HB2251
Virginia Retirement System; establishes an optional defined contribution retirement plan.
Summary
As Passed House of Origin. 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 ... (More) 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. (Less)-
Bill History
- 01/11/2017 - House: Prefiled and ordered printed; offered 01/11/17 17103357D
- 01/11/2017 - House: Referred to Committee on Appropriations
- 01/16/2017 - House: Assigned App. sub: Compensation and Retirement
- 01/23/2017 - House: Impact statement from VRS (HB2251)
- 01/26/2017 - House: Subcommittee recommends reporting with substitute (7-Y 0-N)
- 02/02/2017 - House: Subcommittee recommends reporting with substitute (7-Y 0-N)
- 02/03/2017 - House: Reported from Appropriations with substitute (20-Y 0-N)
- 02/03/2017 - House: Committee substitute printed 17105158D-H1
- 02/04/2017 - House: Read first time
- 02/06/2017 - House: Read second time
- 02/06/2017 - House: Committee substitute agreed to 17105158D-H1
- 02/06/2017 - House: Engrossed by House - committee substitute HB2251H1
- 02/07/2017 - House: Read third time and passed House (92-Y 4-N)
- 02/07/2017 - House: VOTE: PASSAGE (92-Y 4-N)
- 02/08/2017 - Senate: Constitutional reading dispensed
- 02/08/2017 - Senate: Referred to Committee on Finance
- 02/08/2017 - House: Impact statement from VRS (HB2251H1)
- 02/15/2017 - Senate: Reported from Finance with amendments (16-Y 0-N)
- 02/16/2017 - Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/17/2017 - Senate: Read third time
- 02/17/2017 - Senate: Passed by for the day
- 02/20/2017 - Senate: Read third time
- 02/20/2017 - Senate: Passed by for the day
- 02/21/2017 - Senate: Passed by for the day
- 02/22/2017 - Senate: Read third time
- 02/22/2017 - Senate: Reading of amendments waived
- 02/22/2017 - Senate: Committee amendments rejected
- 02/22/2017 - Senate: Reading of amendment waived
- 02/22/2017 - Senate: Amendment by Senator Norment agreed to
- 02/22/2017 - Senate: Engrossed by Senate as amended
- 02/22/2017 - Senate: Passed Senate with amendment (21-Y 19-N) Close Floor Vote
- 02/23/2017 - House: Placed on Calendar
- 02/23/2017 - House: Senate amendment rejected by House (0-Y 100-N)
- 02/23/2017 - House: VOTE: REJECTED (0-Y 100-N)
- 02/23/2017 - Senate: Senate insisted on amendment (39-Y 0-N)
- 02/23/2017 - Senate: Senate requested conference committee
- 02/23/2017 - House: House acceded to request
- 02/23/2017 - House: Conferees appointed by House
- 02/23/2017 - House: Delegates: Jones, Massie, Torian
- 02/25/2017 - House: No further action taken
- 02/25/2017 - House: Failed to pass
