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2001 SESSION
012819900Be it enacted by the General Assembly of Virginia:
1. That § 51.1-217 of the Code of Virginia is amended and reenacted, and that the Code of Virginia is amended by adding in Chapter 2.1 of Title 51.1 a section numbered 51.1-221 as follows:
§ 51.1-216. Service retirement generally.
A. Normal retirement. -
1. Any employee commencing employment or reemployment on or after July 1, 2001, and any employee who makes the election provided in § 51.1-221, who is a member in service in any retirement program administered by the Virginia Retirement System 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.
2. Any other employee who is a 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. -
1. Any employee commencing employment or reemployment on or after July 1, 2001, and any employee who makes the election provided in § 51.1-221, who is a member in service in any retirement program administered by the Virginia Retirement System other than the program established by this chapter may retire pursuant to the early retirement provisions of the retirement program of which he is a member at the time of retirement.
2. Any other employee who is a member in service and who has attained his fiftieth birthday 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.
C. Deferred retirement for members terminating service. -
1. Any employee commencing employment or reemployment on or after July 1, 2001, and any employee who makes the election provided in § 51.1-221, who terminates service from any position with membership in any retirement program administered by the Virginia Retirement System, may retire under the provisions of subdivision A. 1. or B. 1. if (i) he is otherwise eligible for such benefits, (ii) he has not withdrawn his accumulated contributions prior to the effective date of his retirement, and (iii) he has five or more years of creditable service for which his employer has paid the contributions and such contributions cannot be withdrawn.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 employer certifies that his service was terminated because of dishonesty, malfeasance, or misfeasance in office. The certification may be appealed to the Board.
2. Any other member who terminates service after five or more years of
creditable service may retire under the provisions of subsection subdivision A.
2., or B. 2., or D 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 employer certifies that his service was terminated because of
dishonesty, malfeasance, or misfeasance in office. The certification may be
appealed to the Board.
D. 50/10 retirement. - Any member in service on or after January 1, 1994, who
has attained his fiftieth birthday with ten or more years of creditable service
may retire prior to his normal retirement date upon written notification to the
Board setting forth the date the retirement is to become effective.
ED. 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
days prior to the filing of the notice of retirement.
FE. Notification on behalf of member. - If the member is physically or mentally
unable to submit written notification of his intention to retire, the member's
appointing authority may submit notification on his behalf.
§ 51.1-217. Service retirement allowance.
A. A member shall receive an annual retirement allowance, payable for life, as follows:
1. Normal retirement. -
a. For any employee commencing employment or reemployment on or after July 1, 2001, and for any employee who makes the election provided in § 51.1-221, the allowance shall equal (1) two percent of his average final compensation multiplied by the amount of creditable service earned (a) as a member in the retirement system established by this chapter, (b) as a member in the retirement system established by Chapter 2 of Title 51.1, or (c) while earning the benefits permitted by § 51.1-138; and (2) 1.70 percent of his average final compensation multiplied by all other creditable service, if any; and
b. For any other employee,The 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. (i) For an individual
retiring pursuant to subdivision B. 1. of § 51.1-216, who is not retiring
directly from service as an employee as defined in § 51.1-212, and who has less
than thirty years of service and (ii) for all other individuals retiring
pursuant to subdivision B. 1. of § 51.1-216, and for an individual retiring
pursuant to subdivision B. 2. of § 51.1-216If the member who 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. Any person who is an employee on June 30, 2001, and on July 1 2001, who
does not make the election provided in § 51.1-221, Inshall receive, in addition
to the allowance payable under subsection A , a member shall receive annually
from the date of his retirement until his sixty-fifth birthday, an annual
allowance equal to $9,264. Beginning July 1, 2001, and biennially thereafter, such allowance shall be
reviewed and adjusted by the Board 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 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.
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.
D. No person shall be eligible to receive any of the allowances provided in this section if he receives retirement benefits under Chapter 2 of Title 51.1 or under § 51.1-138.
§ 51.1-221. Election of Benefits.
All persons who are employees on June 30, 2001, and on July 1, 2001, shall have until October 31, 2001, to elect to be covered by the benefits provided in subdivision A. 1. (a) of § 51.1-217.
2. That the provisions of this act shall not affect retirement benefits for retirements that are effective prior to July 1, 2001.