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.
1995 SESSION
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.
FULL TEXT
- 01/12/95 Senate: Presented & ordered printed LD3614829 pdf
- 02/02/95 Senate: Printed as engrossed LD3614829-E pdf
- 03/01/95 Senate: Bill text as passed Senate and House (SB723ER) pdf
- 04/12/95 Senate: Reenrolled bill text (SB723ER) pdf
- 04/18/95 Governor: Acts of Assembly Chapter text (CHAP0788) pdf
AMENDMENTS
HISTORY
- 01/12/95 Senate: Presented & ordered printed LD3614829
- 01/12/95 Senate: Referred to Committee on Finance
- 01/31/95 Senate: Reported from Finance with amendments (15-Y 0-N)
- 02/01/95 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/01/95 Senate: VOTE: CONST. READING DISPENSED (39-Y 0-N)
- 02/02/95 Senate: Read second time
- 02/02/95 Senate: Reading of amendments waived
- 02/02/95 Senate: Committee amendments agreed to
- 02/02/95 Senate: Engrossed by Senate as amended
- 02/02/95 Senate: Printed as engrossed LD3614829-E
- 02/02/95 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/02/95 Senate: VOTE: CONST. READING DISPENSED (39-Y 0-N)
- 02/02/95 Senate: Passed Senate (40-Y 0-N)
- 02/02/95 Senate: VOTE: PASSAGE (40-Y 0-N)
- 02/02/95 Senate: Communicated to House
- 02/03/95 House: Placed on Calendar
- 02/04/95 House: Read first time
- 02/04/95 House: Referred to Committee on Appropriations
- 02/17/95 House: Reported from Appropriations (21-Y 0-N)
- 02/20/95 House: Read second time
- 02/21/95 House: Read third time
- 02/21/95 House: Passed House (Block Vote) (100-Y 0-N)
- 02/21/95 House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
- 03/01/95 Senate: Bill text as passed Senate and House (SB723ER)
- 03/06/95 Senate: Enrolled
- 03/06/95 Senate: Signed by President
- 03/07/95 House: Signed by Speaker
- 03/27/95 Senate: Governor's recommendation received by Senate
- 04/05/95 Senate: Senate concurred in Gov's recommendation (39-Y 0-N)
- 04/05/95 Senate: VOTE: ADOPT GOV. RECOMMEND. (39-Y 0-N)
- 04/06/95 House: House concurred in Gov's recommendation (100-Y 0-N)
- 04/06/95 House: VOTE: ADOPTION (100-Y 0-N)
- 04/06/95 Governor: Governor's recommendation adopted
- 04/06/95 Senate: Reenrolled
- 04/06/95 House: Signed by Speaker as reenrolled
- 04/06/95 Senate: Signed by President as reenrolled
- 04/06/95 House: Enacted, Chapter 788 (effective 7/1/95)
- 04/12/95 Senate: Reenrolled bill text (SB723ER)
- 04/18/95 Governor: Acts of Assembly Chapter text (CHAP0788)