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2011 SESSION

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Senate Committee on Privileges and Elections
Subcommittee Constitutional Amendments, Reapportionment, Referenda

Deeds (Chairman), Martin, Whipple, McEachin, Smith, Northam, McWaters

Clerk: Hobie Lehman, Carol L Shotton
Staff: M. Spain, D. Cotter, J. Austin
Date of Meeting: January 27, 2011
Time and Place: 11AM / 3 West

S.J.R. 371 Constitutional amendment; contributions to defined benefit retirement plans maintained for employee.

Patron: Howell

Constitutional amendment (first resolution); contributions to defined benefit retirement plans maintained for employees. Requires that contributions to defined benefit retirement plans that are maintained for state employees and employees of participating political subdivisions and school divisions be made in strict adherence with contribution rates and times for the payment of the contributions as recommended by the Board of Trustees of the Virginia Retirement System (VRS).

Under the resolution, for fiscal years 2013 through 2018 the General Assembly could make contributions at a rate that is less than the VRS recommended contribution rate without any deferred contributions being recognized so long as the contributions are at least equal to certain minimum amounts. In addition, for fiscal years beginning on or after July 1, 2018, the General Assembly could provide for the deferral of all or any portion of such contributions for any fiscal year in which the maximum amount is appropriated from the Revenue Stabilization Fund, by a separate vote of a majority of all the members voting in each house. All contributions deferred would be required to be repaid within 10 years at an annual interest rate equal to the current actuarially calculated long-term rate of return as determined by VRS. The resolution also would require that retirement contributions deferred in 2010 be repaid by June 30, 2022.

The resolution also specifies how certain other factors and variables used in setting contribution rates are to be determined.

S.J.R. 396 Constitutional amendment; limitation on debt (first reference).

Patron: Saslaw

Constitutional amendment (first resolution); limitation on debt.  Provides that in any 10-fiscal-year period beginning with fiscal years of the Commonwealth starting on or after July 1, 2012, no more than five percent of projected blended revenues applicable to the 10-year period would be used directly or indirectly for principal, interest, or other payments on debt. In addition, no more than five percent of projected blended revenues for each year of the 10-year period would be included in the official estimates of the debt capacity of the Commonwealth.

S.J.R. 401 Constitutional amendment (first resolution); sessions of the General Assembly.

Patron: McDougle

Constitutional amendment (first resolution); sessions of the General Assembly. Provides that the General Assembly sessions convened in odd-numbered years shall be long sessions and sessions convened in even-numbered years shall be short sessions, reversing the present schedule.