Virginia House Bill 1072 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on January 13 2016 - 25% progression, died in committee
Action: 2016-02-12 - Continued to 2017 in Appropriations by voice vote
Pending: House Appropriations Committee
Text: Latest bill text (Prefiled) [HTML]

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.

Virginia Retirement System; modifies hybrid retirement program.

Del. Chris Jones [R]

Del. Daun Hester [D]

Date	Chamber	Action
2016-02-12	House	Continued to 2017 in Appropriations by voice vote
2016-02-11	House	Subcommittee recommends continuing to 2017 by voice vote
2016-01-19	House	Assigned App. sub: Compensation and Retirement
2016-01-13	House	Referred to Committee on Appropriations
2016-01-13	House	Prefiled and ordered printed; offered 01/13/16 16102742D

Chapter	Article	Section	Citation Type	Statute Text
51	1	169	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?161+sum+HB1072
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+HB1072+hil