VA HB1967 | 2017 | Regular Session

Virginia House Bill 1967 (Prior Session Legislation)

VA State Legislature page for HB1967

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 10 2017 - 25% progression, died in committee
Action: 2017-02-08 - Left in Appropriations
Pending: House Appropriations Committee
Text: Latest bill text (Prefiled) [HTML]

Summary

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.

Title

Virginia Retirement System; modifies hybrid retirement program.

History

Date	Chamber	Action
2017-02-08	House	Left in Appropriations
2017-02-02	House	Subcommittee recommends laying on the table by voice vote
2017-01-13	House	Assigned App. sub: Compensation and Retirement
2017-01-10	House	Referred to Committee on Appropriations
2017-01-10	House	Prefiled and ordered printed; offered 01/11/17 17103356D