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2018 Code of Virginia
Title 51.1 - Pensions, Benefits, and Retirement
Chapter 1 - Virginia Retirement System
Article 1. General Provisions
Article 1.1. General Provisions
- § 51.1-124.1. Legislative intent and purposes [Not set out]
- § 51.1-124.2. Virginia Supplemental Retirement System continued as Virginia Retirement System
- § 51.1-124.3. Definitions
- § 51.1-124.4. Exemption of assets from taxation; exemption of benefits and assets from execution and assignment; trust funds; unclaimed property; eligible rollover distribution
- § 51.1-124.5. Disclosure of social security account numbers
- § 51.1-124.6. Benefits to be paid monthly
- § 51.1-124.7. Distribution of assets upon repeal of system
- § 51.1-124.8. Persons affected by changes in retirement benefits
- § 51.1-124.9. Changes or errors in records resulting in erroneous payments; employer liability
- § 51.1-124.10. Falsification of records; penalty
- § 51.1-124.11. Recovery of payments procured by fraud, false statement, etc.
- § 51.1-124.12. Procedure when employer required to withdraw funds
- § 51.1-124.13. Loss of benefits; certain felony convictions
- § 51.1-124.14. Reserved
Article 2.1. Board of Trustees, Medical Board, and Advisory Committees
- § 51.1-124.20. Board of Trustees; membership; terms; quorum; compensation and expenses
- § 51.1-124.21. Application of State and Local Government Conflict of Interests Act
- § 51.1-124.22. Board to administer Retirement System; powers and duties
- § 51.1-124.23. Medical boards
- § 51.1-124.24. Chief investment officer; qualifications; duties
- § 51.1-124.25. Existing advisory committees of the Virginia Retirement System abolished
- § 51.1-124.26. Advisory Committees to the Board of Trustees; membership; terms; qualifications; duties
- § 51.1-124.27. Employees of the Retirement System
- § 51.1-124.28. Legal representation in criminal matters
- § 51.1-124.29. Reserved
Article 3.1. Investments
- § 51.1-124.30. Board as trustee of funds; investments; standard of care; liability for losses
- § 51.1-124.30:1. Adoption of stress testing and reporting policies
- § 51.1-124.31. Pooling of assets for investment
- § 51.1-124.32. Exemption from Public Procurement Act
- § 51.1-124.33. Deposit of trust funds not an investment; authorized deposits
- § 51.1-124.34. Retention of investments that become ineligible
- § 51.1-124.35. Investment provisions exclusive
- § 51.1-124.36. Investment of assets of the Commonwealth Health Research Fund
- § 51.1-124.37. Investment of assets of the Commonwealth's Attorneys Training Fund
- § 51.1-124.38. Investment of assets of the Virginia Research Investment Fund
- § 51.1-124.39. Investment of assets of the Line of Duty Death and Health Benefits Trust Fund
Article 4. Membership in Retirement System
- § 51.1-125. Persons composing membership; persons holding more than one position
- § 51.1-126. Employees of institutions of higher education
- § 51.1-126.1. Certain employees of teaching hospitals
- § 51.1-126.2. Repealed
- § 51.1-126.3. Employees of the University of Virginia Medical Center
- § 51.1-126.4. Employees of the Virginia Port Authority
- § 51.1-126.5. Defined contribution plan for eligible members
- § 51.1-126.6. Certain employees of public school divisions
- § 51.1-126.7. Employees of the Virginia Outdoors Foundation
- § 51.1-126.8. Maximum contributions to optional plans; coordination of limits
- § 51.1-127. Federal Employees' Retirement System
- § 51.1-128. Cessation of membership
- § 51.1-129. Limitation on membership
Article 5. Participation of Political Subdivisions in Retirement System
- § 51.1-130. Resolution of governing body; approval by Board
- § 51.1-131. Local pension systems; transfer to retirement system
- § 51.1-132. Eligible employees
- § 51.1-133. Limitation on membership
- § 51.1-134. Optional membership; creditable service
- § 51.1-135. Compulsory membership
- § 51.1-136. Submitting information and performing duties prescribed by Board
- § 51.1-137. Computation of employer contribution rates; reimbursement by Commonwealth
- § 51.1-137.1. Certain local data to be provided
- § 51.1-138. Benefits
- § 51.1-139. Procedure when employer in default
Article 6. Creditable Service
- § 51.1-140. Repealed
- § 51.1-141. Service equivalents
- § 51.1-142. Repealed
- § 51.1-142.2. Prior service or membership credit for certain members; service credit for accumulated sick leave
- § 51.1-142.3. Purchase of additional prior service credit by certain school division superintendents
- § 51.1-143. Repealed
- § 51.1-143.1. Portability of service credit between the Virginia Retirement System and certain political subdivisions of the Commonwealth
Article 7. Contributions
- § 51.1-144. Member contributions
- § 51.1-145. Employer contributions
- § 51.1-146. Failure to report or pay contributions or insurance premiums
Article 8. Assets of Retirement System
- § 51.1-147. Members' contribution account
- § 51.1-148. Retirement allowance account
- § 51.1-149. Appointment of custodian; payments
- § 51.1-150. Deposits
- § 51.1-151. Repealed
Article 9. Benefits
- § 51.1-152. Limitations on average final compensation
- § 51.1-153. Service retirement
- § 51.1-154. Compulsory service retirement
- § 51.1-155. Service retirement allowance
- § 51.1-155.1. Exceptions from general early retirement provisions for certain state employees and constitutional officers
- § 51.1-155.2. Exceptions from general early retirement provisions for certain local government officials
- § 51.1-156. Disability retirement
- § 51.1-157. Disability retirement allowance
- § 51.1-158. Reduction of benefits for acceptance of lump-sum settlement under Workers' Compensation Act
- § 51.1-159. Medical examinations of persons retired for disability
- § 51.1-160. Cessation of disability retirement allowance
- § 51.1-161. Withdrawal of contributions before retirement
- § 51.1-162. Death before retirement
- § 51.1-163. Death after retirement
- § 51.1-164. Repealed
- § 51.1-165. Optional benefits
- § 51.1-165.01. Partial lump-sum option for payment of retirement allowance
- § 51.1-165.1. Acknowledgment by spouse of member
- § 51.1-166. Post-retirement supplements generally
- § 51.1-167. Retirement allowance to be reduced in certain cases
- § 51.1-168. Limits on creditable compensation; maximum benefits; mandatory payment of allowance
- § 51.1-169. Hybrid retirement program
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