Virginia Retirement System; establishes an optional defined contribution retirement plan. (HB2251)

Introduced By

Del. Chris Jones (R-Suffolk)

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. Amends § 51.1-1100, § 51.1-1103, § 51.1-1116, § 51.1-1117, § 51.1-1127, § 51.1-1128, § 51.1-1131.1, § 51.1-1150, § 51.1-1153, § 51.1-1161, § 51.1-1169, § 51.1-1172, § 51.1-1178, § 51.1-1183, § 51.1-124.3, § 51.1-135, § 51.1-138, § 51.1-1400, § 51.1-1401, § 51.1-1402, § 51.1-1403, § 51.1-1405, § 51.1-145, § 51.1-201, § 51.1-212, § 51.1-301, § 51.1-304, § 51.1-309, § 51.1-611, of the Code of Virginia. Read the Bill »

Status

02/22/2017: Passed the Senate

History

DateAction
01/11/2017Committee
01/11/2017Prefiled and ordered printed; offered 01/11/17 17103357D
01/11/2017Referred to Committee on Appropriations
01/16/2017Assigned App. sub: Compensation and Retirement
01/23/2017Impact statement from VRS (HB2251)
01/26/2017Subcommittee recommends reporting with substitute (7-Y 0-N)
02/02/2017Subcommittee recommends reporting with substitute (7-Y 0-N)
02/03/2017Reported from Appropriations with substitute (20-Y 0-N) (see vote tally)
02/03/2017Committee substitute printed 17105158D-H1
02/04/2017Read first time
02/06/2017Read second time
02/06/2017Committee substitute agreed to 17105158D-H1
02/06/2017Engrossed by House - committee substitute HB2251H1
02/07/2017Read third time and passed House (92-Y 4-N)
02/07/2017VOTE: PASSAGE (92-Y 4-N) (see vote tally)
02/08/2017Constitutional reading dispensed
02/08/2017Referred to Committee on Finance
02/08/2017Impact statement from VRS (HB2251H1)
02/15/2017Reported from Finance with amendments (16-Y 0-N) (see vote tally)
02/16/2017Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/17/2017Read third time
02/17/2017Passed by for the day
02/20/2017Read third time
02/20/2017Passed by for the day
02/21/2017Passed by for the day
02/22/2017Read third time
02/22/2017Reading of amendments waived
02/22/2017Committee amendments rejected
02/22/2017Reading of amendment waived
02/22/2017Amendment by Senator Norment agreed to
02/22/2017Engrossed by Senate as amended
02/22/2017Passed Senate with amendment (21-Y 19-N) (see vote tally)
02/23/2017VOTE: ADOPTION (0-Y 100-N) (see vote tally)
02/23/2017Placed on Calendar
02/23/2017Senate amendment rejected by House (0-Y 100-N)
02/23/2017VOTE: REJECTED (0-Y 100-N) (see vote tally)
02/23/2017Senate insisted on amendment (39-Y 0-N) (see vote tally)
02/23/2017Senate requested conference committee
02/23/2017House acceded to request
02/23/2017Conferees appointed by House
02/23/2017Delegates: Jones, Massie, Torian
02/25/2017Failed to pass in House
02/25/2017No further action taken
02/25/2017Failed 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.