Bill Text: VA HB338 | 2022 | Regular Session | Chaptered
Bill Title: Retirement and taxation; obsolete and not set out sections.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2022-04-11 - Governor: Acts of Assembly Chapter text (CHAP0294) [HB338 Detail]
Download: Virginia-2022-HB338-Chaptered.html
Be it enacted by the General Assembly of Virginia:
1. That §51.1-124.1 of the Code of Virginia is amended and reenacted as follows:
§51.1-124.1. Virginia Retirement System established.
Article X, Section 11 of the Constitution of Virginia requires
the General Assembly to maintain a state employees' retirement system
for state employees and employees of participating political subdivisions and
school divisions, subject to restrictions and conditions prescribed by the
General Assembly, that shall be administered in the best interests of the
beneficiaries thereof. Pursuant to this constitutional duty, the General
Assembly hereby finds and declares that all present and future members of the
Retirement System are entitled to a retirement system whose governing structure
and institutional organization foster public confidence and trust in its
investment practices, policy decisions, and administrative operations. To
that end and for the purposes of providing adequate benefits and pensions to
members, encouraging stable employer contribution rates, and ensuring the
overall soundness of the Retirement System, the General Assembly hereby
establishes the Virginia Retirement System as an independent agency of the
Commonwealth, exclusive of the legislative, executive, and judicial branches of
government, in the following provisions.
2. That §§58.1-815.3, 58.1-3229, and 58.1-3506.8 of the Code of Virginia are repealed.
