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2014 SESSION

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Senate Committee on Finance

Co-Chair: Charles J. Colgan - Co-Chair: Walter A. Stosch

Clerk: Patty Lung, Wesley Bland
Staff: Nicole Brenner, Mark Vucci
Date of Meeting: February 26, 2014
Time and Place: 9:00 a.m. - Senate Room B
Revised to add H.B. 133

H.B. 10

Patron: Jones

Judges; retirement allowance and service after retirement. Provides that the annual retirement allowance of any person who has served as a judge but retires under a different defined benefit retirement plan shall not exceed 78 percent of the person's average final compensation, unless such person after ceasing to be a judge performs five or more years of creditable service under such other defined benefit retirement plan. However, in no case shall such person's annual retirement allowance exceed 100 percent of his average final compensation. The bill clarifies that only those persons who retired as a judge or justice may serve as a senior jurist on the Supreme Court or the Court of Appeals. The bill also contains technical amendments. The bill contains an emergency clause.

EMERGENCY

H.B. 133

Patron: Cole

Two-Year College Transfer Grant Program; eligibility criteria. Permits a student to enroll in a four-year institution by the spring following the award of an associate's degree and remain eligible for a grant under the program. Current law requires a student to enroll in a four-year institution by the following fall to be eligible.

H.B. 593

Patron: O'Quinn

Entitlement to certain sales and use tax revenues; City of Bristol and Washington County. Expands the payments of sales and use tax revenue generated on the premises of a public facility located in the City of Bristol used to pay bonds issued to construct the public facility to include a public facility located in a portion of Washington County, if the two localities agree. The provisions of provisions shall not apply to existing retail establishments in a development of regional impact so long as such retail establishments remain in the locations they occupied on January 1, 2014.

H.B. 700

Patron: Ingram

Optional retirement plans maintained by institution of higher education. Allows the governing board of an institution of higher education that has established its own optional retirement plan to establish a policy regarding the number of years of service that an employee must perform before being entitled to receive all contributions made by the institution on his behalf to the plan. The policy would only apply to employees hired on or after July 1, 2014, who are not in continuous service at the time of hiring.

H.B. 877

Patron: Jones

Hybrid retirement program; school division deferred compensation and cash match plans. Allows school divisions the option of establishing and administering their own deferred compensation and cash match plans if they elect not to participate in those plans administered by the Board of Trustees of the Virginia Retirement System for the hybrid retirement program. This choice would be made on an annual basis. The bill also states that state or local entities are not liable for loss. The bill has a delayed effective date of January 1, 2015.

H.B. 1105

Patron: Ingram

Life insurance for retired state employees. Provides  that the basic life insurance coverage for retired state employees with 30 or more years of creditable service shall not be reduced to less than $8,000, indexed to the amount of post-retirement supplements for retirees as calculated for employees hired on or after July 1, 2010.