Virginia Retirement System; accidental death and dismemberment benefits, definitions. (SB109)

Introduced By

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. This bill is identical to HB 536. Read the Bill »

Outcome

Bill Has Passed

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
02/25/2020	Subcommittee recommends reporting (8-Y 0-N)
02/28/2020	Reported from Appropriations (22-Y 0-N) (see vote tally)
03/03/2020	Read second time
03/04/2020	Read third time
03/04/2020	Passed House BLOCK VOTE (98-Y 0-N)
03/04/2020	VOTE: Block Vote Passage (98-Y 0-N) (see vote tally)
03/07/2020	Enrolled
03/07/2020	Bill text as passed Senate and House (SB109ER)
03/07/2020	Signed by President
03/08/2020	Signed by Speaker
03/12/2020	Enrolled Bill Communicated to Governor on March 12, 2020
03/12/2020	G Governor's Action Deadline 11:59 p.m., April 11, 2020
03/18/2020	G Approved by Governor-Chapter 374 (effective 7/1/20)