Islamist lawmaker Mohammed Sammoud says that 102 members out of 120 who attended the session voted in favor of the new transition plan, setting a deadline for drafting the country's constitution to August.
That will be followed by elections, with a new parliament to be handed power by Dec. 24, 2014.
According to the old timetable, the current interim parliament should have elected a constituent panel, drafted the constitution, held a referendum on it and then called for parliamentary elections before February.
Libya is undergoing a rocky transition after the downfall of longtime dictator Moammar Gadhafi who left the country with no effective court system and a weakened army and police. Former rebels who fought Gadhafi's forces have quickly filled up the security vacuum, becoming powerful militias who exert pressure on the government and parliament.
Since its election last year, the interim parliament has been deadlocked. One bloc dominated by Islamists and another by non-Islamists control roughly equal numbers of votes. This split has made it difficult to pass key legislation, including a law governing the 60-member constituent panel tasked to draft the constitution.
Proponents of the extended transition, however, say the alternative is a power vacuum when the current parliament's term expires.
"Feb. 7 is due date for the parliament to finish its mandate but this could led to chaos," said lawmaker Fatma al-Majbari.
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