Virginia Senate Joint Resolution 5 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on December 19 2011 - 25% progression, died in chamber
Action: 2012-01-17 - Senate: Continued to 2013 in Privileges and Elections (15-Y 0-N)
Text: Latest bill text (Prefiled) [HTML]

Constitutional amendment (first resolution); contributions to defined benefit retirement plans maintained for employees. Requires that contributions to defined benefit retirement plans that are maintained for state employees and employees of participating political subdivisions and school divisions be made in strict adherence with contribution rates and times for the payment of the contributions as recommended by the Board of Trustees of the Virginia Retirement System (VRS). Under the resolution, for the six fiscal years beginning on and after July 1, 2014, the General Assembly could make contributions at a rate that is less than the VRS recommended contribution rate without any deferred contributions being recognized so long as the contributions are at least equal to certain minimum amounts. In addition, for fiscal years beginning on or after July 1, 2020, the General Assembly could provide for the deferral of all or any portion of such contributions for any fiscal year in which the maximum amount is appropriated from the Revenue Stabilization Fund by a separate vote of a majority of all the members voting in each house. All contributions deferred would be required to be repaid within 10 years at an annual interest rate equal to the current actuarially calculated long-term rate of return as determined by VRS. The resolution also requires that retirement contributions deferred in 2010 be repaid by June 30, 2022. The resolution also specifies how certain other factors and variables used in setting contribution rates are to be determined.

Constitutional amendment; contributions to defined benefit retirement plan maintained for employees.

Sen. Janet Howell [D]

2012-01-17 - Senate - Senate: Continued to 2013 in Privileges and Elections (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2012-01-17		Senate: Continued to 2013 in Privileges and Elections (15-Y 0-N)
2011-12-19		Senate: Referred to Committee on Privileges and Elections
2011-12-19		Senate: Prefiled and ordered printed; offered 01/11/12 12100617D

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?121+sum+SJ5
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+SJ5+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+S08V0009+SJ0005