Virginia Retirement System; establishes an optional defined contribution retirement plan. (HB2251)
Introduced By
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Virginia Retirement System; optional defined contribution retirement plan. Requires the Virginia Retirement System (VRS) to establish an optional defined contribution retirement plan for state and local employees. Participation in the plan is in lieu of other retirement plans offered by VRS. Employees hired on or after July 1, 2019, shall make an irrevocable election whether to participate in the plan. A person who is employed on June 30, 2019, shall make an irrevocable election by October 31, 2019, to participate in the new retirement plan beginning January 1, 2020, in lieu of his retirement plan at the time. If such employee elects to participate in the new plan, his retirement plan at the time of election will be "frozen" and not increase because of compensation earned or years of service earned while participating in the new plan. Under the plan, the employer makes a mandatory contribution in the amount of 8.5 percent of the employee's compensation, and the employee contributes five percent of his compensation. Read the Bill »
Status
02/25/2017: failed house
History
Date | Action |
---|---|
01/11/2017 | Committee |
01/11/2017 | Prefiled and ordered printed; offered 01/11/17 17103357D |
01/11/2017 | Referred to Committee on Appropriations |
01/16/2017 | Assigned App. sub: Compensation and Retirement |
01/23/2017 | Impact statement from VRS (HB2251) |
01/26/2017 | Subcommittee recommends reporting with substitute (7-Y 0-N) |
02/02/2017 | Subcommittee recommends reporting with substitute (7-Y 0-N) |
02/03/2017 | Reported from Appropriations with substitute (20-Y 0-N) (see vote tally) |
02/03/2017 | Committee substitute printed 17105158D-H1 |
02/04/2017 | Read first time |
02/06/2017 | Read second time |
02/06/2017 | Committee substitute agreed to 17105158D-H1 |
02/06/2017 | Engrossed by House - committee substitute HB2251H1 |
02/07/2017 | Read third time and passed House (92-Y 4-N) |
02/07/2017 | VOTE: PASSAGE (92-Y 4-N) (see vote tally) |
02/08/2017 | Constitutional reading dispensed |
02/08/2017 | Referred to Committee on Finance |
02/08/2017 | Impact statement from VRS (HB2251H1) |
02/15/2017 | Reported from Finance with amendments (16-Y 0-N) (see vote tally) |
02/16/2017 | Constitutional reading dispensed (39-Y 0-N) (see vote tally) |
02/17/2017 | Read third time |
02/17/2017 | Passed by for the day |
02/20/2017 | Read third time |
02/20/2017 | Passed by for the day |
02/21/2017 | Passed by for the day |
02/22/2017 | Read third time |
02/22/2017 | Reading of amendments waived |
02/22/2017 | Committee amendments rejected |
02/22/2017 | Reading of amendment waived |
02/22/2017 | Amendment by Senator Norment agreed to |
02/22/2017 | Engrossed by Senate as amended |
02/22/2017 | Passed Senate with amendment (21-Y 19-N) (see vote tally) |
02/23/2017 | VOTE: ADOPTION (0-Y 100-N) (see vote tally) |
02/23/2017 | Placed on Calendar |
02/23/2017 | Senate amendment rejected by House (0-Y 100-N) |
02/23/2017 | VOTE: REJECTED (0-Y 100-N) (see vote tally) |
02/23/2017 | Senate insisted on amendment (39-Y 0-N) (see vote tally) |
02/23/2017 | Senate requested conference committee |
02/23/2017 | House acceded to request |
02/23/2017 | Conferees appointed by House |
02/23/2017 | Delegates: Jones, Massie, Torian |
02/25/2017 | Failed to pass in House |
02/25/2017 | No further action taken |
02/25/2017 | Failed to pass |
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 40 seconds.
Transcript
This is a transcript of the video clips in which this bill is discussed.
plan for state and local employees. The bill was passed the house February 7 and subsequently passed the senate with amendment which is before the body.Del. Bill Howell (R-Fredericksburg): the gentleman from suffolk, Mr. Jones.
Del. Chris Jones (R-Suffolk): Mr. Speaker, the senate added several enactment clauses that are injurious to the intent of the bill so I would ask that we reject the senate amendment. accepted?
[Unknown]: shall the senate amendment be The clerk will close the roll.
Del. Chris Jones (R-Suffolk): ayes 0, nos 100.
[Unknown]: ayes 0, nos 100. The senate amendment is Members, please take your seats.