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2000 SESSION
008637920Be it enacted by the General Assembly of Virginia:
1. That § 51.1-217 of the Code of Virginia is amended and reenacted as follows:
§ 51.1-217. Service retirement allowance.
A. A member shall receive an annual retirement allowance, payable for life, as follows:
1. Normal retirement. - The allowance shall equal 1.70 percent of his average final compensation multiplied by the amount of creditable service.
2. Early retirement. - The allowance shall be determined in the same manner as for normal retirement with creditable service and average final compensation being determined as of the date of actual retirement. If the member has less than twenty-five years of service at retirement, the amount of the retirement allowance shall be reduced on an actuarial equivalent basis for the period by which the actual retirement date precedes the earlier of (i) his normal retirement date or (ii) the first date on or after his fiftieth birthday on which he would have completed a total of twenty-five years of creditable service.
3. 50/10 retirement. - The allowance shall be payable in a monthly stream of payments equal to the greater of (i) the amount the member would have received if he had taken early retirement or (ii) the actuarially calculated present value of the member's accumulated contributions, including accrued interest.
B. In addition to the allowance payable under subsection A of this section, a
member shall receive an additional allowance equal of up to $8,952 annually
from date of retirement until his sixty-fifth birthday, according to years of
service as an employee defined in § 51.1-212, as follows.:
Years of service Percentage of
additional allowance
0 to 5 years 0%
5 to 10 years 25%
10 to 15 years 50%
15 to 20 years 75%
20 years and higher 100%
Such allowance shall be reviewed and adjusted by the Board biennially to an
amount recommended by the actuary of the Virginia Retirement System based upon
increases in Social Security benefits in the interim. This subsection shall not
apply to the following: (i) any member who qualifies for retirement under
subsection C of § 51.1-216 and is credited with less than twenty years' service
rendered in a hazardous position as an employee as defined in § 51.1-212 or
(ii) any member employed initially on or after July 1, 1974 who is credited
with less than twenty years' service rendered in a hazardous position. who, at
the time of retirement, is employed by the Commonwealth in any state agency that does not
employ any of the employees defined in § 51.1-212, and who is credited with
less than twenty years' service rendered as an employee as defined in §
51.1-212.
C. If a beneficiary of a service retirement allowance under this chapter is at any time in service as an employee in a position covered for retirement purposes under the provisions of this or any chapter other than Chapter 7 (§ 51.1-700 et seq.) of this title, his retirement allowance shall cease while so employed.