HB 473

  • Virginia House Bill
  • 2022 Regular Session
  • Introduced in House Jan 11, 2022
  • Passed House Feb 04, 2022
  • Passed Senate Feb 17, 2022
  • Signed by Governor Mar 02, 2022

Virginia Retirement System; employer contributions.

Abstract

Virginia Retirement System; employer contributions. Separates the employer contribution for Virginia Retirement System (VRS) employers participating in the Hybrid Retirement Plan into defined benefit and defined contribution components. The bill requires the Board of Trustees of VRS to certify to each employer their defined benefit contribution rate and to provide to each employer their estimated defined contribution amounts. Under current law, VRS is required to determine a single combined employer contribution rate that includes both the defined benefit and defined contribution provisions. Employer contributions are then applied first to the defined contribution component of the hybrid retirement program, with the remainder applied to the defined benefit component. The substantive provisions of the bill have a delayed effective date of July 1, 2024. However, the bill directs VRS to make the preparations necessary for full implementation of the bill beginning July 1, 2022. This bill is identical to SB 70.

Bill Sponsors (1)

Votes


Actions


Mar 02, 2022

Office of the Governor

Approved by Governor-Chapter 9 (effective 7/1/24)

Feb 24, 2022

House

Enrolled Bill communicated to Governor on February 24, 2022

Office of the Governor

Governor's Action Deadline 11:59 p.m., March 3, 2022

Feb 22, 2022

House

Impact statement from VRS (HB473ER)

House

Signed by Speaker

Feb 21, 2022

Senate

Signed by President

House

Enrolled

Feb 17, 2022

Senate

Passed Senate (40-Y 0-N)

Senate

Read third time

Feb 16, 2022

Senate

Constitutional reading dispensed (39-Y 0-N)

Feb 15, 2022

Senate

Reported from Finance and Appropriations (16-Y 0-N)

Feb 07, 2022

Senate

Referred to Committee on Finance and Appropriations

Senate

Constitutional reading dispensed

Feb 04, 2022

House

VOTE: Block Vote Passage (100-Y 0-N)

House

Read third time and passed House Block Vote (100-Y 0-N)

Feb 03, 2022

House

Read second time and engrossed

Feb 02, 2022

House

Read first time

Jan 31, 2022

House

Reported from Appropriations (22-Y 0-N)

Jan 27, 2022

House

Subcommittee recommends reporting (7-Y 0-N)

Jan 19, 2022

House

Assigned App. sub: Compensation and Retirement

Jan 13, 2022

House

Impact statement from VRS (HB473)

Jan 11, 2022

House

Referred to Committee on Appropriations

House

Prefiled and ordered printed; offered 01/12/22 22100416D

Bill Text

Bill Text Versions Format
Prefiled and ordered printed; offered 01/12/22 22100416D PDF HTML
HB473ER PDF HTML
CHAP0009 PDF HTML

Related Documents

Document Format
Fiscal Impact Statement: HB473FER158.PDF PDF
Fiscal Impact Statement: HB473F158.PDF PDF

Sources

Data on Open States is updated periodically throughout the day from the official website of the Virginia General Assembly.

If you notice any inconsistencies with these official sources, feel free to file an issue.