Virginia Senate Bill 498 (Prior Session Legislation)

---

Completed Legislative Action
Spectrum: Partisan Bill (Republican 2-0)
Status: Passed on April 18 2012 - 100% progression
Action: 2012-04-18 - Governor: Acts of Assembly Chapter text (CHAP0823)
Text: Latest bill text (Chaptered) [HTML]

Virginia Retirement System; hybrid defined contribution and defined benefit retirement program. Creates a new hybrid retirement program, administered by the Virginia Retirement System, that contains a defined contribution and a defined benefit component. All new state employees, local employees, and judges commencing employment on or after January 1, 2014, would be required to participate in the hybrid plan. Employees in service on December 31, 2013, would be given the opportunity to make a one-time, irrevocable election to participate in the new hybrid program. The bill also creates a disability program for local employees participating in the hybrid plan. The bill also makes adjustments to the existing defined benefit plan for nonvested employees, including lowering the retirement benefit multiplier from 1.7 to 1.65, basing average final compensation on 60 months of service instead of 36, and capping the cost-of-living adjustment at three percent. Any person with less than 20 years service who takes early retirement would not receive a cost-of-living adjustment until one year after he reaches normal retirement age.

Retirement System; hybrid retirement program created, optional defined retirement plan created, etc.

Sen. Jeffrey McWaters [R]

Sen. John Watkins [R]

2012-04-18 - House - House: VOTE: ADOPTION (57-Y 37-N) (Y: 59 N: 37 NV: 6 Abs: 0) [PASS]
2012-04-18 - Senate - Senate: Senate concurred in Governor's recommendation (33-Y 6-N) (Y: 33 N: 6 NV: 1 Abs: 0) [PASS]
2012-03-10 - House - House: VOTE: ADOPTION (58-Y 35-N) (Y: 60 N: 35 NV: 7 Abs: 0) [PASS]
2012-03-10 - Senate - Senate: Conference report agreed to by Senate (35-Y 5-N) (Y: 35 N: 5 NV: 0 Abs: 0) [PASS]
2012-03-08 - Senate - Senate: Senate acceded to request (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2012-03-06 - Senate - Senate: House substitute rejected by Senate (0-Y 40-N) (Y: 0 N: 40 NV: 0 Abs: 0) [FAIL]
2012-03-05 - House - House: VOTE: PASSAGE (62-Y 34-N) (Y: 64 N: 34 NV: 4 Abs: 0) [PASS]
2012-02-29 - House - House: Reported from Appropriations with substitute (18-Y 4-N) (Y: 18 N: 4 NV: 0 Abs: 0) [PASS]
2012-02-28 - House - House: Subcommittee recommends reporting with amendment(s) (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 0) [PASS]
2012-02-14 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2012-02-14 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2012-02-13 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2012-02-09 - Senate - Senate: Reported from Finance with substitute (14-Y 0-N) (Y: 14 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2012-04-18		Governor: Acts of Assembly Chapter text (CHAP0823)
2012-04-18		Governor: Approved by Governor-Chapter 823 (effective 7/1/12)
2012-04-18		House: Signed by Speaker as reenrolled
2012-04-18		Senate: Signed by President as reenrolled
2012-04-18		Senate: Reenrolled bill text (SB498ER2)
2012-04-18		Senate: Reenrolled
2012-04-18		Governor: Governor's recommendation adopted
2012-04-18		House: VOTE: ADOPTION (57-Y 37-N)
2012-04-18		House: House concurred in Governor's recommendation (57-Y 37-N)
2012-04-18		Senate: Senate concurred in Governor's recommendation (33-Y 6-N)
2012-04-17		Senate: Placed on Calendar
2012-04-09		Senate: Governor's recommendation received by Senate
2012-03-17		Senate: Signed by President
2012-03-15		House: Signed by Speaker
2012-03-15		Senate: Bill text as passed Senate and House (SB498ER)
2012-03-15		Senate: Enrolled
2012-03-10		House: VOTE: ADOPTION (58-Y 35-N)
2012-03-10		House: Conference report agreed to by House (58-Y 35-N)
2012-03-10		Senate: Conference substitute printed 12106172D-S2
2012-03-10		Senate: Conference report agreed to by Senate (35-Y 5-N)
2012-03-08		House: Delegates: Howell, W.J., Jones, Joannou
2012-03-08		House: Conferees appointed by House
2012-03-08		Senate: Senators: Watkins, Wagner, Howell
2012-03-08		Senate: Conferees appointed by Senate
2012-03-08		Senate: Senate acceded to request (40-Y 0-N)
2012-03-07		House: House requested conference committee
2012-03-07		House: House insisted on substitute
2012-03-06		Senate: House substitute rejected by Senate (0-Y 40-N)
2012-03-05		House: VOTE: PASSAGE (62-Y 34-N)
2012-03-05		House: Passed House with substitute (62-Y 34-N)
2012-03-05		House: Engrossed by House - committee substitute SB498H1
2012-03-05		House: Committee substitute agreed to 12105697D-H1
2012-03-05		House: Read third time
2012-03-02		House: Read second time
2012-02-29		House: Committee substitute printed 12105697D-H1
2012-02-29		House: Reported from Appropriations with substitute (18-Y 4-N)
2012-02-28		House: Subcommittee recommends reporting with amendment(s) (8-Y 0-N)
2012-02-17		House: Assigned App. sub: Compensation and Retirement
2012-02-16		House: Referred to Committee on Appropriations
2012-02-16		House: Read first time
2012-02-16		House: Placed on Calendar
2012-02-14		Senate: Passed Senate (40-Y 0-N)
2012-02-14		Senate: Constitutional reading dispensed (40-Y 0-N)
2012-02-14		Senate: Engrossed by Senate - committee substitute SB498S1
2012-02-14		Senate: Committee substitute agreed to 12105257D-S1
2012-02-14		Senate: Reading of substitute waived
2012-02-14		Senate: Read second time
2012-02-13		Senate: Constitutional reading dispensed (40-Y 0-N)
2012-02-09		Senate: Committee substitute printed 12105257D-S1
2012-02-09		Senate: Reported from Finance with substitute (14-Y 0-N)
2012-01-11		Senate: Referred to Committee on Finance
2012-01-11		Senate: Prefiled and ordered printed; offered 01/11/12 12102731D

HB1130 (Same As) 2012-04-09 - Governor: Acts of Assembly Chapter text (CHAP0701)

Chapter	Article	Section	Citation Type	Statute Text
51	1	1100	(n/a)	See Bill Text
51	1	1150	(n/a)	See Bill Text
51	1	1185	(n/a)	See Bill Text
51	1	135	(n/a)	See Bill Text
51	1	138	(n/a)	See Bill Text
51	1	1400	(n/a)	See Bill Text
51	1	1401	(n/a)	See Bill Text
51	1	1402	(n/a)	See Bill Text
51	1	1403	(n/a)	See Bill Text
51	1	1405	(n/a)	See Bill Text
51	1	145	(n/a)	See Bill Text
51	1	170	(n/a)	See Bill Text
51	1	201	(n/a)	See Bill Text
51	1	202	(n/a)	See Bill Text
51	1	212	(n/a)	See Bill Text
51	1	213	(n/a)	See Bill Text
51	1	601.1	(n/a)	See Bill Text
51	1	602	(n/a)	See Bill Text
51	1	603.1	(n/a)	See Bill Text
51	1	608	(n/a)	See Bill Text
51	1	609	(n/a)	See Bill Text
51	1	611	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?121+sum+SB498
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+SB498+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+SB498S1+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+SB498H1+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+SB498S2+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+SB498ER+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+SB498ER2+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+CHAP0823+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+S05V0138+SB0498
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+SV0392SB0498+SB0498
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+SV0416SB0498+SB0498
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+SV0417SB0498+SB0498
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+H0202V0032+SB0498
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+H02V0203+SB0498
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+HV1375+SB0498
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+SV0928SB0498+SB0498
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+SV0985SB0498+SB0498
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+SV1090SB0498+SB0498
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+HV1543+SB0498
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+SV1120SB0498+SB0498
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+HV1665+SB0498