HB 1189 Retirement System; modifies for new employees all defined benefit retirement plans.
Lacey E. Putney | all patrons    ...    notes
| add to my profiles

Summary as passed: (all summaries)
Virginia Retirement System; new employees.  Modifies for new employees, all the defined benefit retirement plans administered by the Virginia Retirement System ("VRS"), as follows: (i) requires employees to contribute five percent of creditable compensation (only local employers would be allowed to pick up this contribution), (ii) increases the number of months used to calculate average final compensation from 36 to 60, (iii) increases the cost, and decreases the time in which employees may purchase certain prior service credits, and (iv) reduces the portion of the increase in the Consumer Price Index used for determining annual retirement allowance supplements ("COLA") from three percent plus one-half of the next four percent to two percent plus one-half of the next eight percent. The bill also decreases the Commonwealth's contribution for employees in institutions of higher education participating in an optional retirement plans from 10.4 percent to 8.5 percent of creditable compensation. However, institutions of higher education may provide an additional contribution up to 0.4 percent each year at their own cost.  New employees of institutions of higher education would also be required to contribute five percent of salary.

            In addition to these modifications, for new state and local employees covered under the main defined benefit plan, (i.e. excluding the separate plans for state and local law enforcement employees and judges), the bill (a) changes the requirements for unreduced early retirement benefits from 50 years of age and 30 years of creditable service, to one whereby the sum of age plus years of service equals 90 and (b) sets the person's normal retirement date as his normal retirement date for federal social security.  (The bill would allow reduced early retirement to be taken only by those persons who have attained the age of 60 with at least five years of creditable service.) Finally, for judges appointed or elected to an original term commencing on or after July 1, 2010, service as a judge would be multiplied by the weighted years of service factor of (i) 1.5 if the person was less than 45 at the time of such original term, (ii) 2.0 if the person was at least 45 but less than 55 at the time of such original term, and (iii) 2.5 if the person was at least 55 at the time of such original term.

Full text:
01/13/10  House: Prefiled and ordered printed; offered 01/13/10 10103075D  pdf | impact statement
02/12/10  House: Committee substitute printed 10104949D-H1  pdf | impact statement
02/21/10  Senate: Committee substitute printed 10105501D-S1  pdf | impact statement
02/25/10  Senate: Floor substitute printed 10105675D-S2 (Norment)  pdf | impact statement
03/11/10  House: Conference substitute printed 10106002D-H2  pdf
03/22/10  House: Bill text as passed House and Senate (HB1189ER)  pdf | impact statement
04/13/10  Governor: Acts of Assembly Chapter text (CHAP0737)  pdf

Amendments:
Senate amendments
Senate amendments rejected
Conference amendments

Status:
01/13/10  House: Prefiled and ordered printed; offered 01/13/10 10103075D
01/13/10  House: Referred to Committee on Appropriations
01/19/10  House: Assigned App. sub: Compensation and Retirement
02/11/10  House: Subcommittee recommends reporting with amendment(s) (7-Y 0-N)
02/12/10  House: Reported from Appropriations with substitute (21-Y 0-N)
02/12/10  House: Committee substitute printed 10104949D-H1
02/14/10  House: Read first time
02/15/10  House: Read second time
02/15/10  House: Committee substitute agreed to 10104949D-H1
02/15/10  House: Engrossed by House - committee substitute HB1189H1
02/16/10  House: Read third time and passed House (80-Y 19-N)
02/16/10  House: VOTE: --- PASSAGE (80-Y 19-N)
02/17/10  Senate: Constitutional reading dispensed
02/17/10  Senate: Referred to Committee on Finance
02/21/10  Senate: Reported from Finance with substitute (15-Y 0-N)
02/21/10  Senate: Committee substitute printed 10105501D-S1
02/23/10  Senate: Constitutional reading dispensed (40-Y 0-N)
02/24/10  Senate: Read third time
02/24/10  Senate: Reading of substitute waived
02/24/10  Senate: Committee substitute agreed to 10105501D-S1
02/24/10  Senate: Passed by temporarily
02/24/10  Senate: Reading of amendment waived
02/24/10  Senate: Amendment by Senator Whipple agreed to
02/24/10  Senate: Passed by for the day
02/25/10  Senate: Read third time
02/25/10  Senate: Amendment by Senator Whipple reconsidered (40-Y 0-N)
02/25/10  Senate: Amendment by Senator Whipple rejected
02/25/10  Senate: Committee substitute reconsidered (40-Y 0-N)
02/25/10  Senate: Committee substitute rejected 10105501D-S1
02/25/10  Senate: Floor substitute printed 10105675D-S2 (Norment)
02/25/10  Senate: Reading of substitute waived
02/25/10  Senate: Substitute by Senator Norment agreed to 10105675D-S2
02/25/10  Senate: Engrossed by Senate - floor substitute HB1189S2
02/25/10  Senate: Passed Senate with substitute (40-Y 0-N)
02/26/10  House: Placed on Calendar
03/01/10  House: Senate substitute rejected by House 10105675D-S2 (0-Y 99-N)
03/01/10  House: VOTE: --- REJECTED (0-Y 99-N)
03/03/10  Senate: Senate insisted on substitute (40-Y 0-N)
03/03/10  Senate: Senate requested conference committee
03/03/10  House: House acceded to request
03/03/10  Senate: Conferees appointed by Senate
03/03/10  Senate: Senators: Whipple, Watkins, Reynolds
03/03/10  House: Conferees appointed by House
03/03/10  House: Delegates: Putney, Jones, Joannou
03/11/10  House: Conference substitute printed 10106002D-H2
03/11/10  House: Conference report agreed to by House (85-Y 13-N)
03/11/10  House: VOTE: --- ADOPTION (85-Y 13-N)
03/11/10  Senate: Conference report agreed to by Senate (38-Y 1-N)
03/22/10  House: Enrolled
03/22/10  House: Bill text as passed House and Senate (HB1189ER)
03/22/10  House: Signed by Speaker
03/25/10  Senate: Signed by President
04/13/10  Governor: Approved by Governor-Chapter 737 (effective 7/1/10)
04/13/10  Governor: Acts of Assembly Chapter text (CHAP0737)