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2000 SESSION
002483660Be it enacted by the General Assembly of Virginia:
1. That § 51.1-800 of the Code of Virginia is amended and reenacted as follows:
§ 51.1-800. Counties, cities, and certain towns to establish local systems or participate in Virginia Retirement System.
A. Every county and city, and every town having a population of 5,000 or more,
shall provide a retirement system for those officers and employees listed in
subsection B either (i) by establishing and maintaining a local retirement
system which provides a service retirement allowance to each employee who
retires at age sixty-five or older after satisfying the applicable age and
service requirements, which equals or exceeds two-thirds of the service
retirement allowance to which the employee would have been entitled had the allowance been computed under the
provisions of the Virginia Retirement System or (ii) by participating directly in the Virginia Retirement System. The
Board of Trustees of the Virginia Retirement System shall determine whether a
local retirement system satisfies the criterion of (i) above, taking into
account the difference between the employee contribution rates under the local
retirement system and the Virginia Retirement System. If any local retirement
system fails to satisfy the criterion of (i) above, the Virginia Retirement
System shall promptly notify the governing body of the county, city, or town
which maintains such local retirement system of the deficiency. If, within
ninety days of such notice, the local retirement system, or its governing body,
fails to correct the deficiency or to persuade the Virginia Retirement System
that its original findings were in error, then the Virginia Retirement System
shall notify the Comptroller. The Comptroller shall withhold from such
locality the payment of its share of net profits from the operation of the
alcoholic beverage control system as provided for by § 4.1-117 until such time
as the Virginia Retirement System may notify him that criterion (i) above is being
satisfied.
B. The following persons shall be covered by a retirement system as provided in subsection A:
1. Officers and employees who are regularly employed full time on a salaried basis, whose tenure is not restricted to temporary or provisional employment.
2. Officers and employees who are regularly employed full time on a salaried basis, whose tenure is not restricted to temporary or provisional employment by an organization other than a public school board that functions solely within the boundaries of a county, city, or town, unless the cost of the organization's operation is borne by (i) users of services, (ii) more than one county, city, or town, or (iii) an entity other than a county, city, or town.
3. Clerks of the circuit court and deputies or employees of such officers.
C. Nothing in this chapter shall be construed to prohibit a county, city, or town from participating in the Virginia Retirement System and establishing a local retirement system. If a locality participates in the Virginia Retirement System and establishes a local retirement system, pursuant to § 51.1-801, providing supplemental benefits to the state system, the local system shall not be required to satisfy the criterion established in clause A (i) of this section.
D. A county, city, or town shall not be required to provide retirement benefits to an employee who enters into an agreement with the local government for inclusion in a deferred compensation plan when the agreement specifically prohibits inclusion in any other retirement system established by the county, city, or town.