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- Subject Index: Since 1995
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1995 SESSION
LD7907829Patrons--Andrews, Gartlan, Holland, R.J., Russell and Walker; Delegates: Ball, Callahan, DeBoer, Hull, Murphy and Putney
RESOLVED by the Senate, the House of Delegates concurring, a majority of the members elected to each house agreeing, That the following amendment to the Constitution of Virginia be, and the same hereby is, proposed and referred to the General Assembly at its first regular session held after the next general election of members of the House of Delegates for its concurrence in conformity with the provisions of Section 1 of Article XII of the Constitution of Virginia, namely:
Amend Section 11 of Article X of the Constitution of Virginia as follows:
Section 11. Governmental employees retirement system.
The General Assembly shall maintain a state employees retirement system
to be administered in the best interest of the beneficiaries thereof and
subject to such restrictions or conditions as may be prescribed by the
General Assembly retirement system for state employees and
employees of participating political subdivisions and school divisions. The
funds of the retirement system shall be deemed separate and independent trust
funds, shall be segregated from all other funds of the Commonwealth, and
shall be invested and administered solely in the interests of the members and
beneficiaries thereof. Neither the General Assembly nor any public officer,
employee, or agency shall use or authorize the use of such trust funds for
any purpose other than as provided in law for benefits, refunds, and
administrative expenses, including but not limited to legislative oversight
of the retirement system. Such trust funds shall be invested as authorized
by law. Retirement system benefits shall be funded using methods which are
consistent with sound actuarial principles. The retirement system shall be
subject to restrictions, terms, and conditions as may be prescribed by the
General Assembly.