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2011 SESSION
SJ 371 Constitutional amendment; contributions to defined benefit retirement plans maintained for employee.
Introduced by: Janet D. Howell | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Constitutional amendment (first resolution); contributions to defined benefit retirement plans maintained for employees. Requires that contributions to defined benefit retirement plans that are maintained for state employees and employees of participating political subdivisions and school divisions be made in strict adherence with contribution rates and times for the payment of the contributions as recommended by the Board of Trustees of the Virginia Retirement System (VRS).
Under the resolution, for fiscal years 2013 through 2018 the General Assembly could make contributions at a rate that is less than the VRS recommended contribution rate without any deferred contributions being recognized so long as the contributions are at least equal to certain minimum amounts. In addition, for fiscal years beginning on or after July 1, 2018, the General Assembly could provide for the deferral of all or any portion of such contributions for any fiscal year in which the maximum amount is appropriated from the Revenue Stabilization Fund, by a separate vote of a majority of all the members voting in each house. All contributions deferred would be required to be repaid within 10 years at an annual interest rate equal to the current actuarially calculated long-term rate of return as determined by VRS. The resolution also would require that retirement contributions deferred in 2010 be repaid by June 30, 2022.
The resolution also specifies how certain other factors and variables used in setting contribution rates are to be determined.
FULL TEXT
HISTORY
- 01/17/11 Senate: Presented and ordered printed 11104100D
- 01/17/11 Senate: Referred to Committee on Privileges and Elections
- 01/21/11 Senate: Assigned to P&E sub: Constitutional Amendments, Reapportionment, Referenda
- 02/01/11 Senate: Reported from Privileges and Elections (9-Y 4-N 1-A)
- 02/03/11 Senate: Reading waived (39-Y 0-N)
- 02/04/11 Senate: Read second time and engrossed
- 02/07/11 Senate: Read third time and agreed to by Senate (25-Y 15-N)
- 02/09/11 House: Placed on Calendar
- 02/09/11 House: Referred to Committee on Privileges and Elections
- 02/10/11 House: Assigned P & E sub: #1 Constitutional
- 02/22/11 House: Left in Privileges and Elections