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

DateAction
12/12/2019Referred to Committee on Finance
12/12/2019Prefiled and ordered printed; offered 01/08/20 20100651D
12/12/2019Referred to Committee on Finance and Appropriations
01/07/2020Impact statement from VRS (SB109)
01/08/2020Moved from Finance to Finance and Appropriations due to a change of the committee name
01/30/2020Reported from Finance and Appropriations (13-Y 0-N) (see vote tally)
02/03/2020Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/04/2020Read second time and engrossed
02/05/2020Read third time and passed Senate (40-Y 0-N) (see vote tally)
02/13/2020Placed on Calendar
02/13/2020Read first time
02/13/2020Referred to Committee on Appropriations
02/13/2020Assigned App. sub: Compensation & General Government

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