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Developed and maintained by the Division of Legislative Automated Systems.
2005 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 51.1-305 of the Code of Virginia is amended and reenacted as follows:
§ 51.1-305. Service retirement generally.
A. Normal retirement. - Any member in service at his normal retirement date with five or more years of creditable service may retire upon written notification to the Board setting forth the date the retirement is to become effective.
B. Early retirement. - Any member in service who has either (i) attained his fifty-fifth birthday with five or more years of creditable service or (ii) in the case of a member of any of the previous systems immediately prior to July 1, 1970, complied with the requirements for retirement set forth under the provisions of such previous system as in effect immediately prior to July 1, 1970, may retire upon written notification to the Board setting forth the date the retirement is to become effective.
B1. Mandatory retirement. - Any member who attains seventy 70
years of age shall be retired twenty 20 days after the
convening of the next regular session of the General Assembly. However, if
the mandatory retirement provisions of this subdivision would require a member
of the State Corporation Commission to be retired before the end of his elected
term and such retirement would occur during a session of the General Assembly
in which the General Assembly is required, pursuant to § 12.1-6, to elect
another member or members of the State Corporation Commission to serve either a
regular term or a portion of a regular term, such member who otherwise would be
subject to the mandatory retirement provisions of this subdivision shall be
retired upon the first to occur of (i) the expiration of the term to which he was
elected or (ii) 20 days after the commencing of the regular session of the
General Assembly that immediately follows the date such member attains 72 years
of age. The provisions of this subsection shall apply only to those members
who are elected or appointed to an original or subsequent term commencing after
July 1, 1993.
C. Deferred retirement for members terminating service. - Any
member who terminates service after five or more years of creditable service,
may retire under the provisions of subsection A or B of this section, if he has
not withdrawn his accumulated contributions prior to the effective date of his
retirement or if he has five or more years of creditable service for which his
employer has paid the contributions and such contributions cannot be withdrawn.
For the purposes of this subsection, any requirements as to the member being in
service shall not apply. No member shall be entitled to the benefits of
this subsection if his appointing authority certifies that his service was terminated
because of dishonesty, malfeasance, or misfeasance in office. The
certification may be appealed to the Board.
D. Effective date of retirement. - The effective date of
retirement shall be after the last day of service of the member, but shall not
be more than ninety 90 days prior to the filing of the notice of
retirement.
E. Notification of retirement. - In addition to the notice to the Board required by this section, the same notice shall be given by the member to his appointing authority. If a member is physically or mentally unable to submit written notification of his intention to retire, the member's appointing authority may submit notification to the Board on his behalf.