SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2016 SESSION
HB 665 Employee Retirement Security & Pension Reform, Commission on; established, report, sunset provision.
Introduced by: William J. Howell | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Commission on Employee Retirement Security and Pension Reform established. Creates the Commission on Employee Retirement Security and Pension Reform (the Commission) in the legislative branch to study and make recommendations relating to the financial soundness of retirement plans covering state and local government employees; the suitability of retirement plans offered or maintained for current state and local government employees and the attributes of retirement plans that will be suitable for future employees; the impact on state and local governments of the anticipated retirement of experienced employees between 2016 and 2026 and strategies for replacing such employees; and the elements of compensation and benefits packages that are essential to attracting and retaining a highly productive state and local government workforce.
The Commission will be composed of 11 legislative members, eight nonlegislative citizen members, and two state officials. Legislative members from the House of Delegates will include the Speaker of the House of Delegates, the Chairman of the House Committee on Appropriations, the Chairman of the House Committee on Finance, and three members of the House of Delegates to be appointed by the Speaker of the House of Delegates. Legislative members from the Senate will include the Majority Leader of the Senate, any Chairman of the Senate Committee on Finance who is not the Majority Leader of the Senate, and three members of the Senate to be appointed by the Senate Committee on Rules. Five nonlegislative citizen members will be appointed by the Speaker of the House of Delegates, one of whom will be appointed from a list of five nominees jointly submitted by the Virginia Association of Counties and the Virginia Municipal League, one of whom will be appointed from a list of three nominees submitted by the Virginia Governmental Employees Association, and one of whom will be appointed from a list of three nominees submitted by the Virginia Education Association. The Senate Committee on Rules will appoint three nonlegislative citizen members, one of whom will be appointed from a list of five nominees jointly submitted by the Virginia Sheriffs' Association and the Virginia State Police Association. The Directors of the Department of Human Resource Management and the Virginia Retirement System will serve on the Commission ex officio with nonvoting privileges. All other Commission members will have voting privileges.
The Commission will initially focus on the financial soundness of retirement plans covering state and local government employees and strategies for reducing unfunded liabilities under such plans. The Commission is authorized to employ actuaries and other experts, conduct statistical analyses, engage in financial modeling, and undertake such other activities as are consistent with its duties. The costs for such actuaries, experts, statistical analyses, and financial models utilized to study retirement plans, retirement options, and other retirement matters on behalf of state and local employees participating in the Virginia Retirement System will be paid by the Virginia Retirement System. The costs for any non-retirement analysis or consultation will not be paid from funds of the Virginia Retirement System.
The Department of Human Resource Management will provide staff support to the Commission. Technical assistance will be provided by the staff of the Virginia Retirement System, the Committee on House Appropriations, the Committee on Senate Finance, and the Division of Legislative Services.
The bill provides for the Commission's work to end on July 1, 2021.
FULL TEXT
- 01/11/16 House: Prefiled and ordered printed; offered 01/13/16 16103269D pdf | impact statement
- 02/12/16 House: Committee substitute printed 16105503D-H1 pdf | impact statement
- 03/11/16 House: Bill text as passed House and Senate (HB665ER) pdf | impact statement
- 04/01/16 Governor: Acts of Assembly Chapter text (CHAP0683) pdf
AMENDMENTS
HISTORY
- 01/11/16 House: Prefiled and ordered printed; offered 01/13/16 16103269D
- 01/11/16 House: Referred to Committee on Rules
- 02/02/16 House: Assigned Rules sub: Studies
- 02/04/16 House: Subcommittee recommends reporting with amendment(s) (6-Y 0-N)
- 02/04/16 House: Subcommittee recommends referring to Committee on Appropriations
- 02/09/16 House: Referred from Rules by voice vote
- 02/09/16 House: Referred to Committee on Appropriations
- 02/09/16 House: Assigned App. sub: Compensation and Retirement
- 02/11/16 House: Subcommittee recommends reporting (6-Y 0-N)
- 02/12/16 House: Reported from Appropriations with substitute (22-Y 0-N)
- 02/12/16 House: Committee substitute printed 16105503D-H1
- 02/13/16 House: Read first time
- 02/15/16 House: Read second time
- 02/15/16 House: Committee substitute agreed to 16105503D-H1
- 02/15/16 House: Engrossed by House - committee substitute HB665H1
- 02/16/16 House: Read third time and passed House BLOCK VOTE (99-Y 0-N)
- 02/16/16 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 02/17/16 Senate: Constitutional reading dispensed
- 02/17/16 Senate: Referred to Committee on Rules
- 03/04/16 Senate: Reported from Rules with amendments (15-Y 0-N)
- 03/07/16 Senate: Constitutional reading dispensed (40-Y 0-N)
- 03/08/16 Senate: Read third time
- 03/08/16 Senate: Reading of amendments waived
- 03/08/16 Senate: Committee amendments agreed to
- 03/08/16 Senate: Engrossed by Senate as amended
- 03/08/16 Senate: Passed Senate with amendments (40-Y 0-N)
- 03/09/16 House: Placed on Calendar
- 03/09/16 House: Senate amendments agreed to by House (99-Y 0-N)
- 03/09/16 House: VOTE: ADOPTION (99-Y 0-N)
- 03/11/16 House: Enrolled
- 03/11/16 House: Bill text as passed House and Senate (HB665ER)
- 03/11/16 House: Signed by Speaker
- 03/14/16 Senate: Signed by President
- 03/16/16 House: Enrolled Bill communicated to Governor on 3/16/16
- 03/16/16 Governor: Governor's Action Deadline Midnight, Sunday, April 10, 2016
- 04/01/16 Governor: Approved by Governor-Chapter 683 (effective 7/1/16)
- 04/01/16 Governor: Acts of Assembly Chapter text (CHAP0683)