Virginia Retirement System; accidental death and dismemberment benefits, definitions. (SB109)
Introduced By
Sen. Frank Ruff (R-Clarksville)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
☐ |
Passed House |
✓ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Virginia Retirement System; accidental death and dismemberment benefits; definitions. Changes the funding structure for the Virginia Retirement System's (VRS) obligation to fund a savings trust account for higher education for a qualifying child of a VRS member who dies as a result of an accident caused by a felonious assault committed by other than an immediate family member. The bill requires VRS to contribute to such trust account an amount equal to the current average cost, as published by the State Council of Higher Education for Virginia, of four years of tuition and mandatory fees at baccalaureate public institutions of higher education in the Commonwealth. This requirement replaces VRS's obligation under current law to contribute to such trust account an amount equal to the full cost of a prepaid tuition contract. The bill also narrows use of the trust account to include only qualified higher education expenses to account for changes to § 529 of the Internal Revenue Code. Read the Bill »
Status
02/13/2020: In Subcommittee
History
| Date | Action |
|---|---|
| 12/12/2019 | Referred to Committee on Finance |
| 12/12/2019 | Prefiled and ordered printed; offered 01/08/20 20100651D |
| 12/12/2019 | Referred to Committee on Finance and Appropriations |
| 01/07/2020 | Impact statement from VRS (SB109) |
| 01/08/2020 | Moved from Finance to Finance and Appropriations due to a change of the committee name |
| 01/30/2020 | Reported from Finance and Appropriations (13-Y 0-N) (see vote tally) |
| 02/03/2020 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
| 02/04/2020 | Read second time and engrossed |
| 02/05/2020 | Read third time and passed Senate (40-Y 0-N) (see vote tally) |
| 02/13/2020 | Placed on Calendar |
| 02/13/2020 | Read first time |
| 02/13/2020 | Referred to Committee on Appropriations |
| 02/13/2020 | Assigned App. sub: Compensation & General Government |
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