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2010 SESSION
HB 1189 Retirement System; modifies for new employees all defined benefit retirement plans.
Introduced by: Lacey E. Putney | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Virginia Retirement System; new employees. Modifies for new employees, all the defined benefit retirement plans administered by the Virginia Retirement System ("VRS"), as follows: (i) requires employees to contribute five percent of creditable compensation (only local employers would be allowed to pick up this contribution), (ii) increases the number of months used to calculate average final compensation from 36 to 60, (iii) increases the cost, and decreases the time in which employees may purchase certain prior service credits, and (iv) reduces the portion of the increase in the Consumer Price Index used for determining annual retirement allowance supplements ("COLA") from three percent plus one-half of the next four percent to two percent plus one-half of the next eight percent. The bill also decreases the Commonwealth's contribution for employees in institutions of higher education participating in an optional retirement plans from 10.4 percent to 8.5 percent of creditable compensation. However, institutions of higher education may provide an additional contribution up to 0.4 percent each year at their own cost. New employees of institutions of higher education would also be required to contribute five percent of salary.
In addition to these modifications, for new state and local employees covered under the main defined benefit plan, (i.e. excluding the separate plans for state and local law enforcement employees and judges), the bill (a) changes the requirements for unreduced early retirement benefits from 50 years of age and 30 years of creditable service, to one whereby the sum of age plus years of service equals 90 and (b) sets the person's normal retirement date as his normal retirement date for federal social security. (The bill would allow reduced early retirement to be taken only by those persons who have attained the age of 60 with at least five years of creditable service.) Finally, for judges appointed or elected to an original term commencing on or after July 1, 2010, service as a judge would be multiplied by the weighted years of service factor of (i) 1.5 if the person was less than 45 at the time of such original term, (ii) 2.0 if the person was at least 45 but less than 55 at the time of such original term, and (iii) 2.5 if the person was at least 55 at the time of such original term.
FULL TEXT
- 01/13/10 House: Prefiled and ordered printed; offered 01/13/10 10103075D pdf | impact statement
- 02/12/10 House: Committee substitute printed 10104949D-H1 pdf | impact statement
- 02/21/10 Senate: Committee substitute printed 10105501D-S1 pdf | impact statement
- 02/25/10 Senate: Floor substitute printed 10105675D-S2 (Norment) pdf | impact statement
- 03/11/10 House: Conference substitute printed 10106002D-H2 pdf
- 03/22/10 House: Bill text as passed House and Senate (HB1189ER) pdf | impact statement
- 04/13/10 Governor: Acts of Assembly Chapter text (CHAP0737) pdf
AMENDMENTS
HISTORY
- 01/13/10 House: Prefiled and ordered printed; offered 01/13/10 10103075D
- 01/13/10 House: Referred to Committee on Appropriations
- 01/19/10 House: Assigned App. sub: Compensation and Retirement
- 02/11/10 House: Subcommittee recommends reporting with amendment(s) (7-Y 0-N)
- 02/12/10 House: Reported from Appropriations with substitute (21-Y 0-N)
- 02/12/10 House: Committee substitute printed 10104949D-H1
- 02/14/10 House: Read first time
- 02/15/10 House: Read second time
- 02/15/10 House: Committee substitute agreed to 10104949D-H1
- 02/15/10 House: Engrossed by House - committee substitute HB1189H1
- 02/16/10 House: Read third time and passed House (80-Y 19-N)
- 02/16/10 House: VOTE: --- PASSAGE (80-Y 19-N)
- 02/17/10 Senate: Constitutional reading dispensed
- 02/17/10 Senate: Referred to Committee on Finance
- 02/21/10 Senate: Reported from Finance with substitute (15-Y 0-N)
- 02/21/10 Senate: Committee substitute printed 10105501D-S1
- 02/23/10 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/24/10 Senate: Read third time
- 02/24/10 Senate: Reading of substitute waived
- 02/24/10 Senate: Committee substitute agreed to 10105501D-S1
- 02/24/10 Senate: Passed by temporarily
- 02/24/10 Senate: Reading of amendment waived
- 02/24/10 Senate: Amendment by Senator Whipple agreed to
- 02/24/10 Senate: Passed by for the day
- 02/25/10 Senate: Read third time
- 02/25/10 Senate: Amendment by Senator Whipple reconsidered (40-Y 0-N)
- 02/25/10 Senate: Amendment by Senator Whipple rejected
- 02/25/10 Senate: Committee substitute reconsidered (40-Y 0-N)
- 02/25/10 Senate: Committee substitute rejected 10105501D-S1
- 02/25/10 Senate: Floor substitute printed 10105675D-S2 (Norment)
- 02/25/10 Senate: Reading of substitute waived
- 02/25/10 Senate: Substitute by Senator Norment agreed to 10105675D-S2
- 02/25/10 Senate: Engrossed by Senate - floor substitute HB1189S2
- 02/25/10 Senate: Passed Senate with substitute (40-Y 0-N)
- 02/26/10 House: Placed on Calendar
- 03/01/10 House: Senate substitute rejected by House 10105675D-S2 (0-Y 99-N)
- 03/01/10 House: VOTE: --- REJECTED (0-Y 99-N)
- 03/03/10 Senate: Senate insisted on substitute (40-Y 0-N)
- 03/03/10 Senate: Senate requested conference committee
- 03/03/10 House: House acceded to request
- 03/03/10 Senate: Conferees appointed by Senate
- 03/03/10 Senate: Senators: Whipple, Watkins, Reynolds
- 03/03/10 House: Conferees appointed by House
- 03/03/10 House: Delegates: Putney, Jones, Joannou
- 03/11/10 House: Conference substitute printed 10106002D-H2
- 03/11/10 House: Conference report agreed to by House (85-Y 13-N)
- 03/11/10 House: VOTE: --- ADOPTION (85-Y 13-N)
- 03/11/10 Senate: Conference report agreed to by Senate (38-Y 1-N)
- 03/22/10 House: Enrolled
- 03/22/10 House: Bill text as passed House and Senate (HB1189ER)
- 03/22/10 House: Signed by Speaker
- 03/25/10 Senate: Signed by President
- 04/13/10 Governor: Approved by Governor-Chapter 737 (effective 7/1/10)
- 04/13/10 Governor: Acts of Assembly Chapter text (CHAP0737)