Virginia Senate Bill 1008 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 11 2011 - 25% progression, died in chamber
Action: 2011-02-02 - Senate: Passed by indefinitely in Finance (11-Y 3-N)
Text: Latest bill text (Introduced) [HTML]

Virginia Retirement System; defined contribution plan; member contributions. Creates an optional defined contribution retirement plan for state employees. The Commonwealth would contribute to the defined contribution account of each employee as follows: (i) the Commonwealth would contribute two percent of the employee's salary with no contribution required of the employee; (ii) if the employee contributes to his defined contribution account, the Commonwealth would match the employee's contributions at a rate of 100 percent up to the first five percent of the employee's salary, which would be in addition to the Commonwealth's contribution under clause (i); and (iii) if the employee contributes more than five percent of his salary, the Commonwealth would match the employee's contributions at a rate of 50 percent for the employee's contributions that are in excess of five percent of his salary but not in excess of eight percent of the employee's salary, which would be in addition to the Commonwealth's contributions under clauses (i) and (ii). The bill allows political subdivisions that participate in the Virginia Retirement System to establish a substantially similar defined contribution plan. The bill also requires all state employees who participate in the Virginia Retirement System to contribute five percent of their salary to their defined benefit retirement accounts. Employees not already contributing five percent of their salary would be required to contribute an additional one percent of their salary beginning on each July 1st of 2011, 2012, 2013, 2014, and 2015. Local employers would retain the option of paying member retirement contributions on behalf of their employees participating in the Virginia Retirement System. The provisions of the bill requiring state employees to contribute five percent of their salary are conditioned upon state employees receiving at least a one percent salary increase on July 1, 2011. The bill expresses the intent of the General Assembly that state employees would receive at least an additional one percent salary increase beginning on each July 1st of 2012, 2013, 2014, and 2015.

Retirement System; creates an optional defined contribution retirement plan for state employees.

Sen. Walter Stosch [R]

Sen. John Watkins [R]

2011-02-02 - Senate - Senate: Passed by indefinitely in Finance (11-Y 3-N) (Y: 11 N: 3 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2011-02-02		Senate: Passed by indefinitely in Finance (11-Y 3-N)
2011-01-11		Senate: Referred to Committee on Finance
2011-01-11		Senate: Prefiled and ordered printed; offered 01/12/11 11103564D

Chapter	Article	Section	Citation Type	Statute Text
51	1	1100	(n/a)	See Bill Text
51	1	126.5:1	(n/a)	See Bill Text
51	1	1400	(n/a)	See Bill Text
51	1	1403	(n/a)	See Bill Text
51	1	144	(n/a)	See Bill Text
51	1	601.1	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?111+sum+SB1008
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?111+ful+SB1008+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?111+vot+S05V0117+SB1008