Virginia House Bill 1129 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 2-0)
Status: Engrossed on February 13 2012 - 50% progression, died in chamber
Action: 2012-02-28 - Senate: Incorporated by Finance
Text: Latest bill text (Comm Sub) [HTML]

Virginia Retirement System; defined benefit plan. Modifies several provisions of the defined benefit retirement plan. Beginning January 1, 2013, the bill changes the calculation of average final compensation to cover a period of 60 months rather than 36 months. Under current law, the use of a 60-month period applies only to those employees hired on or after July 1, 2010. However, current employees affected by this change in average final compensation may use the 36-month period of calculation for compensation received prior to January 1, 2013, if it is greater than the 60-month period of calculation. Effective January 1, 2013, except for employees who are within five years of their unreduced retirement date at that time, the bill (i) restricts cost of living adjustments (COLA) to those employees who reach the age for unreduced retirement benefits and (ii) reduces the COLA to the first two percent of inflation plus one-half of the next two percent, for a maximum total of three percent. Under current law, the COLA is the first three percent of inflation plus one-half of the next four percent, for a maximum total of five percent. Finally, for state and local employees hired on or after January 1, 2013, other than law-enforcement employees and judges, the bill reduces the multiplier from 1.7 to 1.6.

Virginia Retirement System; modifies several provisions of defined benefit retirement plan.

Del. William Howell [R]

Del. Chris Jones [R]

2012-02-28 - Senate - Senate: Incorporated by Finance (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2012-02-14 - House - House: VOTE: PASSAGE (74-Y 26-N) (Y: 76 N: 26 NV: 0 Abs: 0) [PASS]
2012-02-10 - House - House: Reported from Appropriations with substitute (20-Y 1-N) (Y: 20 N: 1 NV: 1 Abs: 0) [PASS]
2012-02-09 - House - House: Subcommittee recommends reporting with amendment(s) (6-Y 1-N) (Y: 6 N: 1 NV: 1 Abs: 0) [PASS]

Date	Chamber	Action
2012-02-28		Senate: Incorporated by Finance
2012-02-28		Senate: Incorporated by Finance
2012-02-28		Senate: Incorporated by Finance
2012-02-15		Senate: Referred to Committee on Finance
2012-02-15		Senate: Constitutional reading dispensed
2012-02-14		House: VOTE: PASSAGE (74-Y 26-N)
2012-02-14		House: Read third time and passed House (74-Y 26-N)
2012-02-13		House: Engrossed by House - committee substitute HB1129H1
2012-02-13		House: Committee substitute agreed to 12105282D-H1
2012-02-13		House: Read second time
2012-02-12		House: Read first time
2012-02-10		House: Committee substitute printed 12105282D-H1
2012-02-10		House: Reported from Appropriations with substitute (20-Y 1-N)
2012-02-09		House: Subcommittee recommends reporting with amendment(s) (6-Y 1-N)
2012-01-16		House: Assigned App. sub: Compensation and Retirement
2012-01-12		House: Referred to Committee on Appropriations
2012-01-12		House: Presented and ordered printed 12104007D

HB1130 (Similar To) 2012-04-09 - Governor: Acts of Assembly Chapter text (CHAP0701)

Chapter	Article	Section	Citation Type	Statute Text
51	1	124.3	(n/a)	See Bill Text
51	1	142.2	(n/a)	See Bill Text
51	1	144	(n/a)	See Bill Text
51	1	155	(n/a)	See Bill Text
51	1	157	(n/a)	See Bill Text
51	1	166	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?121+sum+HB1129
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+HB1129+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+HB1129H1+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+H0202V0026+HB1129
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+H02V0081+HB1129
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+HV0782+HB1129
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+S05V0246+HB1129