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2001 SESSION
012819900Be it enacted by the General Assembly of Virginia:
1. That [ §§ 51.1-216 and ] 51.1-217 of the Code of Virginia are 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benefits, (ii) he has not withdrawn his accumulated contributions prior to the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 or ] (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creditable service for which his employer has paid the contributions and such contributions cannot be withdrawn.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.
E. 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
days prior to the filing of the notice of retirement.
F. E. 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. [ Notwithstanding the provisions of § 51.1-155.1, ] 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 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 § 51.1-216 If 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, shall 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 make an irrevocable election ] 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.