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2006 SESSION
Be 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 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.