Virginia Retirement System; employer contributions. (SB70)

Introduced By

Sen. Steve Newman (R-Forest)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Virginia Retirement System; employer contributions. Separates the employer contribution for Virginia Retirement System (VRS) employers participating in the Hybrid Retirement Plan into defined benefit and defined contribution components. The bill requires the Board of Trustees of VRS to certify to each employer their defined benefit contribution rate and to provide to each employer their estimated defined contribution amounts. Under current law, VRS is required to determine a single combined employer contribution rate that includes both the defined benefit and defined contribution provisions. Employer contributions are then applied first to the defined contribution component of the hybrid retirement program, with the remainder applied to the defined benefit component. The substantive provisions of the bill have a delayed effective date of July 1, 2024. However, the bill directs VRS to make the preparations necessary for full implementation of the bill beginning July 1, 2022. This bill is identical to HB 473. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/04/2022Prefiled and ordered printed; offered 01/12/22 22100418D
01/04/2022Referred to Committee on Finance and Appropriations
01/13/2022Impact statement from VRS (SB70)
02/01/2022Reported from Finance and Appropriations (16-Y 0-N) (see vote tally)
02/02/2022Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/03/2022Read second time and engrossed
02/04/2022Read third time and passed Senate (39-Y 0-N) (see vote tally)
02/21/2022Placed on Calendar
02/21/2022Read first time
02/21/2022Referred to Committee on Appropriations
02/23/2022Reported from Appropriations (21-Y 0-N) (see vote tally)
02/25/2022Read second time
02/28/2022Read third time
02/28/2022Passed House BLOCK VOTE (99-Y 0-N)
02/28/2022VOTE: Block Vote Passage (99-Y 0-N) (see vote tally)
03/02/2022Enrolled
03/02/2022Bill text as passed Senate and House (SB70ER)
03/02/2022Signed by Speaker
03/03/2022Impact statement from VRS (SB70ER)
03/03/2022Signed by President
03/11/2022Enrolled Bill Communicated to Governor on March 11, 2022
03/11/2022G Governor's Action Deadline 11:59 p.m., April 11, 2022
04/08/2022G Approved by Governor-Chapter 229 (effective - see bill)
04/08/2022G Acts of Assembly Chapter text (CHAP0229)

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