dcrodriguez/Code-of-Virginia huggingface dataset:
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.37. Investment of assets of the Commonwealth's Attorneys Training Fund.
A. In addition to such other powers as shall be vested in the Board of the Virginia Retirement System (Board), the Board shall have the full power to invest, reinvest, and manage the assets of the Commonwealth's Attorneys Training Fund (Fund). The Board shall maintain a separate accounting for the assets of the Fund.

B. The Board shall invest the assets of the Fund with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. The Board shall also diversify such investments so as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so.

C. No officer, director, or member of the Board or of any advisory committee of the Virginia Retirement System or any of its tax exempt subsidiary corporations whose actions are within the standard of care set forth in subsection B shall be held personally liable for losses suffered by the Retirement System on investments made under the authority of this section.

D. The provisions of §§ 51.1-124.32, 51.1-124.33, 51.1-124.34, and 51.1-124.35 shall apply to the Board's activities with respect to moneys in the Fund.

E. The Board may assess the Commonwealth's Attorneys' Services Council a reasonable administrative fee for its services.

2015, cc. 212, 226.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.38. Repealed.
Repealed by Acts 2020, cc. 1164 and 1169, cl. 2.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.39. Investment of assets of the Line of Duty Death and Health Benefits Trust Fund.
A. In addition to such other powers as shall be vested in the Board, the Board shall have the full power to invest, reinvest, and manage the assets of the Line of Duty Death and Health Benefits Trust Fund (the Fund) established pursuant to § 9.1-400.1. The Board shall maintain a separate accounting for the assets of the Fund.

B. The Board shall invest the assets of the Fund with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. The Board shall also diversify such investments so as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so.

C. No officer, director, or member of the Board or of any advisory committee of the Retirement System or any of its tax-exempt subsidiary corporations whose actions are within the standard of care in subsection B shall be held personally liable for losses suffered by the Retirement System on investments made under the authority of this section.

D. The provisions of §§ 51.1-124.32 through 51.1-124.35 shall apply to the Board's activities with respect to moneys in the Fund.

E. The Board may assess the Fund a reasonable administrative fee for its services.

2016, c. 677.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.40. Investment of assets of the Opioid Abatement Fund.
A. In addition to such other powers as shall be vested in the Board, the Board shall have the full power to invest, reinvest, and manage any assets of the Opioid Abatement Fund (the Fund) designated by the Opioid Abatement Authority for investment, reinvestment, or management by the Board. The Board shall maintain a separate accounting for the assets of the Fund. The Opioid Abatement Authority shall request a distribution of funds from the Board no more frequently than annually, and the Opioid Abatement Authority shall designate funds for investment by the Board no more frequently than annually.

B. The Board shall invest the assets of the Fund with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. The Board shall also diversify such investments so as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so.

C. No officer, director, or member of the Board or of any advisory committee of the Retirement System or any of its tax exempt subsidiary corporations whose actions are within the standard of care in subsection B shall be held personally liable for losses suffered by the Retirement System on investments made under the authority of this section.

D. The provisions of §§ 51.1-124.32 through 51.1-124.35 shall apply to the Board's activities with respect to funds in the Fund.

E. The Board may assess the Opioid Abatement Authority a reasonable administrative fee for its services.

2021, Sp. Sess. I, cc. 306, 307.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.5. Disclosure of social security account numbers.
The Retirement System may require the disclosure of the social security account number of any employee, judge, or other person covered under this title to be used for any purpose relating to the administration of the retirement systems or the implementation of this title.

1977, c. 620, § 51-111.22:2; 1990, c. 832, § 51.1-103; 1994, cc. 4, 85.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.6. Benefits to be paid monthly.
All benefits payable by the Retirement System shall be paid in equal monthly installments, unless the Board approves another method of payment.

1952, c. 353, § 51-111.71; 1990, c. 832, § 51.1-104; 1994, cc. 4, 85.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.7. Distribution of assets upon repeal of system.
A. If the General Assembly repeals the provisions of this chapter or terminates its application to any person, the Board shall continue to administer the Retirement System in accordance with the provisions of this chapter for the sole benefit of the then members, any beneficiaries then receiving retirement allowances, and any future persons entitled to receive benefits under a joint and last-survivor option who are designated by a member.

B. Upon repeal or termination of the Retirement System, the assets of the Retirement System shall be allocated by the Board in an equitable manner to provide benefits for the persons stated in subsection A of this section in accordance with the provisions of this chapter but based on creditable service and average final compensation as of the date of repeal or termination and in the following order:

1. For the benefit of the then members to the extent of their individual account in the members' contribution account.

2. If any funds remain, then for the benefit of the then beneficiaries and persons already designated by former members who are then beneficiaries under a joint and last-survivor option, to the extent of the then actuarial value of their retirement allowances.

3. If any funds remain, then for the benefit of members, and persons, if any, designated by them under a joint and last-survivor option, to the extent, not provided under subdivision 1 of this subsection, of the then actuarial value of their accrued future retirement allowances. The allocation under this subdivision shall be the basis of the oldest-ages-first method.

The employer is required to contribute the amount necessary to make up any insufficiency of assets needed to provide all benefits payable under subdivisions 1 and 2 of this subsection.

C. The allocation of assets of the Retirement System shall be carried out by the Board as the benefits become due or by the transfer of such assets to any retirement system replacing this Retirement System. The vesting of benefits shall be fully maintained under the new retirement system. Any funds remaining in the assets of this retirement system after all of the vested benefits have been paid shall revert to the general fund.

D. Any allocation of assets shall be final and binding on all persons entitled to benefits.

E. Upon the termination or partial termination of the Retirement System, each affected member shall become fully vested, as of the termination date or partial termination date, in his service retirement allowance to the extent funded, regardless of the length of service or amount of creditable service.

1952, c. 157, § 51-111.16; 1960, c. 604; 1977, c. 620; 1978, c. 841; 1980, cc. 637, 638, 646; 1982, cc. 467, 478; 1990, c. 832, § 51.1-105; 1994, cc. 4, 85; 2014, c. 356.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.8. Persons affected by changes in retirement benefits.
Unless otherwise specifically stated, legislation which effects a change in the amount of a retirement benefit other than a post-retirement supplement shall be construed to effect only the benefits of those persons who qualify for a retirement allowance on or after the effective date of the legislation.

1952, c. 157, § 51-111.16; 1960, c. 604; 1977, c. 620; 1978, c. 841; 1980, cc. 637, 638, 646; 1982, cc. 467, 478; 1990, c. 832, § 51.1-106; 1994, cc. 4, 85.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-124.9. Changes or errors in records resulting in erroneous payments; employer liability.
A. 1. If any change or error in records results in any member or beneficiary receiving more or less than he would have been entitled to receive from the Retirement System had the records been correct, the Board shall, subject to the provisions of subsection B, correct the error and as far as practicable adjust the payments so that the actuarial equivalent of the correct benefit shall be paid.

2. If a member has been overpaid through no fault of his and could not reasonably have been expected to detect the error the Board may waive any repayment which it believes would cause hardship.

3. Upon determination that any person has erroneously been included in membership in the Retirement System, accumulated contributions resulting from the erroneous membership shall be refunded.

B. The Board is authorized to recover any overpayments, from an employer found to be responsible for such overpayments, to a member or beneficiary (i) whose average final compensation exceeds the limitation in § 51.1-152, (ii) who receives in-service distributions because the member or beneficiary is rehired by the employer without either a bona fide break in service, as determined by the Board, following retirement, or the break in service required under subdivision B 3 (a) of § 51.1-155, or (iii) who the Board determines was in service as an employee covered for retirement purposes as prohibited by subdivision B 1 of § 51.1-155.

1952, c. 157, § 51-111.67; 1956, c. 690; 1976, c. 541; 1990, c. 832, § 51.1-107; 1994, cc. 4, 85; 2011, c. 747.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-125. Persons composing membership; persons holding more than one position.
A. All persons who become employees after March 1, 1952, shall be members of the retirement system, except for the following persons:

1. Any person who elects not to participate as provided in this chapter, or who elected not to participate in the abolished system.

2. Any person who becomes an employee and who elects to remain a member of a local pension system where such election is allowed by state law.

3. Any member of a local system who through promotion achieves a position bringing him within the definition of a teacher if he elects within sixty days, with the concurrence of his employer, to remain a member of the local system.

B. No person shall hold more than one membership in the retirement system at any one time with respect to any of the benefits provided under this title. Any person employed in more than one position resulting in membership shall elect one position on which his membership shall be based by written notification thereof to the Board.

1952, c. 157, § 51-111.27; 1954, c. 241; 1960, c. 400; 1973, c. 523; 1978, c. 841; 1982, c. 467; 1984, c. 430; 1985, c. 490; 1987, c. 575; 1990, c. 832.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-126.1. Certain employees of teaching hospitals.
A. Any teaching hospital affiliated with an institution of higher education, other than the Virginia Commonwealth University Health System Authority or the University of Virginia Medical Center, may establish a retirement plan covering in whole or in part its employees who are health care providers, as determined by the Department of Human Resource Management pursuant to § 2.2-2905, and is authorized to make contributions for the benefit of its employees who elect to participate in such plan or arrangement rather than in the retirement system established by this chapter. Any such alternative retirement plan shall not become effective until July 1, 1991, or any time thereafter, as determined by such teaching hospital. Any health care provider employed by such teaching hospital on or after July 1, 1991, may make an irrevocable election to participate in either the retirement plan established by this chapter or the plan provided by the teaching hospital, in accordance with guidelines established by the Virginia Retirement System. The election herein provided shall, as to any health care provider employed after the alternative retirement plan implementation date, be exercised not later than thirty-one days from the time of entry upon the performance of his duties.

B. No health care provider employed by a teaching hospital who is an active member of a plan established under this section shall also be an active member of the retirement system or a beneficiary other than a contingent annuitant.

C. The contribution by the Commonwealth to any other retirement plan established on behalf of health care providers as provided in subsection A shall be the contribution by the Commonwealth which would be required if the health care provider were a member of the retirement system or eight percent of creditable compensation, whichever is less.

D. If the institution of higher education with which the teaching hospital is affiliated has adopted a retirement plan under § 51.1-126 for its employees who are engaged in the performance of teaching, administrative, or research duties, the plan established under this section shall offer the same investment opportunities as are available to the participants of the plan established under § 51.1-126.

E. The Virginia Retirement System shall develop policies and procedures for the administration of the retirement plan established under this section.

1991, c. 645; 1993, c. 895; 1996, cc. 905, 933, 995, 1046; 2000, cc. 66, 657, 720.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-126.2. Repealed.
Repealed by Acts 1998, c. 449.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-126.4. Employees of the Virginia Port Authority.
A. The Virginia Port Authority, hereinafter referred to as the Authority, may establish one or more retirement plans covering in whole or in part its employees. The Authority is authorized to make contributions for the benefit of its employees who elect to participate in such plan or arrangement rather than in any other retirement system established by this chapter. Any such alternative retirement plan shall become effective at such time as determined by the Authority. The Authority shall notify the Virginia Retirement System of the establishment of such plan no later than ninety days prior to the effective date. Any present employee of the Authority may make an irrevocable election to participate in the retirement plan established by this chapter or any plan provided by the Authority. Such election shall be made no later than 180 days after the effective date of the plan provided for in this section on forms supplied by the Virginia Retirement System. Any employee hired on or after the effective date of the plan provided for in this section shall become a participant in that plan, subject to the eligibility criteria of that plan.

B. No employee of the Authority who is an active member of a plan established under this section shall also be an active member of the retirement system established by this chapter or a beneficiary of such other plan other than as a contingent annuitant.

C. The Authority shall develop policies and procedures for the administration of any retirement plan it establishes under this section. A copy of such policies and procedures shall be filed with the Board of Trustees of the Virginia Retirement System.

D. Pursuant to § 62.1-129.1, employees of the Authority shall be eligible to continue their participation in the Virginia Retirement System or may participate in an alternative retirement plan offered pursuant to this section.

1997, c. 232; 2015, c. 660.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-126.7. Employees of the Virginia Outdoors Foundation.
A. The Virginia Outdoors Foundation, hereinafter referred to as the Foundation, may establish a retirement plan covering in whole or in part its employees. The Foundation is authorized to make contributions for the benefit of its employees who elect to participate in such plan or arrangement rather than in any other retirement system established by this chapter. Any such alternative retirement plan shall become effective at such times as determined by the Foundation. The Foundation shall notify the Virginia Retirement System of the establishment of such plan no later than ninety days prior to the effective date. Any present employee of the Foundation may make an irrevocable election to participate in the retirement plan established by this chapter or any plan provided by the Foundation. Such election shall be made no later than 180 days after the effective date of the plan provided for in this section on forms supplied by the Virginia Retirement System. Any employee hired on or after the effective date of the plan provided for in this section shall become a participant in that plan, subject to the eligibility criteria of that plan.

B. No employee of the Foundation who is an active member of a plan established under this section shall also be an active member of the retirement system established by this chapter or a beneficiary of such other plan other than as a contingent annuitant.

C. Upon an election by an employee of the Foundation to participate in the retirement plan established by the Foundation, the employee may also elect to transfer his accumulated contribution account, as reduced by the amount of any retirement allowance previously received by him under any of the provisions of this chapter or the abolished system, directly to the retirement plan established by the Foundation as a credit to his account in such plan. This election shall only be permitted if the plan established by the Foundation is a qualified plan under Section 401 (a) of the Internal Revenue Code. If a transfer is elected, no portion of the transferred amount shall be available to the member until benefits under the retirement plan established by the Foundation are otherwise available for distribution. The transfer of the accumulated contributions to such retirement plan shall be treated as a withdrawal of the member's accumulated contributions for purposes of § 51.1-128.

D. The Foundation shall continue to pay the required contributions to the Virginia Retirement System for employees who do not elect to participate in the retirement plan established by the Foundation pursuant to this section.

2001, c. 698.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-126.8. Maximum contributions to optional plans; coordination of limits.
A. Notwithstanding any other provision of law, the annual additions to the optional retirement plans described in Article 4 (§ 51.1-125 et seq.) of Chapter 1 of this title shall be reduced, if necessary, to the extent required by § 415 (c) of the Internal Revenue Code, as adjusted by the Secretary of the Treasury pursuant to § 415 (d) of the Internal Revenue Code. If an employee participating in an optional retirement plan is also a participant in another defined contribution plan qualified under §§ 401 (a) or 403 (b) of the Internal Revenue Code and sponsored or maintained by an employer participating in such optional retirement plan, the employer shall apply the combined limit test required by § 415 (c) of the Internal Revenue Code. Whenever a reduction in annual additions is required to comply with the limitations of § 415 (c) of the Internal Revenue Code, the annual additions under such employer's other plan or plans will be reduced before contributions under the optional retirement plan.

B. Any vendor for an optional retirement plan that is a defined contribution plan established by Article 4 of Chapter 1 of Title 51.1 shall (i) request and maintain the records needed, (ii) perform the testing services required to assure compliance with the limitation described in § 415 (c) of the Internal Revenue Code, including testing required where the employer maintains or sponsors another defined contribution plan that must be tested together with the optional retirement plan, and (iii) advise the employer of any contribution that exceeds the applicable limitation. If there is no vendor for these services, the employer shall (a) request and maintain the records needed, (b) perform the testing services required to assure compliance with the limitation described in § 415 (c) of the Internal Revenue Code, including testing required where the employer maintains or sponsors another defined contribution plan that must be tested together with the optional retirement plan, and (c) reduce any contribution that exceeds the applicable limitation.

2002, c. 435.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-127. Federal Employees' Retirement System.
The Virginia Cooperative Extension Service is hereby authorized to make contributions into the Federal Employees' Retirement System for the benefit of its employees who hold federal governmental appointments and who elect to participate in the system. No employee who is an active member of the Federal Employees' Retirement System shall also be an active member or beneficiary other than a contingent annuitant of the retirement system or any retirement plan authorized by this chapter or administered by the Board.

1952, c. 157, § 51-111.28; 1978, c. 841; 1982, c. 467; 1987, c. 215; 1990, c. 832.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-128. Cessation of membership.
Membership in the retirement system shall cease (i) upon the withdrawal of the member's accumulated contributions except as provided in subsection C of § 51.1-153, (ii) upon retirement, (iii) upon death, or (iv) as provided by Board policy for dormant accounts.

An employee shall lose all rights to any benefits under this chapter arising from service rendered prior to the date of cessation of membership.

1952, c. 157, §§ 51-111.29, 51-111.43; 1954, c. 643; 1960, c. 604; 1966, c. 174; 1978, c. 841; 1984, c. 430; 1990, c. 832; 1992, c. 811.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-129. Limitation on membership.
No provision of any other statute which provides that the Commonwealth shall pay the entire or a portion of the cost of retirement benefits for employees, their surviving spouses, or other dependents shall apply to members or beneficiaries of the retirement system, or to their surviving spouses, or other dependents. This provision shall not apply to any benefits extended under any agreement between the Commonwealth and the federal government, or any agency thereof, or any benefits extended under the Government Employees Deferred Compensation Plan Act (§ 51.1-600 et seq.).

1952, c. 157, § 51-111.30; 1976, c. 654; 1990, c. 832.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-130. Resolution of governing body; approval by Board.
A. The governing body of a political subdivision may adopt a resolution requesting that its eligible employees become members of the retirement system. The governing body's resolution shall be submitted to the Board for approval, and acceptance of the employees in the retirement system shall be at the option of the Board. If the Board approves the resolution, eligible employees may become members of the retirement system. The Board shall not approve the resolution unless the political subdivision has first entered into a plan of agreement, as defined in § 51.1-700, to extend benefits under the Social Security Act to its employees approved under the provisions of § 51.1-705.

B. The governing body of any political subdivision approved for participation in the retirement system pursuant to subsection A may adopt a resolution that provides, on or after October 1, 1994, an additional retirement allowance not to exceed three percent of the applicable service or disability retirement allowances payable under § 51.1-155, 51.1-157, 51.1-206, 51.1-306, or 51.1-308.

1952, c. 157, § 51-111.31; 1954, c. 241; 1958, c. 367; 1960, c. 400; 1973, c. 523; 1974, c. 353; 1975, c. 296; 1976, c. 581; 1977, c. 620; 1990, c. 832; 1994, 1st Sp. Sess., c. 5; 2005, c. 902.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-131. Local pension systems; transfer to retirement system.
The members of any annuity fund, benevolent association, or retirement system of any political subdivision, hereafter referred to as a local pension system, may elect to become members of the retirement system by submitting to the Board a petition duly signed by a majority of the members. The Board may approve the participation of such members in the retirement system as though the local pension system was not in operation, and the provisions of this article shall thereupon apply. Existing pensioners or annuitants of the local pension system who are being paid pensions on the effective date of coverage and former employees whose rights are vested may retain their rights under the local pension system and be paid at their existing rates by the retirement system. After the local pension system is discontinued, the rates may be increased by all future percentage increases which are granted to beneficiaries retired under the provisions of this chapter.

If deemed practicable by the Board, any cash and securities credited to the local pension system shall be transferred to the retirement system as of the effective date of coverage. The administrative head of the local pension system shall certify the proportion of the funds of the system that represents the accumulated contributions and the relative shares of the members. If appropriate, the accumulated contributions and shares shall be credited to the individual accounts of the members in the members' contribution account. The operation of the local pension system shall be discontinued as of the effective date of coverage.

If the Board determines that the transfer of funds is not practicable, the Board may enter into an agreement with the employer to coordinate any benefits payable under this chapter with any vested benefits payable under the discontinued local system.

1952, c. 157, § 51-111.34; 1960, c. 604; 1973, c. 523; 1976, c. 654; 1978, c. 841; 1990, c. 832.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-132. Eligible employees.
Officers and employees of the political subdivision who are regularly employed full time on a salaried basis and whose tenure is not restricted as to temporary or provisional appointment may become members of the retirement system. Clerks of the circuit court and deputies shall be included in the coverage group. Officers and employees of an organization other than a public school board that functions solely within the boundaries of a county, city, or town shall be deemed to be officers and employees of the county, city, or town, and not of the organization, unless the cost of the organization's operation is borne by (i) the users of services, (ii) more than one county, city, or town, or (iii) any entity other than a county, city, or town.

A member of a local system who, through election to a position as a constitutional officer, is no longer eligible for membership in the local system, and who, prior to such election, has accumulated within that system more than half the total service credits necessary to become eligible for full normal retirement benefits, may choose, with the concurrence of the local governing body, (i) not to participate in the retirement system established pursuant to this chapter and (ii) to become a member of the local system. In such case, the member shall be deemed, for retirement purposes only, to have ceased employment, and shall be permitted to withdraw his contribution as provided in § 51.1-161.

1952, c. 157, § 51-111.31; 1954, c. 241; 1958, c. 367; 1960, c. 400; 1973, c. 523; 1974, c. 353; 1975, c. 296; 1976, c. 581; 1977, c. 620; 1990, c. 832; 1994, c. 883.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-133. Limitation on membership.
Employees who are members of any retirement, pension, or benefit fund partially or wholly supported by public funds shall not be entitled to become members of the retirement system on that part of their compensation covered by the fund except as provided under this article.

1952, c. 157, § 51-111.31; 1954, c. 241; 1958, c. 367; 1960, c. 400; 1973, c. 523; 1974, c. 353; 1975, c. 296; 1976, c. 581; 1977, c. 620; 1990, c. 832.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-134. Optional membership; creditable service.
Membership in the retirement system for eligible employees in service on the date of coverage shall be optional. Any employee who elects to join the retirement system within one calendar year after the date of coverage shall be entitled to credit for service rendered prior to the date of coverage as certified by his employer for service rendered to the employer, his predecessor, the Commonwealth, or in any other capacity approved by the employer and the Board.

1952, c. 157, § 51-111.32; 1960, c. 400; 1974, c. 353; 1990, c. 832.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-135. Compulsory membership.
Membership in the retirement system shall be compulsory for all eligible employees who enter service after the effective date of coverage. For purposes of this section, "membership in the retirement system" includes an eligible employee's participation in the hybrid retirement program pursuant to § 51.1-169.

1952, c. 157, § 51-111.33; 1960, c. 400; 1978, c. 841; 1987, c. 575; 1990, c. 832; 2012, cc. 701, 823.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-136. Submitting information and performing duties prescribed by Board.
The chief fiscal officer of the employer and the heads of its departments shall submit information and perform duties prescribed by the Board in order to carry out the provisions of this chapter.

1952, c. 157, § 51-111.35; 1990, c. 832.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-137. Computation of employer contribution rates; reimbursement by Commonwealth.
A. At least once in each two-year period, the actuary of the retirement system shall compute the annual rates of contributions payable by the employer on behalf of employees who are members. The rates shall be determined by an actuarial valuation of the retirement allowances and other benefits which will be payable on behalf of the employees who are members. The contributions shall be payable in lieu of contributions payable on behalf of other members in the system. The expense of making initial and subsequent valuations shall be assessed against and paid by the employer.

B. In the case of contributions payable by the employer on behalf of any local officer, the Commonwealth shall reimburse the employer on the basis on which the Commonwealth pays the salaries of the officer or shares or would share in the excess fees from the office. Payment shall be made from funds appropriated for this purpose.

1952, c. 157, § 51-111.36; 1956, c. 560; 1958, c. 367; 1974, c. 353; 1982, c. 443; 1984, c. 430; 1990, c. 832.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-137.1. Certain local data to be provided.
In addition to the annual actuarial evaluation currently provided to participating localities by the Virginia Retirement System, VRS annually shall provide each participating locality the locality-specific data on which the annual actuarial evaluation is based, and such other information as may be necessary for each locality to determine the specific assumptions that are driving its VRS-related costs, and to understand the retirement costs of different classes of covered employees. The Virginia Retirement System is authorized to assess fees for data collection, reporting, actuarial analysis, and other requested services beyond those required for the annual actuarial valuation provided to each participating employer. Such fees may be collected from funds maintained and invested by the Virginia Retirement System on behalf of each requesting employer.

2007, c. 466.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-139. Procedure when employer in default.
An employer's agreement to contribute on behalf of its employees who become members shall be irrevocable. If an employer for any reason becomes financially unable to make the contributions payable on behalf of the members, the employer shall be deemed to be in default and the employees' membership in the Retirement System shall be terminated. As of the date of the default, (i) each member or beneficiary whose coverage under the Retirement System is affected by such default shall become fully vested, (ii) the actuary of the Retirement System shall determine by actuarial valuation the amount of the reserves held on behalf of each then member and each then beneficiary, and (iii) the Retirement System shall credit to each member and each beneficiary the amount of reserve so held. The reserve so credited together with the amount of the accumulated contributions of each member, shall be disbursed in a manner prescribed by the Board consistent with the applicable tax qualification rules of the Internal Revenue Code, whereupon the rights and privileges of the members and beneficiaries shall terminate.

1952, c. 157, § 51-111.38; 1960, c. 604; 1986, c. 474; 1990, c. 832; 2004, c. 207.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-140. Repealed.
Repealed by Acts 2012, c. 696, cl. 2.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-141. Service equivalents.
The Board shall determine how much service in any month is the equivalent of a month of service or how much service in any year is the equivalent of a year of service. The Board shall not allow more than one year of service credit for all service rendered in any period of twelve consecutive months.

1952, c. 157, § 51-111.40; 1956, c. 560; 1990, c. 832.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-142. Repealed.
Repealed by Acts 2001, cc. 686 and 697.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-143. Repealed.
Repealed by Acts 2001, cc. 686 and 697.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-143.1. Portability of service credit between the Virginia Retirement System and certain political subdivisions of the Commonwealth.
The Virginia Retirement System may enter into an agreement with any political subdivision of the Commonwealth which has a defined benefit plan that is not supplemental to the Retirement System to permit any vested member of the political subdivision's plan, upon entering service in a covered position and filing a written application with the Retirement System, to purchase service credit, of an amount to be determined by the Board of Trustees, in the Retirement System. The purchase shall be accomplished by and upon the transfer of assets to the Retirement System from the political subdivision's plan as provided in the agreement.

1996, cc. 939, 990.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-146. Failure to report or pay contributions or insurance premiums.
Every employer shall file all reports and pay all contributions and insurance premiums required by this title or Board regulation. Failure to file reports or pay contributions or insurance premiums by the end of the month in which due may result in a penalty of five percent of the amount due plus interest at the rate of one percent per month until payment is made. The Board may waive all or a part of the penalty and interest if good cause is shown. Delinquent contributions, insurance premiums, penalties, and interest may be recovered by action in a court of competent jurisdiction. At the discretion of the Board, contributions, insurance premiums, penalties and interest may be deducted from the retirement allowance account of the employer or may be deducted by the State Treasurer, upon warrant of the Comptroller, from any nonearmarked moneys distributable to the employer by any department or agency of the Commonwealth.

1980, c. 644, § 51-111.47:1; 1984, c. 430; 1986, c. 474; 1990, c. 832; 1995, c. 307; 1997, c. 273.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-147. Members' contribution account.
A. All members' contributions and interest allowances shall be credited to the member's contribution account. Accumulated contributions required to be returned to a member or required to be paid in the event of a member's death before retirement shall be paid from the member's contribution account.

B. At the end of each payroll period, the Comptroller shall transfer to the members' contribution account an amount equal to the aggregate amount of the deductions which would have been made for the preceding payroll period from the salaries of all members from the appropriate fund in the state treasury. The Comptroller shall forward a record of all such transfers to the Board. In all other cases, the employer shall transmit its warrant to the State Treasurer for the payment of an amount equal to the aggregate amount of the deductions made for each payroll period from the salaries of all members paid by the employer for the preceding payroll period. The funds collected by the State Treasurer shall be credited to the members' contribution account. The State Treasurer shall transmit a record of all moneys collected to the Comptroller and the Board.

C. Each individual account of the members' contribution account shall be credited annually with interest at the rate of four percent annually on the accumulated contributions of the member. Interest shall accrue on any contribution beginning at the end of the fiscal year in which the contribution was made. The Board shall have the authority to determine the manner in which the interest is to be credited to the members' contribution account.

D. Upon the retirement of a member, his accumulated contributions shall be transferred from the members' contribution account to the retirement allowance account.

1952, c. 157, § 51-111.49; 1966, c. 174; 1970, c. 476; 1976, c. 540; 1982, c. 467; 1986, c. 474; 1990, c. 832.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-148. Retirement allowance account.
A. All employer contributions, all amounts transferred from the members' contribution account, and all income from the invested assets of the retirement system shall be credited to the retirement allowance account. All benefits under the retirement system, other than refunds of members' accumulated contributions, and all administrative expenses of the retirement system, except to the extent that such expenses are otherwise paid, shall be paid from the retirement allowance account. At the discretion of the Board, contributions, penalties, and interest assessments may be deducted from the retirement allowance account of the employer.

B. The amount of the interest allowances provided for in this chapter shall be transferred from the retirement allowance account to the members' contribution account annually.

C. The records of the retirement allowance account shall be maintained so that the portion that is applicable to each respective employer may be ascertained at all times.

1952, c. 157, § 51-111.50; 1956, c. 560; 1978, c. 841; 1980, c. 137; 1984, c. 430; 1990, c. 832.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-149. Appointment of custodian; payments.
The Board is authorized to appoint custodians for the safekeeping and payment of retirement system assets. The selection of these investment services shall be governed exclusively by the fiduciary standard set forth in this chapter.

The Board may request the State Treasurer to issue retirement benefit payments on behalf of the retirement system. At the direction of the Board, retirement payments from the accounts shall be made by the State Treasurer, on warrants of the Comptroller, issued upon vouchers signed by persons designated by the Board. A duly attested copy of a resolution of the Board designating the persons and bearing on its face the specimen signatures of the persons shall be filed with the Comptroller as his authority for issuing warrants upon such vouchers. No voucher shall be drawn unless it has been authorized by Board resolution.

1952, c. 157, § 51-111.51; 1988, c. 809; 1990, c. 832.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-150. Deposits.
For the purpose of meeting disbursements for retirement allowances and other payments, cash, not exceeding ten percent of the total amount in the accounts of the retirement system, may be kept on deposit to the credit of the State Treasurer in one or more banks or trust companies, located in Virginia, organized under the laws of Virginia or of the United States and qualified as state depositories.

1952, c. 157, § 51-111.52; 1990, c. 832.

Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-151. Repealed.
Repealed by Acts 1997, c. 641.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-152. Limitations on average final compensation.
If an employee receives increases in compensation in the last four years of service which are not related to promotion and which exceed the average increase received by other employees of the same employer holding comparable positions, the excess shall be excluded when computing the average final compensation if the Board finds, after consideration of all circumstances, that the primary purpose of the salary increase was to increase the retirement benefit of the employee. If there are no employees of the same employer holding comparable positions, the increases may be excluded from the average final compensation if they exceed the average percentage increase received by all other employees of the same employer. Creditable compensation assumed to have been received for the purpose of purchasing service shall be excluded from a member's average final compensation.

1952, c. 157, § 51-111.10; 1954, c. 497; 1956, c. 98; 1956, Ex. Sess., c. 64; 1960, c. 604; 1966, cc. 174, 175; 1970, c. 779; 1971, Ex. Sess., cc. 88, 185; 1972, cc. 568, 708; 1973, cc. 322, 523, 545, 546; 1974, cc. 353, 484; 1975, cc. 597, 611; 1976, cc. 678, 699; 1977, c. 620; 1980, c. 722, § 51-111.10:01; 1982, cc. 467, 478; 1984, c. 430; 1986, c. 474; 1987, c. 392; 1990, c. 832.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-154. Compulsory service retirement.
Any employer, subsequent to the employee's normal retirement date, may provide for compulsory service retirement upon a determination that age is a bona fide occupational qualification reasonably necessary to the normal operation of the particular business or that an employee is incapable of performing his duties in a safe and efficient manner. Any such determination shall be made by the employer.

1952, c. 157, § 51-111.54; 1954, c. 460; 1956, c. 458; 1958, c. 356; 1959, Ex. Sess., c. 59; 1966, c. 147; 1968, c. 177; 1970, c. 476; 1971, Ex. Sess., c. 185; 1972, c. 26; 1974, c. 353; 1975, c. 611; 1980, c. 595; 1982, c. 406; 1984, c. 430; 1987, c. 571; 1990, c. 832.
Code of Virginia — Title 51.1 (Pensions, Benefits, and Retirement), Chapter 1 (VIRGINIA RETIREMENT SYSTEM)
§ 51.1-155.2. Exceptions from general early retirement provisions for certain local government officials.
A. The provisions of this section apply to any member of the retirement system who (i) is appointed county administrator pursuant to § 15.2-406 or 15.2-1540, urban county executive pursuant to § 15.2-804, county executive pursuant to § 15.2-509, county manager pursuant to § 15.2-609 or 15.2-702, county administrator or city or town manager pursuant to Chapter 15 (§ 15.2-1500 et seq.) of Title 15.2 or county, city or town attorney pursuant to § 15.2-1542; (ii) is involuntarily separated from service; and (iii) has 20 or more years of creditable service at the date of separation. Such member may retire without the reduction in retirement allowance required by subdivisions A 2 and A 3 of § 51.1-155 upon attaining age 50, provided, however, that if (a) the member is a person who becomes a member on or after July 1, 2010, (b) the member does not have at least 60 months of creditable service as of January 1, 2013, or (c) the member is enrolled in the hybrid retirement program described in § 51.1-169, then the member may retire without the reduction in retirement allowance required by subdivisions A 2 and A 3 of § 51.1-155 upon attaining age 60.

B. For the purposes of this section, "involuntary separation" means any dismissal, requested resignation, or failure to obtain reappointment, except in case of a conviction for a felony or crime involving moral turpitude or dishonesty.

C. The cost of this provision shall be borne by the locality.

1995, c. 721; 1996, cc. 662, 924; 1998, c. 676; 2000, cc. 343, 911; 2008, c. 537; 2011, c. 880; 2014, c. 356.