SB 849 Optional retirement plans of institutions of higher education.
Kevin G. Miller | all patrons    ...    notes
| add to my profiles

Summary as passed: (all summaries)
Optional retirement plans of institutions of higher education. Authorizes institutions of higher education to establish their own optional retirement plans for employees engaged in the performance of teaching, administrative, or research duties, as an alternative to the Virginia Retirement System ("VRS") defined benefit retirement plan. The bill provides that VRS shall give initial approval to institutions of higher education seeking to establish such optional retirement plans. The bill prohibits such institutions from adopting policies that are substantially different than the retirement policies approved by VRS in the initial approval process unless the VRS Board approves such policies in writing. Prior to granting to any institution of higher education approval to establish its own optional retirement plan, VRS shall release a plan to the chairmen of the Senate Committee on Finance and the House Appropriations Committee establishing criteria and guidelines VRS shall apply in granting approval for such optional retirement plans.

Any employee hired on or after July 1, 2003, by an institution of higher education to perform such duties, shall make an election to participate in either the VRS defined benefit retirement plan or in an optional retirement plan. If an employee chooses to participate in an optional retirement plan but the institution of higher education has not established its own optional retirement plan, the employee shall participate in an optional retirement plan maintained by VRS. However, at such time that the institution establishes its own optional retirement plan, any employee (i) engaged in the performance of teaching, administrative, or research duties and (ii) participating in an optional retirement plan, shall immediately begin to participate in the optional retirement plan of the institution, notwithstanding any prior election to participate in a different optional retirement plan.

The bill provides different options for University of Virginia Medical Center employees. Any employee of the Medical Center hired on or after July 1, 2003, shall participate in the optional retirement plan of the Medical Center, provided, however, that if such employee was participating in the VRS defined benefit retirement plan immediately prior to such hiring, such employee may elect to continue to participate in the defined benefit retirement plan.

Full text:
01/08/03  Senate: Presented & ordered printed, prefiled 01/07/03 039039260  pdf | impact statement
01/22/03  Senate: Committee substitute printed 039076476-S1  pdf | impact statement
02/26/03  Senate: Bill text as passed Senate and House (SB849ER)  pdf | impact statement
03/25/03  Governor: Acts of Assembly Chapter text (CHAP0369)  pdf

Amendments:
House amendments
House amendments engrossed

Status:
01/08/03  Senate: Presented & ordered printed, prefiled 01/07/03 039039260
01/08/03  Senate: Referred to Committee on Finance
01/22/03  Senate: Reported from Finance with substitute (13-Y 0-N)
01/22/03  Senate: Committee substitute printed 039076476-S1
01/23/03  Senate: Constitutional reading dispensed (39-Y 0-N)
01/23/03  Senate: VOTE: CONST. RDG. DISPENSED R (39-Y 0-N)
01/24/03  Senate: Read second time
01/24/03  Senate: Reading of substitute waived
01/24/03  Senate: Committee substitute agreed to 039076476-S1
01/24/03  Senate: Engrossed by Senate - committee substitute 039076476-S1
01/27/03  Senate: Read third time and passed Senate (39-Y 0-N)
01/27/03  Senate: VOTE: PASSAGE R (39-Y 0-N)
01/27/03  Senate: Communicated to House
01/29/03  House: Placed on Calendar
01/29/03  House: Read first time
01/29/03  House: Referred to Committee on Appropriations
02/17/03  House: Reported from Appropriations (25-Y 0-N)
02/18/03  House: Read second time
02/19/03  House: Read third time
02/19/03  House: Amendment by Del. Putney agreed to
02/19/03  House: Engrossed by House as amended
02/19/03  House: Passed House with amendment (96-Y 0-N)
02/19/03  House: VOTE: PASSAGE (96-Y 0-N)
02/20/03  Senate: House amendment agreed to by Senate (39-Y 0-N)
02/20/03  Senate: VOTE: CONCUR HOUSE AMENDMENT (39-Y 0-N)
02/26/03  Senate: Bill text as passed Senate and House (SB849ER)
03/05/03  Senate: Enrolled
03/05/03  House: Signed by Speaker
03/06/03  Senate: Signed by President
03/16/03  Governor: Approved by Governor-Chapter 369 (effective 7/1/03)
03/25/03  Governor: Acts of Assembly Chapter text (CHAP0369)