SB 498 Retirement System; hybrid retirement program created, optional defined retirement plan created, etc.
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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 HB 1130.

Full text:
01/11/12  Senate: Prefiled and ordered printed; offered 01/11/12 12102731D  pdf | impact statement
02/09/12  Senate: Committee substitute printed 12105257D-S1  pdf | impact statement
02/29/12  House: Committee substitute printed 12105697D-H1  pdf | impact statement
03/10/12  Senate: Conference substitute printed 12106172D-S2  pdf
03/15/12  Senate: Bill text as passed Senate and House (SB498ER)  pdf | impact statement
04/18/12  Senate: Reenrolled bill text (SB498ER2)  pdf
04/18/12  Governor: Acts of Assembly Chapter text (CHAP0823)  pdf

Amendments:
Conference amendments
Governor's recommendation

Status:
01/11/12  Senate: Prefiled and ordered printed; offered 01/11/12 12102731D
01/11/12  Senate: Referred to Committee on Finance
02/09/12  Senate: Reported from Finance with substitute (14-Y 0-N)
02/09/12  Senate: Committee substitute printed 12105257D-S1
02/13/12  Senate: Constitutional reading dispensed (40-Y 0-N)
02/14/12  Senate: Read second time
02/14/12  Senate: Reading of substitute waived
02/14/12  Senate: Committee substitute agreed to 12105257D-S1
02/14/12  Senate: Engrossed by Senate - committee substitute SB498S1
02/14/12  Senate: Constitutional reading dispensed (40-Y 0-N)
02/14/12  Senate: Passed Senate (40-Y 0-N)
02/16/12  House: Placed on Calendar
02/16/12  House: Read first time
02/16/12  House: Referred to Committee on Appropriations
02/17/12  House: Assigned App. sub: Compensation and Retirement
02/28/12  House: Subcommittee recommends reporting with amendment(s) (8-Y 0-N)
02/29/12  House: Reported from Appropriations with substitute (18-Y 4-N)
02/29/12  House: Committee substitute printed 12105697D-H1
03/02/12  House: Read second time
03/05/12  House: Read third time
03/05/12  House: Committee substitute agreed to 12105697D-H1
03/05/12  House: Engrossed by House - committee substitute SB498H1
03/05/12  House: Passed House with substitute (62-Y 34-N)
03/05/12  House: VOTE: PASSAGE (62-Y 34-N)
03/06/12  Senate: House substitute rejected by Senate (0-Y 40-N)
03/07/12  House: House insisted on substitute
03/07/12  House: House requested conference committee
03/08/12  Senate: Senate acceded to request (40-Y 0-N)
03/08/12  Senate: Conferees appointed by Senate
03/08/12  Senate: Senators: Watkins, Wagner, Howell
03/08/12  House: Conferees appointed by House
03/08/12  House: Delegates: Howell, W.J., Jones, Joannou
03/10/12  Senate: Conference report agreed to by Senate (35-Y 5-N)
03/10/12  Senate: Conference substitute printed 12106172D-S2
03/10/12  House: Conference report agreed to by House (58-Y 35-N)
03/10/12  House: VOTE: ADOPTION (58-Y 35-N)
03/15/12  Senate: Enrolled
03/15/12  Senate: Bill text as passed Senate and House (SB498ER)
03/15/12  House: Signed by Speaker
03/17/12  Senate: Signed by President
04/09/12  Senate: Governor's recommendation received by Senate
04/17/12  Senate: Placed on Calendar
04/18/12  Senate: Senate concurred in Governor's recommendation (33-Y 6-N)
04/18/12  House: House concurred in Governor's recommendation (57-Y 37-N)
04/18/12  House: VOTE: ADOPTION (57-Y 37-N)
04/18/12  Governor: Governor's recommendation adopted
04/18/12  Senate: Reenrolled
04/18/12  Senate: Reenrolled bill text (SB498ER2)
04/18/12  Senate: Signed by President as reenrolled
04/18/12  House: Signed by Speaker as reenrolled
04/18/12  House: Enacted, Chapter 823 (effective 7/1/12)
04/18/12  Governor: Acts of Assembly Chapter text (CHAP0823)