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.
2012 SESSION
HB 1130 Retirement System; hybrid retirement program created, optional defined retirement plan created, etc.
Introduced by: William J. Howell | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Virginia Retirement System; hybrid defined contribution and defined benefit retirement program. Creates a new hybrid retirement program, administered by the Virginia Retirement System, that contains a defined contribution and a defined benefit component. All new state employees, local employees, and judges commencing employment on or after January 1, 2014, would be required to participate in the hybrid plan. Employees in service on December 31, 2013, would be given the opportunity to make a one-time, irrevocable election to participate in the new hybrid program. The bill also creates a disability program for local employees participating in the hybrid plan.
The bill also makes adjustments to the existing defined benefit plan for nonvested employees, including lowering the retirement benefit multiplier from 1.7 to 1.65, basing average final compensation on 60 months of service instead of 36, and capping the cost-of-living adjustment at three percent. Any person with less than 20 years service who takes early retirement would not receive a cost-of-living adjustment until one year after he reaches normal retirement age. This bill is identical to SB 498.
FULL TEXT
- 01/12/12 House: Presented and ordered printed 12104008D pdf | impact statement
- 02/10/12 House: Committee substitute printed 12105287D-H1 pdf | impact statement
- 02/28/12 Senate: Committee substitute printed 12105671D-S1 pdf | impact statement
- 03/10/12 House: Conference substitute printed 12106174D-H2 pdf
- 03/15/12 House: Bill text as passed House and Senate (HB1130ER) pdf | impact statement
- 04/09/12 Governor: Acts of Assembly Chapter text (CHAP0701) pdf
AMENDMENTS
HISTORY
- 01/12/12 House: Presented and ordered printed 12104008D
- 01/12/12 House: Referred to Committee on Appropriations
- 01/16/12 House: Assigned App. sub: Compensation and Retirement
- 02/09/12 House: Subcommittee recommends reporting with amendment(s) (7-Y 0-N)
- 02/10/12 House: Reported from Appropriations with substitute (19-Y 2-N)
- 02/10/12 House: Committee substitute printed 12105287D-H1
- 02/12/12 House: Read first time
- 02/13/12 House: Read second time
- 02/13/12 House: Committee substitute agreed to 12105287D-H1
- 02/13/12 House: Engrossed by House - committee substitute HB1130H1
- 02/14/12 House: Read third time and passed House (68-Y 30-N)
- 02/14/12 House: VOTE: PASSAGE (68-Y 30-N)
- 02/15/12 Senate: Constitutional reading dispensed
- 02/15/12 Senate: Referred to Committee on Finance
- 02/28/12 Senate: Committee substitute printed 12105671D-S1
- 02/28/12 Senate: Reported from Finance with substitute (15-Y 0-N)
- 02/29/12 House: Incorporates HB1129
- 02/29/12 Senate: Constitutional reading dispensed (40-Y 0-N)
- 03/01/12 Senate: Read third time
- 03/01/12 Senate: Reading of substitute waived
- 03/01/12 Senate: Committee substitute agreed to 12105671D-S1
- 03/01/12 Senate: Engrossed by Senate - committee substitute HB1130S1
- 03/01/12 Senate: Passed Senate with substitute (32-Y 7-N)
- 03/01/12 Senate: Reconsideration of Senate passage agreed to by Senate (40-Y 0-N)
- 03/01/12 Senate: Passed Senate with substitute (36-Y 4-N)
- 03/02/12 House: Placed on Calendar
- 03/05/12 House: Senate substitute rejected by House 12105671D-S1 (3-Y 93-N)
- 03/05/12 House: VOTE: REJECTED (3-Y 93-N)
- 03/06/12 Senate: Senate insisted on substitute (39-Y 0-N)
- 03/06/12 Senate: Senate requested conference committee
- 03/07/12 House: House acceded to request
- 03/07/12 House: Conferees appointed by House
- 03/07/12 House: Delegates: Howell, W.J., Jones, Joannou
- 03/08/12 Senate: Conferees appointed by Senate
- 03/08/12 Senate: Senators: Watkins, Howell, Wagner
- 03/10/12 Senate: Conference report agreed to by Senate (33-Y 6-N)
- 03/10/12 Senate: Reconsideration of conference report agreed to by Senate (40-Y 0-N)
- 03/10/12 Senate: Conference report agreed to by Senate (34-Y 6-N)
- 03/10/12 House: Conference substitute printed 12106174D-H2
- 03/10/12 House: Pending question ordered
- 03/10/12 House: Conference report agreed to by House (60-Y 34-N)
- 03/10/12 House: VOTE: ADOPTION (60-Y 34-N)
- 03/15/12 House: Enrolled
- 03/15/12 House: Bill text as passed House and Senate (HB1130ER)
- 03/15/12 House: Signed by Speaker
- 03/17/12 Senate: Signed by President
- 04/09/12 Governor: Approved by Governor-Chapter 701 (effective 7/1/12)
- 04/09/12 Governor: Acts of Assembly Chapter text (CHAP0701)