HJ 103 — Virginia Retirement System; CNU to study feasibility and merits of a plan.

SESSION history | hilite | pdf | print version 18102697D18106672D HOUSE JOINT RESOLUTION NO.

103 OfferedAMENDMENT JanuaryIN 10,THE 2018NATURE PrefiledOF JanuaryA 9,SUBSTITUTE 2018(Proposed Requestingby the VirginiaHouse RetirementCommittee Systemon Rules on February 6, 2018) (Patron Prior to Substitute--Delegate Torian) Requesting Christopher Newport University to study the feasibility and merits of a state-run retirement savings plan for Virginia employers and their employees who do not have access to an employer-provided retirement savings plan.

----------WHEREAS, Patrons--thirty-four Torian;percent of employees have no access to a retirement savings plan sponsored by their employers;

Senators:and WHEREAS, as average life expectancies in the United States have risen to 76 years for men and 81 years for women, people need retirement savings to last longer than in the past;

Mason and RuffWHEREAS, ----------the Referredincreased tocosts Committeeof onmedical Rulescare, ----------home WHEREAS,health thirty-fourcare percentservices, ofand employeesnursing havehome nostays accesswill torequire agreater retirementshares orof savingsretirement plansavings; sponsored by their employers;

and WHEREAS, withMaryland life expectancies of 76 years for men and 81four yearsother forstates women,have peopleestablished needstate-run retirement savings toplans lastfor longeremployees thanwithout inaccess theto past;employer-provided plans;

andnow, WHEREAS,therefore, be it RESOLVED by the increasedHouse costsof Delegates, the Senate concurring, That Christopher Newport University be requested to study the feasibility and merits of medicala care,state-run homeretirement healthsavings careplan costs,for Virginia employers and nursingtheir homesemployees willwho requiredo greaternot have access to an employer-provided retirement savings;savings plan.

andIn WHEREAS,conducting Marylandits andstudy, fourChristopher otherNewport statesUniversity have(the state-runUniversity) retirementshall savings(i) plansexamine forthe employeesrole withoutof accessemployers toin employer-providedproviding plans;retirement plans for their employees;

now,(ii) therefore,recommend bewhether itsuch RESOLVEDa byplan theshould House of Delegates, the Senate concurring, That the Virginia Retirement System be requestedadministered toby studyan theexisting feasibilitystate andagency meritsor of a state-runnewly retirementcreated savingsagency; plan for employers and their employees who do not have access to an employer-provided retirement savings plan.

In(iii) conductingconsider itsand study,recommend thefunding Virginiasources Retirement System shall (i) examine the role of employers in providing retirement plans for theirsuch employees;a plan;

(ii)and analyze(iv) thesolicit impactinput offrom relevantall statestakeholders. and federal laws and regulations;

(iii)All determineagencies ifof the VirginiaCommonwealth Retirementshall Systemprovide hasassistance the authority to administer such a plan and recommend whether such a plan should be administered by the VirginiaUniversity Retirementfor System,this anotherstudy, existingupon staterequest. agency, or a newly created one;

(iv)The recommendUniversity themay fundingcontract sourcewith fora suchnonprofit aorganization plan;to assist it in carrying out this study, as it deems appropriate.

andIf (v)the solicitUniversity inputis fromunable allto stakeholders.secure funding for this study, it shall not conduct the study but shall report to the General Assembly before proceeding.

AllThe agenciesUniversity ofshall thecomplete Commonwealthits shallmeetings provideby assistanceNovember 30, 2018, and shall submit to the VirginiaGovernor Retirementand Systemthe General Assembly an executive summary and a report of its findings and recommendations for thispublication study,as upona request.House or Senate document.

The Virginia Retirement System shall complete its meetings by November 30, 2018, and shall submit to the Governor and the General Assembly an executive summary and a report of its findings and recommendations for publication as a House or Senate document.