointed from a list of five nominees jointly submitted by the Virginia Sheriff's Association and the Virginia State Police Association. The Directors of the Department of Human Resource Management and the Virginia Retirement System will serve on the Commission ex officio with nonvoting privileges. All other Commission members will have voting privileges. General Assembly members and the Directors of the Department of Human Resource Management and the Virginia Retirement System will serve terms coincident with their terms of office. Nonlegislative citizen members will serve a five-year term. Any vacancy will be filled in the same manner as the original appointment. The Commission will initially focus on the financial soundness of retirement plans covering state and local government employees and strategies for reducing unfunded liabilities under such plans. The Commission is authorized to employ actuaries and other experts, conduct statistical analyses, engage in financial modeling, and undertake such other activities as are consistent with its duties. The costs for such actuaries, experts, statistical analyses, and financial models utilized to study retirement plans, retirement options, and other retirement matters on behalf of state and local employees participating in the Virginia Retirement System will be paid by the Virginia Retirement System. The Division of Legislative Services will provide staff support to the Commission. Technical assistance will be provided by the staffs of the Department of Human Resource Management and the Virginia Retirement System. The bill provides for the Commission's work to end on July 1, 2021. Read the Bill »

Status

04/01/2016: signed by governor

History

DateAction
01/11/2016Committee
01/11/2016Prefiled and ordered printed; offered 01/13/16 16103269D
01/11/2016Referred to Committee on Rules
02/02/2016Assigned to sub: Studies
02/02/2016Assigned Rules sub: Studies
02/04/2016Impact statement from DPB (HB665)
02/04/2016Subcommittee recommends reporting with amendment(s) (6-Y 0-N)
02/04/2016Subcommittee recommends referring to Committee on Appropriations
02/09/2016Referred from Rules
02/09/2016Referred to Committee on Appropriations
02/09/2016Assigned App. sub: Compensation and Retirement
02/11/2016Subcommittee recommends reporting (6-Y 0-N)
02/12/2016Reported from Appropriations with substitute (22-Y 0-N) (see vote tally)
02/12/2016Committee substitute printed 16105503D-H1
02/13/2016Read first time
02/15/2016Read second time
02/15/2016Committee substitute agreed to 16105503D-H1
02/15/2016Engrossed by House - committee substitute HB665H1
02/16/2016Read third time and passed House BLOCK VOTE (99-Y 0-N)
02/16/2016VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
02/17/2016Impact statement from DPB (HB665H1)
02/17/2016Constitutional reading dispensed
02/17/2016Referred to Committee on Rules
03/04/2016Reported from Rules with amendments (15-Y 0-N) (see vote tally)
03/07/2016Constitutional reading dispensed (40-Y 0-N) (see vote tally)
03/08/2016Read third time
03/08/2016Reading of amendments waived
03/08/2016Committee amendments agreed to
03/08/2016Engrossed by Senate as amended
03/08/2016Passed Senate with amendments (40-Y 0-N) (see vote tally)
03/09/2016Placed on Calendar
03/09/2016Senate amendments agreed to by House (99-Y 0-N)
03/09/2016VOTE: ADOPTION (99-Y 0-N) (see vote tally)
03/11/2016Enrolled
03/11/2016Bill text as passed House and Senate (HB665ER)
03/11/2016Impact statement from DPB (HB665ER)
03/11/2016Signed by Speaker
03/14/2016Signed by President
03/16/2016Enrolled Bill communicated to Governor on 3/16/16
03/16/2016G Governor's Action Deadline Midnight, Sunday, April 10, 2016
04/01/2016G Approved by Governor-Chapter 683 (effective 7/1/16)
04/01/2016G Acts of Assembly Chapter text (CHAP0683)

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 35 seconds.

Transcript

This is a transcript of the video clips in which this bill is discussed.

OPPOSE, NO. THE SPEAKER'S BILL WILL CREATE A COMMISSION THAT WILL STUDY AND MAKE REC MENING DAYS SHALL SUNSET ON JULY 1, 2021, AND COST WILL BE ABOUT $150,000 A YEAR FOR ADMINISTRATIVE