HB 1967 Virginia Retirement System; modifies hybrid retirement program.
James P. "Jimmie" Massie, III | all patrons    ...    notes
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Summary as introduced:
Virginia Retirement System; hybrid retirement program. Modifies the hybrid retirement program by (i) increasing the mandatory employer contribution to the defined contribution component from 1% to 2% of creditable compensation, (ii) decreasing the employer's maximum matching contribution to the defined contribution component from 2.5% to 1.5% of creditable compensation, (iii) increasing the employee's mandatory contribution to the defined contribution component from 1% to 2% of creditable compensation, (iv) decreasing the employee's maximum contribution to the voluntary defined contribution component from 4% to 3% of creditable compensation, (v) decreasing from three years to two years the period in which a new member of the hybrid retirement program is required to make the maximum voluntary contribution to the defined contribution component, and (vi) decreasing the employee's contribution to the defined benefit component from 4% to 3% of creditable compensation. The bill also sets a new employee's voluntary contribution rate to the defined contribution component at 0.5% unless the employee opts out.

Full text:
01/10/17  House: Prefiled and ordered printed; offered 01/11/17 17103356D  pdf | impact statement

Status:
01/10/17  House: Prefiled and ordered printed; offered 01/11/17 17103356D
01/10/17  House: Referred to Committee on Appropriations
01/13/17  House: Assigned App. sub: Compensation and Retirement
02/02/17  House: Subcommittee recommends laying on the table by voice vote
02/08/17  House: Left in Appropriations