Virginia Retirement System; modifies hybrid retirement program. (HB1967)
Introduced By
Del. Jimmie Massie (R-Richmond)
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. Read the Bill »
Outcome
History
| Date | Action |
|---|---|
| 01/10/2017 | Committee |
| 01/10/2017 | Prefiled and ordered printed; offered 01/11/17 17103356D |
| 01/10/2017 | Referred to Committee on Appropriations |
| 01/13/2017 | Assigned App. sub: Compensation and Retirement |
| 01/23/2017 | Impact statement from VRS (HB1967) |
| 02/02/2017 | Subcommittee recommends laying on the table |
| 02/08/2017 | Left in Appropriations |