ANNOUNCING . . . General Assembly Passes Bills Affecting the Virginia Retirement System (VRS)
During the 2016 session of the General Assembly, several bills passed that affect the Virginia Retirement System (VRS). Some of the bills include:
- House Bill 665 Creates the Commission on Employee Retirement Security and Pension Reform in the legislative branch to study and make recommendations relating to the financial soundness of retirement plans covering state and local government employees; the suitability of retirement plans offered or maintained for current state and local government employees and the attributes of retirement plans that will be suitable for future employees; the impact on state and local governments of the anticipated retirement of experienced employees between 2016 and 2026 and strategies for replacing such employees; and the elements of compensation and benefits packages that are essential to attracting and retaining a highly productive state and local government workforce.
- House Bill 1245 Broadens the age 73 mandatory retirement provision to include all judges regardless of when elected by the General Assembly.
- House Bill 1345 Revises the Line of Duty Act (the Act) by codifying revisions to the Act from the appropriation act and, among other changes, transferring overall administration of the Act to the Virginia Retirement System (VRS), transferring administration of health insurance benefits under the Act to the Department of Human Resource Management, and creating separate health benefits plans for beneficiaries under the Act.
For more information about other bills affecting VRS and the 2016 State Budget, read this Summary of VRS Bills.