SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2010 SESSION
SB 232 Retirement System; purchasing service at normal cost rate when person deemed member on July 1, 2010.
Introduced by: John C. Watkins | 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
- 01/12/10 Senate: Prefiled and ordered printed; offered 01/13/10 10103139D pdf | impact statement
- 02/02/10 Senate: Committee substitute printed 10104849D-S1 pdf | impact statement
- 02/15/10 Senate: Floor substitute printed 10105365D-S2 (Whipple) pdf
- 03/08/10 House: Committee substitute printed 10105662D-H1 pdf
- 03/11/10 House: Floor substitute printed 10106012D-H2 (Putney) pdf
- 03/22/10 Senate: Bill text as passed Senate and House (SB232ER) pdf | impact statement
- 04/13/10 Governor: Acts of Assembly Chapter text (CHAP0738) pdf
AMENDMENTS
HISTORY
- 01/12/10 Senate: Prefiled and ordered printed; offered 01/13/10 10103139D
- 01/12/10 Senate: Referred to Committee on Finance
- 02/02/10 Senate: Committee substitute printed 10104849D-S1
- 02/02/10 Senate: Reported from Finance with substitute (11-Y 3-N)
- 02/03/10 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/04/10 Senate: Read second time
- 02/04/10 Senate: Passed by for the day
- 02/08/10 Senate: Read second time
- 02/08/10 Senate: Reading of substitute waived
- 02/08/10 Senate: Committee substitute agreed to 10104849D-S1
- 02/08/10 Senate: Engrossed by Senate - committee substitute SB232S1
- 02/09/10 Senate: Passed by for the day
- 02/10/10 Senate: Engrossment reconsidered by Senate (40-Y 0-N)
- 02/10/10 Senate: Passed by for the day
- 02/11/10 Senate: Read second time
- 02/11/10 Senate: Reading of amendment waived
- 02/11/10 Senate: Passed by for the day
- 02/12/10 Senate: Read second time
- 02/12/10 Senate: Passed by for the day
- 02/15/10 Senate: Read second time
- 02/15/10 Senate: Committee substitute reconsidered (34-Y 6-N)
- 02/15/10 Senate: Reading of substitute waived
- 02/15/10 Senate: Committee substitute rejected 10104849D-S1
- 02/15/10 Senate: Floor substitute printed 10105365D-S2 (Whipple)
- 02/15/10 Senate: Amendment by Senator Whipple withdrawn
- 02/15/10 Senate: Reading of substitute waived
- 02/15/10 Senate: Substitute by Senator Whipple agreed to 10105365D-S2
- 02/15/10 Senate: Engrossed by Senate - floor substitute SB232S2
- 02/16/10 Senate: Read third time and passed Senate (26-Y 14-N)
- 02/17/10 House: Placed on Calendar
- 02/17/10 House: Read first time
- 02/17/10 House: Referred to Committee on Appropriations
- 02/23/10 House: Assigned App. sub: Compensation and Retirement
- 03/04/10 House: Subcommittee recommends reporting with amendment(s) (7-Y 0-N)
- 03/08/10 House: Reported from Appropriations with substitute (21-Y 0-N)
- 03/08/10 House: Committee substitute printed 10105662D-H1
- 03/09/10 House: Read second time
- 03/09/10 House: Constitutional reading dispensed BLOCK VOTE (96-Y 0-N)
- 03/09/10 House: VOTE: --- AGREE TO (96-Y 0-N)
- 03/09/10 House: Motion to reconsider constitutional reading dispensed agreed to
- 03/09/10 House: Constitutional reading dispensed BLOCK VOTE (94-Y 0-N)
- 03/09/10 House: VOTE: --- ADOPTION #2 (94-Y 0-N)
- 03/09/10 House: Passed by for the day
- 03/10/10 House: Passed by for the day
- 03/11/10 House: Read third time
- 03/11/10 House: Passed by temporarily
- 03/11/10 House: Committee substitute rejected 10105662D-H1
- 03/11/10 House: Floor substitute printed 10106012D-H2 (Putney)
- 03/11/10 House: Substitute by Delegate Putney agreed to 10106012D-H2
- 03/11/10 House: Engrossed by House - floor substitute SB232H2
- 03/11/10 House: Passed House with substitute (81-Y 14-N)
- 03/11/10 House: VOTE: --- PASSAGE (81-Y 14-N)
- 03/11/10 Senate: House substitute agreed to by Senate (37-Y 1-N)
- 03/11/10 Senate: Reconsideration of House substitute agreed to by Senate (40-Y 0-N)
- 03/11/10 Senate: House substitute agreed to by Senate (39-Y 1-N)
- 03/11/10 Senate: Title replaced 10106012D-H2
- 03/22/10 Senate: Enrolled
- 03/22/10 Senate: Bill text as passed Senate and House (SB232ER)
- 03/22/10 House: Signed by Speaker
- 03/25/10 Senate: Signed by President
- 04/13/10 Governor: Approved by Governor-Chapter 738 (effective 7/1/10)
- 04/13/10 Governor: Acts of Assembly Chapter text (CHAP0738)