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2011 SESSION

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HJ 680 Constitutional amendment; contributions to defined benefit retirement plans maintained for employee.

Introduced by: David L. Englin | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

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 proposed amendment, the General Assembly could provide for the deferral of all or any portion of such contributions for any fiscal year by a recorded affirmative vote of four-fifths of the members elected to each house of the General Assembly. In addition, 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 a four-fifths vote and without any deferred contributions being recognized so long as the contributions are at least equal to certain minimum amounts.

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 proposed amendment also would require that retirement contributions deferred in 2010 be repaid by June 30, 2022.

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


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