HB 1130 Retirement System; hybrid retirement program created, optional defined retirement plan created, etc.
William J. Howell | all patrons    ...    notes
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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:
Conference amendments

Status:
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)