§ 30-372

(Expires July 1, 2021) Powers and duties of Commission

A. The Commission shall have the power and duty to:

1. Hold meetings and functions at any place within the Commonwealth that it deems necessary;

2. Conduct public hearings and designate a member of the Commission to preside over such hearings;

3. Conduct studies and gather information and data in order to accomplish its purposes as set forth in § 30-371; and

4. Report on or before December 1 of each year on its activities and findings, including any recommendations for legislation, to the General Assembly and the Governor. The annual report shall be submitted by the chairman as provided in the procedures of the Division of Legislative Automated Systems for the processing of legislative documents and reports and shall be published as a state document.

B. The Commission shall have access to the information and records of the Virginia Retirement System and any corporations or subsidiaries thereof or other entities owned, directly or indirectly, or otherwise created by or on behalf of the Virginia Retirement System.

C. Proprietary records of the Virginia Retirement System or its subsidiary corporations provided to the Commission shall be deemed confidential and shall be exempt from disclosure under the Virginia Freedom of Information Act (§ 2.2-3700 et seq.), where such records would not be subject to disclosure by the Virginia Retirement System or its subsidiary corporations. Such proprietary records provided to the Commission by the Virginia Retirement System or its subsidiary corporations shall not be released to any other person unless authorized by the Virginia Retirement System.

D. The Commission shall initially focus on the financial soundness of retirement plans covering state and local government employees, including present unfunded liabilities of state and local defined benefit retirement plans. The Commission shall develop strategies and recommendations for reducing such unfunded liabilities.

History

2016, c. 683.

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