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2012 SESSION
SB 498 Retirement System; hybrid retirement program created, optional defined retirement plan created, etc.
Introduced by: John C. Watkins | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Virginia Retirement System; hybrid defined contribution and defined benefit retirement program. Creates a new hybrid retirement program, administered by the Virginia Retirement System, that contains a defined contribution and a defined benefit component. All new state employees, local employees, and judges commencing employment on or after January 1, 2014, would be required to participate in the hybrid plan. Employees in service on December 31, 2013, would be given the opportunity to make a one-time, irrevocable election to participate in the new hybrid program. The bill also creates a disability program for local employees participating in the hybrid plan.
The bill also makes adjustments to the existing defined benefit plan for nonvested employees, including lowering the retirement benefit multiplier from 1.7 to 1.65, basing average final compensation on 60 months of service instead of 36, and capping the cost-of-living adjustment at three percent. Any person with less than 20 years service who takes early retirement would not receive a cost-of-living adjustment until one year after he reaches normal retirement age. This bill is identical to HB 1130.
FULL TEXT
- 01/11/12 Senate: Prefiled and ordered printed; offered 01/11/12 12102731D pdf | impact statement
- 02/09/12 Senate: Committee substitute printed 12105257D-S1 pdf | impact statement
- 02/29/12 House: Committee substitute printed 12105697D-H1 pdf | impact statement
- 03/10/12 Senate: Conference substitute printed 12106172D-S2 pdf
- 03/15/12 Senate: Bill text as passed Senate and House (SB498ER) pdf | impact statement
- 04/18/12 Senate: Reenrolled bill text (SB498ER2) pdf
- 04/18/12 Governor: Acts of Assembly Chapter text (CHAP0823) pdf
AMENDMENTS
HISTORY
- 01/11/12 Senate: Prefiled and ordered printed; offered 01/11/12 12102731D
- 01/11/12 Senate: Referred to Committee on Finance
- 02/09/12 Senate: Reported from Finance with substitute (14-Y 0-N)
- 02/09/12 Senate: Committee substitute printed 12105257D-S1
- 02/13/12 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/14/12 Senate: Read second time
- 02/14/12 Senate: Reading of substitute waived
- 02/14/12 Senate: Committee substitute agreed to 12105257D-S1
- 02/14/12 Senate: Engrossed by Senate - committee substitute SB498S1
- 02/14/12 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/14/12 Senate: Passed Senate (40-Y 0-N)
- 02/16/12 House: Placed on Calendar
- 02/16/12 House: Read first time
- 02/16/12 House: Referred to Committee on Appropriations
- 02/17/12 House: Assigned App. sub: Compensation and Retirement
- 02/28/12 House: Subcommittee recommends reporting with amendment(s) (8-Y 0-N)
- 02/29/12 House: Reported from Appropriations with substitute (18-Y 4-N)
- 02/29/12 House: Committee substitute printed 12105697D-H1
- 03/02/12 House: Read second time
- 03/05/12 House: Read third time
- 03/05/12 House: Committee substitute agreed to 12105697D-H1
- 03/05/12 House: Engrossed by House - committee substitute SB498H1
- 03/05/12 House: Passed House with substitute (62-Y 34-N)
- 03/05/12 House: VOTE: PASSAGE (62-Y 34-N)
- 03/06/12 Senate: House substitute rejected by Senate (0-Y 40-N)
- 03/07/12 House: House insisted on substitute
- 03/07/12 House: House requested conference committee
- 03/08/12 Senate: Senate acceded to request (40-Y 0-N)
- 03/08/12 Senate: Conferees appointed by Senate
- 03/08/12 Senate: Senators: Watkins, Wagner, Howell
- 03/08/12 House: Conferees appointed by House
- 03/08/12 House: Delegates: Howell, W.J., Jones, Joannou
- 03/10/12 Senate: Conference report agreed to by Senate (35-Y 5-N)
- 03/10/12 Senate: Conference substitute printed 12106172D-S2
- 03/10/12 House: Conference report agreed to by House (58-Y 35-N)
- 03/10/12 House: VOTE: ADOPTION (58-Y 35-N)
- 03/15/12 Senate: Enrolled
- 03/15/12 Senate: Bill text as passed Senate and House (SB498ER)
- 03/15/12 House: Signed by Speaker
- 03/17/12 Senate: Signed by President
- 04/09/12 Senate: Governor's recommendation received by Senate
- 04/17/12 Senate: Placed on Calendar
- 04/18/12 Senate: Senate concurred in Governor's recommendation (33-Y 6-N)
- 04/18/12 House: House concurred in Governor's recommendation (57-Y 37-N)
- 04/18/12 House: VOTE: ADOPTION (57-Y 37-N)
- 04/18/12 Governor: Governor's recommendation adopted
- 04/18/12 Senate: Reenrolled
- 04/18/12 Senate: Reenrolled bill text (SB498ER2)
- 04/18/12 Senate: Signed by President as reenrolled
- 04/18/12 House: Signed by Speaker as reenrolled
- 04/18/12 House: Enacted, Chapter 823 (effective 7/1/12)
- 04/18/12 Governor: Acts of Assembly Chapter text (CHAP0823)