SB 723 Retirement System; administration and organization.
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Summary:
Virginia Retirement System (VRS); administration and organization. Exempts VRS from the requirement that certain goods and services be purchased by all state agencies from the Division of Purchases and Supplies; however, the bill requires the Board of Trustees to promulgate rules and regulations consistent with the Public Procurement Act ( 11-35 et seq.) which are based on competitive principles and which are generally applicable to procurement of such goods and services by comparably situated state agencies. The bill clarifies, as was intended by Chapters 4 and 85 of the 1994 Acts of Assembly, that service by any VRS Board or Advisory Committee member on the board of trustees of any corporation organized by VRS or RF&P corporation and its wholly owned subsidiaries shall not preclude receipt of compensation and expenses to which the Board member is entitled by virtue of his service to the subsidiary corporation. The bill authorizes former VRS trustees to serve on either of the Board's two advisory committees after five years from the termination date of their former service on the VRS Board. The bill limits the personal liability of any officer, director, or member of the Board or of any advisory committees of the Retirement System or any of its tax exempt subsidiary corporations to those investment actions which are outside the “prudent person” standard of care enacted in Chapters 4 and 85 of the 1994 Acts of Assembly.

Full text:
01/12/95  Senate: Presented & ordered printed LD3614829  pdf
02/02/95  Senate: Printed as engrossed LD3614829-E  pdf
03/01/95  Senate: Bill text as passed Senate and House (SB723ER)  pdf
04/12/95  Senate: Reenrolled bill text (SB723ER)  pdf
04/18/95  Governor: Acts of Assembly Chapter text (CHAP0788)  pdf

Amendments:
Senate amendments
Governor's recommendation

Status:
01/12/95  Senate: Presented & ordered printed LD3614829
01/12/95  Senate: Referred to Committee on Finance
01/31/95  Senate: Reported from Finance with amendments (15-Y 0-N)
02/01/95  Senate: Constitutional reading dispensed (39-Y 0-N)
02/01/95  Senate: VOTE: CONST. READING DISPENSED (39-Y 0-N)
02/02/95  Senate: Read second time
02/02/95  Senate: Reading of amendments waived
02/02/95  Senate: Committee amendments agreed to
02/02/95  Senate: Engrossed by Senate as amended
02/02/95  Senate: Printed as engrossed LD3614829-E
02/02/95  Senate: Constitutional reading dispensed (39-Y 0-N)
02/02/95  Senate: VOTE: CONST. READING DISPENSED (39-Y 0-N)
02/02/95  Senate: Passed Senate (40-Y 0-N)
02/02/95  Senate: VOTE: PASSAGE (40-Y 0-N)
02/02/95  Senate: Communicated to House
02/03/95  House: Placed on Calendar
02/04/95  House: Read first time
02/04/95  House: Referred to Committee on Appropriations
02/17/95  House: Reported from Appropriations (21-Y 0-N)
02/20/95  House: Read second time
02/21/95  House: Read third time
02/21/95  House: Passed House (Block Vote) (100-Y 0-N)
02/21/95  House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
03/01/95  Senate: Bill text as passed Senate and House (SB723ER)
03/06/95  Senate: Enrolled
03/06/95  Senate: Signed by President
03/07/95  House: Signed by Speaker
03/27/95  Senate: Governor's recommendation received by Senate
04/05/95  Senate: Senate concurred in Gov's recommendation (39-Y 0-N)
04/05/95  Senate: VOTE: ADOPT GOV. RECOMMEND. (39-Y 0-N)
04/06/95  House: House concurred in Gov's recommendation (100-Y 0-N)
04/06/95  House: VOTE: ADOPTION (100-Y 0-N)
04/06/95  Governor: Governor's recommendation adopted
04/06/95  Senate: Reenrolled
04/06/95  House: Signed by Speaker as reenrolled
04/06/95  Senate: Signed by President as reenrolled
04/06/95  House: Enacted, Chapter 788 (effective 7/1/95)
04/12/95  Senate: Reenrolled bill text (SB723ER)
04/18/95  Governor: Acts of Assembly Chapter text (CHAP0788)