reglab/statecodes huggingface dataset:
2023 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.
2023 Code of Virginia › Title 51.1 - Pensions, Benefits, and Retirement › Chapter 1 - Virginia Retirement System › § 51.1-124.10. Falsification of records; penalty

Any person who knowingly makes any false statement or falsifies or permits the falsification of any Retirement System record in any attempt to defraud the Retirement System shall be guilty of a Class 1 misdemeanor.
1952, c. 157, § 51-111.14; 1990, c. 832, § 51.1-108; 1994, cc. 4, 85.
2023 Code of Virginia › Title 51.1 - Pensions, Benefits, and Retirement › Chapter 1 - Virginia Retirement System › § 51.1-124.11. Recovery of payments procured by fraud, false statement, etc.

Any payment to a member or beneficiary which is later determined by the Board to have been procured on the basis of any false statement or falsification of any Retirement System record knowingly made by or on behalf of the member or beneficiary, or the member's or beneficiary's failure to make any required report of change in disability status, may be recovered from the member or beneficiary by the Board either by way of a credit against future payments due the member or beneficiary, by an action at law against the member or beneficiary, or by deducting any overpayment of benefits from insurance proceeds as provided in § 51.1-510. Prior to making any such determination, the Board shall give the member or beneficiary reasonable prior written notice and an opportunity to be heard in accordance with the provisions of the Administrative Process Act (§ 2.2-4000 et seq.). Any member or beneficiary aggrieved by such determination of the Board shall be entitled to judicial review pursuant to Article 5 (§ 2.2-4025 et seq.) of the Administrative Process Act.
1998, c. 657.
2023 Code of Virginia › Title 51.1 - Pensions, Benefits, and Retirement › Chapter 1 - Virginia Retirement System › § 51.1-124.21. Application of State and Local Government Conflict of Interests Act

The provisions of the State and Local Government Conflict of Interests Act (§ 2.2-3100 et seq.) shall apply to the members of the Board and the employees of the Virginia Retirement System.
1994, cc. 4, 85.
2023 Code of Virginia › Title 51.1 - Pensions, Benefits, and Retirement › Chapter 1 - Virginia Retirement System › § 51.1-124.23. Medical boards

A. The Board may create one or more medical boards composed of physicians or other health care professionals who are not eligible to participate in the Retirement System. Members of the medical boards created pursuant to this section shall serve at the pleasure of the Board. A medical board created pursuant to this section may appoint physicians or other health professionals to supplement the medical board membership as necessary to render medical decisions involving specific medical specialties or to serve as substitutes when members of such medical board cannot serve in their official capacity. Any such appointments made by the medical board shall be immediately communicated to the Board or its designee.
B. The duties of a medical board created pursuant to this section shall include:
1. Reviewing all reports of medical examinations required by this chapter.
2. Investigating all essential health and medical statements and certificates filed in connection with disability retirement.
3. Submitting to the Board a written report of its conclusions and recommendations on all matters referred to it.
C. A medical board created pursuant to this section, its substitutes, and its employees shall not be held personally liable for conclusions, advice, or recommendations made in accordance with the duties of such medical board under the provisions of this title.
D. The Board is authorized to delegate or assign to any person the authority to appoint medical board membership.
1952, c. 157, § 51-111.26; 1980, cc. 680, 728; 1984, c. 430; 1990, c. 832, § 51.1-112; 1994, cc. 4, 85; 1997, c. 78; 2001, c. 39.
2023 Code of Virginia › Title 51.1 - Pensions, Benefits, and Retirement › Chapter 1 - Virginia Retirement System › § 51.1-124.24. Chief investment officer; qualifications; duties

A. To assist the Board of Trustees in fulfilling its fiduciary duty as trustee of the funds of the Virginia Retirement System, the Board shall employ a chief investment officer to direct, manage, and administer the investment department. The chief investment officer shall be employed under special contract with the Board, shall report directly to the Board, shall serve at the pleasure of the Board, and may be removed by a majority vote of the Board.
B. To ensure that the Board of Trustees receives competent, professional advice regarding its investment decisions from the chief investment officer, the chief investment officer shall demonstrate (i) an ability to oversee, structure, and evaluate institutional investment portfolios and (ii) extensive experience in any two or more of the following areas: domestic equity or fixed-income securities, international equity or fixed-income securities, cash management, alternative investments, managed futures, or large real estate investments. By resolution of the Board, additional qualifications for the chief investment officer may be set.
C. In addition to such duties as the Board of Trustees may include in its special employment contract with the chief investment officer, he shall have the following duties: (i) coordinating asset allocation for all asset classes and subclasses within each class; (ii) supervising, evaluating, and monitoring the investment portfolio and associated investment activities; (iii) facilitating communication between and among the Board of Trustees, advisory committees, employees, members, beneficiaries, and outside entities interested in the investment programs of the retirement system; (iv) enhancing the Board's ability to make effective, prompt decisions in all matters related to investments and the administration of the investment department; and (v) reporting as requested by the General Assembly.
1994, cc. 4, 85.
2023 Code of Virginia › Title 51.1 - Pensions, Benefits, and Retirement › Chapter 1 - Virginia Retirement System › § 51.1-124.25. Existing advisory committees of the Virginia Retirement System abolished

As of March 25, 1994, the existing advisory committees of the Virginia Retirement System are abolished and the members are discharged from any further duties.
1994, cc. 4, 85.
2023 Code of Virginia › Title 51.1 - Pensions, Benefits, and Retirement › Chapter 1 - Virginia Retirement System › § 51.1-124.27. Employees of the Retirement System

The officers and employees of the Virginia Retirement System shall be exempt from the provisions of § 2.2-1202.1 and of the Virginia Personnel Act (§ 2.2-2900 et seq.). Personnel actions shall be taken without regard to race, sex, sexual orientation, gender identity, color, national origin, religion, age, disability, or political affiliation.
1994, cc. 4, 85; 1997, c. 711; 2012, cc. 803, 835; 2020, c. 1137; 2023, cc. 148, 149.
2023 Code of Virginia › Title 51.1 - Pensions, Benefits, and Retirement › Chapter 1 - Virginia Retirement System › § 51.1-124.28. Legal representation in criminal matters

Upon the acquittal, dismissal of charges, nolle prosequi, or any other final disposition concluding the innocence of any trustee, advisory committee member, officer, or employee of the Retirement System brought before any regulatory body, summoned before any grand jury, investigated by any law-enforcement agency, arrested, indicted, or otherwise prosecuted on any criminal charge arising out of any act committed in the discharge of his official duties which alleges a violation of state or federal securities laws, the Board may reimburse all or part of the cost of employing legal counsel and such other costs as are demonstrated to have been reasonably necessary for his defense. The Board shall provide for the payment of such legal fees and expenses out of funds appropriated for the administration of the Retirement System.
1997, c. 821.
2023 Code of Virginia › Title 51.1 - Pensions, Benefits, and Retirement › Chapter 1 - Virginia Retirement System › § 51.1-124.30:1. Adoption of stress testing and reporting policies

The Virginia Retirement System (VRS) shall adopt a formal policy to:
1. Develop and regularly report sensitivity and stress test analyses. Such analyses and reporting shall include projections of benefit levels, pension costs, liabilities, and debt reduction under various economic and investment scenarios;
2. Improve investment transparency and reporting policy by (i) providing a clear and detailed online statement of investment policy; (ii) including one-year, three-year, five-year, and 10-year investment performance data in quarterly investment reports; (iii) including 20-year and 25-year investment performance data in annual investment reports; (iv) reporting net investment returns on a quarterly basis; and (v) reporting gross investment returns and returns by asset class on an annual basis; and
3. Regularly report investment performance and expenses such as external manager fees, carried interest fees, and investment department expenses for all asset classes, including private equity, public equity, fixed income, credit strategies, real assets, strategic opportunities, and other investments.
2017, c. 639.
2023 Code of Virginia › Title 51.1 - Pensions, Benefits, and Retirement › Chapter 1 - Virginia Retirement System › § 51.1-124.31. Pooling of assets for investment

The Board may invest the assets of any retirement system or program it administers on a pooled or consolidated basis. The Board shall maintain a separate accounting of the funds of each of the retirement systems and programs.
Code 1950, §§ 51-140, 51-141, 51-149, 51-166; 1950, p. 885; 1954, c. 139; 1966, c. 628; 1970, c. 779; 1972, c. 151; 1990, c. 832, § 51.1-115; 1994, cc. 4, 85; 2000, c. 911.
2023 Code of Virginia › Title 51.1 - Pensions, Benefits, and Retirement › Chapter 1 - Virginia Retirement System › § 51.1-124.32. Exemption from Public Procurement Act

The selection of services related to the management, purchase, or sale of authorized investments, actuarial services, and disability determination services shall be governed by the standard of care in § 51.1-124.30 and shall not be subject to the provisions of the Virginia Public Procurement Act (§ 2.2-4300 et seq.).
1982, c. 580, § 51-111.24:2; 1985, c. 490; 1989, c. 399; 1990, c. 832, § 51.1-116; 1991, c. 391; 1994, cc. 4, 85; 2007, c. 65.
2023 Code of Virginia › Title 51.1 - Pensions, Benefits, and Retirement › Chapter 1 - Virginia Retirement System › § 51.1-124.33. Deposit of trust funds not an investment; authorized deposits

The Board may authorize the deposit of trust funds in interest-bearing time deposits and certificates of deposit of national banks located within the Commonwealth, of banks organized pursuant to Chapter 8 (§ 6.2-800 et seq.) of Title 6.2, of savings institutions which are under state supervision, and of federal associations located in this Commonwealth and organized under the laws of the United States and under federal supervision and federally insured. Such deposits shall not be considered the investment of trust funds for the purposes of this chapter. Deposit of the funds in demand and time deposits and in certificates of deposit of national banks located within this Commonwealth and of banks organized pursuant to the Virginia Banking Act is hereby authorized, provided that the deposits are secured as provided by law and that no deposit is made for any one period in excess of one year. Deposit of trust funds in savings accounts and certificates of savings institutions which are under state supervision and of federal associations located in this Commonwealth and organized under the laws of the United States and under federal supervision is hereby authorized. Such deposits shall not exceed the amount insured by the Federal Deposit Insurance Corporation or other federal insurance agency, unless deposits in excess of the amount insured are fully collateralized by eligible collateral as defined in § 2.2-4401. No such deposit shall be made for any one period in excess of one year.
1980, c. 596, § 51-111.24:4; 1990, cc. 3, 832, § 51.1-122; 1994, cc. 4, 85.
2023 Code of Virginia › Title 51.1 - Pensions, Benefits, and Retirement › Chapter 1 - Virginia Retirement System › § 51.1-124.34. Retention of investments that become ineligible

An investment that conformed with the provisions of this chapter at the time the investment was made may be retained even though the investment ceases to be eligible for purchase under the provisions of this chapter, unless the standard of care in § 51.1-124.30 requires the sale or other disposition of the investment.
1980, c. 596, § 51-111.24:1; 1988, c. 526; 1989, c. 28; 1990, c. 832, § 51.1-123; 1994, cc. 4, 85.
2023 Code of Virginia › Title 51.1 - Pensions, Benefits, and Retirement › Chapter 1 - Virginia Retirement System › § 51.1-124.35. Investment provisions exclusive

Investment of trust funds by the Board shall be governed exclusively by this article.
1980, c. 596, § 51-111.24:8; 1990, c. 832, § 51.1-124; 1994, cc. 4, 85.
2023 Code of Virginia › Title 51.1 - Pensions, Benefits, and Retirement › Chapter 1 - Virginia Retirement System › § 51.1-124.36. Investment of assets of the Commonwealth Health Research 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 Commonwealth Health Research Fund. The Board shall maintain a separate accounting for the assets of the Commonwealth Health Research Fund.
B. The Board shall invest the assets of the Commonwealth Health Research 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 above 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 funds in the Commonwealth Health Research Fund.
E. The Board may assess the Commonwealth Health Research Board a reasonable administrative fee for its services.
1997, cc. 803, 888, 891; 2007, cc. 700, 711.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.