Bill Text: VA HB949 | 2012 | Regular Session | Prefiled
Bill Title: Virginia Retirement System (VRS); optional defined contribution retirement plan for state employees.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2012-02-20 - House: Left in Appropriations [HB949 Detail]
Download: Virginia-2012-HB949-Prefiled.html
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12101124D Be it enacted by the General Assembly of Virginia: 1. That the Code of Virginia is amended by adding a section numbered 51.1-126.5:1 as follows: §51.1-126.5:1. Optional defined contribution retirement plan for eligible members. A. As used in this section, unless the context requires otherwise: "Eligible member" means a member (i) who is a state employee as defined in §51.1-124.3 who holds any position covered for retirement purposes under the provisions of Chapter 1 (§51.1-124.1 et seq.), (ii) who is covered for retirement purposes under the provisions of Chapter 2 (§51.1-200 et seq.), (iii) who is covered for retirement purposes under the provisions of Chapter 2.1 (§51.1-211 et seq.), or (iv) who is covered for retirement purposes under the provisions of Chapter 3 (§ 51.1-300 et seq.). "Participating member" means an eligible member who elects to participate in the plan. "Plan" means the defined contribution retirement plan established pursuant to this section. B. The Board shall establish a defined contribution plan for eligible members. For eligible members who choose to participate, the plan shall be in lieu of the service retirement allowance provided by any other plan provided under this title. Participating members shall be deemed to be members of the retirement system to the extent consistent with the provisions of this section. C. Any eligible member may elect to participate in the plan in lieu of participating in any other retirement plan administered by the Virginia Retirement System, in accordance with guidelines established by the Virginia Retirement System. D. The contribution by the Commonwealth to a participating member's defined contribution account shall be determined by the General Assembly. Contributions and all earnings thereon shall be credited to an account to be maintained for each participating member. E. After termination of employment, a participating member may withdraw the accrued contributions and earnings from his defined contribution account, subject to applicable state and federal law and regulation. F. The Virginia Retirement System shall (i) develop policies and procedures for the administration of the plan and (ii) provide a program of education and support for participating members. |
