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1995 SESSION

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SB 723 Retirement System; administration and organization.

Introduced by: Stanley C. Walker | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Retirement System (VRS); administration and organization. Exempts VRS from the requirement that certain goods and services be purchased by all state agencies from the Division of Purchases and Supplies; however, the bill requires the Board of Trustees to promulgate rules and regulations consistent with the Public Procurement Act (§ 11-35 et seq.) which are based on competitive principles and which are generally applicable to procurement of such goods and services by comparably situated state agencies. The bill clarifies, as was intended by Chapters 4 and 85 of the 1994 Acts of Assembly, that service by any VRS Board or Advisory Committee member on the board of trustees of any corporation organized by VRS or RF&P corporation and its wholly owned subsidiaries shall not preclude receipt of compensation and expenses to which the Board member is entitled by virtue of his service to the subsidiary corporation. The bill authorizes former VRS trustees to serve on either of the Board's two advisory committees after five years from the termination date of their former service on the VRS Board. The bill limits the personal liability of any officer, director, or member of the Board or of any advisory committees of the Retirement System or any of its tax exempt subsidiary corporations to those investment actions which are outside the “prudent person” standard of care enacted in Chapters 4 and 85 of the 1994 Acts of Assembly.


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