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2022 SESSION
SB 70 Virginia Retirement System; employer contributions.
Introduced by: Stephen D. Newman | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Virginia Retirement System; employer contributions. Separates the employer contribution for Virginia Retirement System (VRS) employers participating in the Hybrid Retirement Plan into defined benefit and defined contribution components. The bill requires the Board of Trustees of VRS to certify to each employer their defined benefit contribution rate and to provide to each employer their estimated defined contribution amounts.
Under current law, VRS is required to determine a single combined employer contribution rate that includes both the defined benefit and defined contribution provisions. Employer contributions are then applied first to the defined contribution component of the hybrid retirement program, with the remainder applied to the defined benefit component.
The substantive provisions of the bill have a delayed effective date of July 1, 2024. However, the bill directs VRS to make the preparations necessary for full implementation of the bill beginning July 1, 2022. This bill is identical to HB 473.
FULL TEXT
- 01/04/22 Senate: Prefiled and ordered printed; offered 01/12/22 22100418D pdf | impact statement
- 03/02/22 Senate: Bill text as passed Senate and House (SB70ER) pdf | impact statement
- 04/08/22 Governor: Acts of Assembly Chapter text (CHAP0229) pdf
HISTORY
- 01/04/22 Senate: Prefiled and ordered printed; offered 01/12/22 22100418D
- 01/04/22 Senate: Referred to Committee on Finance and Appropriations
- 02/01/22 Senate: Reported from Finance and Appropriations (16-Y 0-N)
- 02/02/22 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/03/22 Senate: Read second time and engrossed
- 02/04/22 Senate: Read third time and passed Senate (39-Y 0-N)
- 02/21/22 House: Placed on Calendar
- 02/21/22 House: Read first time
- 02/21/22 House: Referred to Committee on Appropriations
- 02/23/22 House: Reported from Appropriations (21-Y 0-N)
- 02/25/22 House: Read second time
- 02/28/22 House: Read third time
- 02/28/22 House: Passed House BLOCK VOTE (99-Y 0-N)
- 02/28/22 House: VOTE: Block Vote Passage (99-Y 0-N)
- 03/02/22 Senate: Enrolled
- 03/02/22 Senate: Bill text as passed Senate and House (SB70ER)
- 03/02/22 House: Signed by Speaker
- 03/03/22 Senate: Signed by President
- 03/11/22 Senate: Enrolled Bill Communicated to Governor on March 11, 2022
- 03/11/22 Governor: Governor's Action Deadline 11:59 p.m., April 11, 2022
- 04/08/22 Governor: Approved by Governor-Chapter 229 (effective - see bill)
- 04/08/22 Governor: Acts of Assembly Chapter text (CHAP0229)