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2015 SESSION
HB 877 Hybrid retirement program; local deferred compensation and cash match plans.
Introduced by: S. Chris Jones | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
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.
SUMMARY AS INTRODUCED:
Hybrid retirement program; local deferred compensation and cash match plans. Allows political subdivisions 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. The bill also states that state or local entities are not liable for loss.