VA HB473 | 2022 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Passed on March 2 2022 - 100% progression
Action: 2022-03-02 - Governor: Acts of Assembly Chapter text (CHAP0009)
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 1-0)
Status: Passed on March 2 2022 - 100% progression
Action: 2022-03-02 - Governor: Acts of Assembly Chapter text (CHAP0009)
Text: Latest bill text (Chaptered) [HTML]
Summary
Virginia Retirement System; employer contributions. Separates the employer contribution for Virginia Retirement System (VRS) employers participating in the Hybrid Retirement Plan into defined benefit and defined contribution components. The bill requires the Board of Trustees of VRS to certify to each employer their defined benefit contribution rate and to provide to each employer their estimated defined contribution amounts. Virginia Retirement System; employer contributions. Separates the employer contribution for Virginia Retirement System (VRS) employers participating in the Hybrid Retirement Plan into defined benefit and defined contribution components. The bill requires the Board of Trustees of VRS to certify to each employer their defined benefit contribution rate and to provide to each employer their estimated defined contribution amounts. Under current law, VRS is required to determine a single combined employer contribution rate that includes both the defined benefit and defined contribution provisions. Employer contributions are then applied first to the defined contribution component of the hybrid retirement program, with the remainder applied to the defined benefit component. The substantive provisions of the bill have a delayed effective date of July 1, 2024. However, the bill directs VRS to make the preparations necessary for full implementation of the bill beginning July 1, 2022.
Title
Virginia Retirement System; employer contributions.
Sponsors
Roll Calls
2022-02-17 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-16 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2022-02-15 - Senate - Senate: Reported from Finance and Appropriations (16-Y 0-N) (Y: 16 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-04 - House - House: VOTE: Block Vote Passage (100-Y 0-N) (Y: 100 N: 0 NV: 0 Abs: 0) [PASS]
2022-01-31 - House - House: Reported from Appropriations (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2022-01-27 - House - House: Subcommittee recommends reporting (7-Y 0-N) (Y: 7 N: 0 NV: 0 Abs: 1) [PASS]
2022-02-16 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2022-02-15 - Senate - Senate: Reported from Finance and Appropriations (16-Y 0-N) (Y: 16 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-04 - House - House: VOTE: Block Vote Passage (100-Y 0-N) (Y: 100 N: 0 NV: 0 Abs: 0) [PASS]
2022-01-31 - House - House: Reported from Appropriations (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2022-01-27 - House - House: Subcommittee recommends reporting (7-Y 0-N) (Y: 7 N: 0 NV: 0 Abs: 1) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2022-03-02 | Governor: Acts of Assembly Chapter text (CHAP0009) | |
| 2022-03-02 | Governor: Approved by Governor-Chapter 9 (effective 7/1/24) | |
| 2022-02-24 | Governor: Governor's Action Deadline 11:59 p.m., March 3, 2022 | |
| 2022-02-24 | House | Enrolled Bill communicated to Governor on February 24, 2022 |
| 2022-02-22 | House | Signed by Speaker |
| 2022-02-21 | Senate | Signed by President |
| 2022-02-21 | House | Bill text as passed House and Senate (HB473ER) |
| 2022-02-21 | House | Enrolled |
| 2022-02-17 | Senate | Passed Senate (40-Y 0-N) |
| 2022-02-17 | Senate | Read third time |
| 2022-02-16 | Senate | Constitutional reading dispensed (39-Y 0-N) |
| 2022-02-15 | Senate | Reported from Finance and Appropriations (16-Y 0-N) |
| 2022-02-07 | Senate | Referred to Committee on Finance and Appropriations |
| 2022-02-07 | Senate | Constitutional reading dispensed |
| 2022-02-04 | House | VOTE: Block Vote Passage (100-Y 0-N) |
| 2022-02-04 | House | Read third time and passed House Block Vote (100-Y 0-N) |
| 2022-02-03 | House | Read second time and engrossed |
| 2022-02-02 | House | Read first time |
| 2022-01-31 | House | Reported from Appropriations (22-Y 0-N) |
| 2022-01-27 | House | Subcommittee recommends reporting (7-Y 0-N) |
| 2022-01-19 | House | Assigned App. sub: Compensation and Retirement |
| 2022-01-11 | House | Referred to Committee on Appropriations |
| 2022-01-11 | House | Prefiled and ordered printed; offered 01/12/22 22100416D |
Same As/Similar To
SB70 (Same As) 2022-04-08 - Governor: Acts of Assembly Chapter text (CHAP0229)
