Virginia HB 337: Employee Retirement Security & Pension Reform, Commission on; change in membership.

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2018 SESSION

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18102304D

HOUSE BILL NO. 337 

Offered January 10, 2018 

Prefiled January 4, 2018 

A BILL to amend and reenact � 30-371 of the Code of Virginia, 
 relating to membership of the Commission on Employee Retirement Security and 
 Pension Reform. 
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Patron-- Head 

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Referred to Committee on Rules 

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Be it enacted by the General Assembly of Virginia:

1. That � 30-371 of the Code of Virginia is amended and 
 reenacted as follows:

� 30-371. (Expires July 1, 2021) Commission on Employee 
 Retirement Security and Pension Reform; purpose; membership; terms; quorum; 
 expenses.

A. The Commission on Employee Retirement Security and Pension 
 Reform (the Commission) is established in the legislative branch of state 
 government. The purposes of the Commission shall be to study, report, and make 
 recommendations relating to the financial soundness of retirement plans 
 covering state and local government employees including the Virginia Retirement 
 System (� 51.1-124.1 et seq.), retirement benefits pursuant to � 51.1-138, the 
 hybrid retirement program under � 51.1-169, the State Police Officers' 
 Retirement System (� 51.1-200 et seq.), the Virginia Law Officers' Retirement 
 System (� 51.1-211 et seq.), and the Judicial Retirement System (� 51.1-300 et 
 seq.); 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. In carrying out its duties, 
 the Commission shall study the unfunded liabilities of state and local defined 
 benefit retirement plans and strategies for reducing such liabilities, 
 additional options for employee retirement, investment choices and products 
 offered by the Virginia Retirement System, incentives for state and local 
 government employees to make voluntary contributions to their 
 employer-sponsored retirement plans, contributions by the Commonwealth and 
 local governments to retirement plans for employees, and additional options for 
 employee compensation and benefits.

The Commission shall make such recommendations as it deems 
 appropriate with respect to the foregoing matters.

B. The Commission shall consist of 21 members that include 11 
 legislative members, eight nonlegislative citizen members, and two ex officio 
 members, as follows: the Speaker of the House of 
 Delegates, the Chairman of the House Committee on