HB 2251 Virginia Retirement System; establishes an optional defined contribution retirement plan.
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Summary as passed House: (all summaries)

Virginia Retirement System; optional defined contribution retirement plan. Requires the Virginia Retirement System (VRS) to establish an optional defined contribution retirement plan for state and local employees. Participation in the plan is in lieu of other retirement plans offered by VRS. Employees hired on or after July 1, 2019, shall make an irrevocable election whether to participate in the plan. A person who is employed on June 30, 2019, shall make an irrevocable election by October 31, 2019, to participate in the new retirement plan beginning January 1, 2020, in lieu of his retirement plan at the time. If such employee elects to participate in the new plan, his retirement plan at the time of election will be "frozen" and not increase because of compensation earned or years of service earned while participating in the new plan. Under the plan, the employer makes a mandatory contribution in the amount of 8.5 percent of the employee's compensation, and the employee contributes five percent of his compensation. The employer's contribution becomes fully vested upon the employee's completion of five years of continuous participation.

Full text:
01/11/17  House: Prefiled and ordered printed; offered 01/11/17 17103357D  pdf | impact statement
02/03/17  House: Committee substitute printed 17105158D-H1  pdf | impact statement

Amendments:
Senate amendments
Senate amendments engrossed
Senate amendments rejected

Status:
01/11/17  House: Prefiled and ordered printed; offered 01/11/17 17103357D
01/11/17  House: Referred to Committee on Appropriations
01/16/17  House: Assigned App. sub: Compensation and Retirement
01/26/17  House: Subcommittee recommends reporting with substitute (7-Y 0-N)
02/02/17  House: Subcommittee recommends reporting with substitute (7-Y 0-N)
02/03/17  House: Reported from Appropriations with substitute (20-Y 0-N)
02/03/17  House: Committee substitute printed 17105158D-H1
02/04/17  House: Read first time
02/06/17  House: Read second time
02/06/17  House: Committee substitute agreed to 17105158D-H1
02/06/17  House: Engrossed by House - committee substitute HB2251H1
02/07/17  House: Read third time and passed House (92-Y 4-N)
02/07/17  House: VOTE: PASSAGE (92-Y 4-N)
02/08/17  Senate: Constitutional reading dispensed
02/08/17  Senate: Referred to Committee on Finance
02/15/17  Senate: Reported from Finance with amendments (16-Y 0-N)
02/16/17  Senate: Constitutional reading dispensed (39-Y 0-N)
02/17/17  Senate: Read third time
02/17/17  Senate: Passed by for the day
02/20/17  Senate: Read third time
02/20/17  Senate: Passed by for the day
02/21/17  Senate: Passed by for the day
02/22/17  Senate: Read third time
02/22/17  Senate: Reading of amendments waived
02/22/17  Senate: Committee amendments rejected
02/22/17  Senate: Reading of amendment waived
02/22/17  Senate: Amendment by Senator Norment agreed to
02/22/17  Senate: Engrossed by Senate as amended
02/22/17  Senate: Passed Senate with amendment (21-Y 19-N)
02/23/17  House: Placed on Calendar
02/23/17  House: Senate amendment rejected by House (0-Y 100-N)
02/23/17  House: VOTE: REJECTED (0-Y 100-N)
02/23/17  Senate: Senate insisted on amendment (39-Y 0-N)
02/23/17  Senate: Senate requested conference committee
02/23/17  House: House acceded to request
02/23/17  House: Conferees appointed by House
02/23/17  House: Delegates: Jones, Massie, Torian
02/25/17  House: No further action taken
02/25/17  House: Failed to pass