HB 2556 Virginia Retirement System; withdrawing employers.
R. Steven Landes | all patrons    ...    notes
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Summary as passed: (all summaries)
Virginia Retirement System; withdrawing employers. Authorizes the Virginia Retirement System ("VRS") to enter into an agreement with a VRS employer to assume the pension liabilities of an employer who withdraws from VRS. Retired members of the withdrawing employer shall have their retirement allowances paid by the employer who agrees to assume such liabilities. Vested members of withdrawing employers who are not retired can elect to either cash out or have their retirement allowances paid by the employer agreeing to assume such liabilities.

In general, the employer who agrees to assume the pension liabilities of a withdrawing employer shall receive from VRS 105 percent of the present value of the remaining pension liabilities after cashing out by vesting members. Such funds shall be paid from the withdrawing employer's VRS pension accounts and shall be used to pay the pension liabilities for former VRS employees of the withdrawing employer. Any remaining funds in the VRS pension accounts of the withdrawing employer shall be distributed to VRS employers who provided funding to the withdrawing employer.

Full text:
01/08/03  House: Presented & ordered printed, prefiled 01/08/03 039041260  pdf | impact statement
01/28/03  House: Committee substitute printed 032544820-H1  pdf | impact statement
02/20/03  House: Bill text as passed House and Senate (HB2556ER)  pdf | impact statement
03/24/03  Governor: Acts of Assembly Chapter text (CHAP0267)  pdf

Status:
01/08/03  House: Presented & ordered printed, prefiled 01/08/03 039041260
01/08/03  House: Referred to Committee on Appropriations
01/27/03  House: Reported from Appropriations with sub (24-Y 0-N)
01/28/03  House: Committee substitute printed 032544820-H1
01/29/03  House: Read first time
01/30/03  House: Read second time
01/30/03  House: Committee substitute agreed to 032544820-H1
01/30/03  House: Engrossed by House - committee substitute 032544820-H1
01/31/03  House: Read third time and passed House BLOCK VOTE (98-Y 0-N)
01/31/03  House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
01/31/03  House: Communicated to Senate
02/03/03  Senate: Constitutional reading dispensed
02/03/03  Senate: Referred to Committee on Finance
02/05/03  Senate: Reported from Finance (14-Y 0-N)
02/06/03  Senate: Const. reading disp., passed by for the day (40-Y 0-N)
02/06/03  Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
02/07/03  Senate: Read third time
02/07/03  Senate: Passed Senate (39-Y 0-N)
02/07/03  Senate: VOTE: PASSAGE R (39-Y 0-N)
02/20/03  House: Bill text as passed House and Senate (HB2556ER)
02/21/03  House: Enrolled
02/21/03  House: Signed by Speaker
02/23/03  Senate: Signed by President
03/16/03  Governor: Approved by Governor-Chapter 267 (effective 7/1/03)
03/24/03  Governor: Acts of Assembly Chapter text (CHAP0267)