§ 51.1-124.20. Board of Trustees; membership; terms; quorum; compensation andexpenses.
A. The Board of Trustees of the Virginia Retirement System is established asan independent board in state government and shall consist of nine members asfollows: five members appointed by the Governor and confirmed by theaffirmative vote of a majority of those voting in each house of the GeneralAssembly and four members appointed by the Joint Rules Committee andconfirmed by the affirmative vote of a majority of those voting in each houseof the General Assembly.
B. Members shall be appointed for five-year terms with such members leavingthe Board on a staggered basis as initially provided. Appointments to fillvacancies shall be for the unexpired terms. A vacancy of a legislativelyappointed trustee shall be filled by the Joint Rules Committee, and any suchappointee shall enter upon and continue in office, subject to confirmation atthe next session of the General Assembly. If the General Assembly refuses orfails to confirm his appointment, such person shall not be eligible forreappointment.
C. No member shall be eligible to serve for more than two successivefive-year terms. After the expiration of an unexpired term to whichappointed, or for an initial staggered appointment of less than five years, amember may serve one additional five-year term.
D. Subject to confirmation by the affirmative vote of a majority of thosevoting in each house of the General Assembly, the Governor shall designatethe chairman of the Board from among the Board members described insubsection A above. A chairman may be reappointed and confirmed foradditional two-year terms, not to exceed a total of two. However, the initialchairman's one-year term shall not be counted against the two-termlimitation, and such person may serve as chairman for five successive yearsif appointed and confirmed as aforesaid. The chairman shall (i) preside overmeetings of the Board; (ii) communicate on behalf of the Board to outsideentities interested in the Retirement System; and (iii) perform additionalduties as may be set by resolution of the Board. The Board shall elect one ofits members as vice-chairman and appoint a secretary who may or may not be amember of the Board. A majority of the members of the Board shall constitutea quorum. The meetings of the Board shall be held at the call of the chairmanor whenever the majority of the members so request.
E. Trustees shall receive an initial stipend of $3,000 for each calendarquarter they may serve and a per diem of $300 for each Board meeting attendednot to exceed one meeting per day. Commencing July 1, 1995, the stipend shallbe increased annually by a percentage equal to the most recent salarystructure adjustment as provided in the general appropriation act. Thechairman shall receive an additional $1,500 for each calendar quarter servedin such capacity. Government employees, still actively employed by anygovernmental entity, shall receive a per diem of $300 for each Board meetingattended, not to exceed one meeting per day, but shall receive no stipend fortheir service. Retired government employees shall be entitled to receive astipend of $3,000 for each calendar quarter they may serve and a per diem of$300 for each Board meeting attended not to exceed one meeting per day. EachBoard member shall be entitled to receive reimbursement for all reasonableand necessary expenses incurred for attending Board meetings as provided in§§ 2.2-2813 and 2.2-2825. Any member of the Board who also serves as anofficer, director, or member of the board of any corporation organized by theVirginia Retirement System shall be entitled to receive compensation andexpenses pursuant to this subsection in addition to any remuneration to whichhe is entitled by virtue of his service as an officer, director, or member ofthe board of any corporation organized by the Virginia Retirement System.Funding for the costs of compensation and expenses of the members shall beprovided by the Virginia Retirement System.
F. No elected or appointed official shall serve on the Board of Trustees.Except for the faculty member or employee of a state-supported institution ofhigher education, none of the gubernatorial appointees shall be an employeeof state government.
G. The gubernatorial appointees shall be as follows: two shall have a minimumof five years of experience in the direct management, analysis, supervision,or investment of assets; one shall have at least five years of directexperience in the management and administration of employee benefit plans;one shall be a local employee; and one shall be a faculty member or employeeof a state-supported institution of higher education.
H. The legislative appointees shall be as follows: two shall have a minimumof five years of experience in the direct management, analysis, supervision,or investment of assets; and one shall be a state employee and one shall be ateacher, as such terms are defined in § 51.1-124.3.
I. State and local government employees appointed to the Board pursuant tothis section shall be members of the Retirement System at the time of theirappointment, may be actively employed or retired, and if actively employed,shall be given administrative leave from their employment to attend Board andadvisory committee meetings.
J. Members of the Board shall be subject to removal from office only as setforth in Article 7 (§§ 24.2-230 through 24.2-238) of Chapter 2 of Title 24.2.The Circuit Court of the City of Richmond shall have exclusive jurisdictionover all proceedings for such removal.
K. Faculty members of state-supported institutions of higher education shallbe eligible to serve on the Board pursuant to this section if they aremembers of the Retirement System at the time of their confirmation to theBoard or become members of the Retirement System within 18 months after theirconfirmation to the Board.
L. All members of the Board shall be citizens of the Commonwealth.
(1952, c. 157, §§ 51-111.18 to 51-111.20; 1956, c. 363; 1958, c. 419; 1970,c. 476; 1971, Ex. Sess., c. 88; 1973, c. 523; 1974, c. 353; 1977, c. 620;1980, cc. 681, 728; 1989, c. 41; 1990, c. 832, § 51.1-109; 1994, cc. 4, 85;1995, c. 788; 1997, c. 641; 1998, c. 196; 2004, c. 1000.)
§ 51.1-124.20. Board of Trustees; membership; terms; quorum; compensation andexpenses.
A. The Board of Trustees of the Virginia Retirement System is established asan independent board in state government and shall consist of nine members asfollows: five members appointed by the Governor and confirmed by theaffirmative vote of a majority of those voting in each house of the GeneralAssembly and four members appointed by the Joint Rules Committee andconfirmed by the affirmative vote of a majority of those voting in each houseof the General Assembly.
B. Members shall be appointed for five-year terms with such members leavingthe Board on a staggered basis as initially provided. Appointments to fillvacancies shall be for the unexpired terms. A vacancy of a legislativelyappointed trustee shall be filled by the Joint Rules Committee, and any suchappointee shall enter upon and continue in office, subject to confirmation atthe next session of the General Assembly. If the General Assembly refuses orfails to confirm his appointment, such person shall not be eligible forreappointment.
C. No member shall be eligible to serve for more than two successivefive-year terms. After the expiration of an unexpired term to whichappointed, or for an initial staggered appointment of less than five years, amember may serve one additional five-year term.
D. Subject to confirmation by the affirmative vote of a majority of thosevoting in each house of the General Assembly, the Governor shall designatethe chairman of the Board from among the Board members described insubsection A above. A chairman may be reappointed and confirmed foradditional two-year terms, not to exceed a total of two. However, the initialchairman's one-year term shall not be counted against the two-termlimitation, and such person may serve as chairman for five successive yearsif appointed and confirmed as aforesaid. The chairman shall (i) preside overmeetings of the Board; (ii) communicate on behalf of the Board to outsideentities interested in the Retirement System; and (iii) perform additionalduties as may be set by resolution of the Board. The Board shall elect one ofits members as vice-chairman and appoint a secretary who may or may not be amember of the Board. A majority of the members of the Board shall constitutea quorum. The meetings of the Board shall be held at the call of the chairmanor whenever the majority of the members so request.
E. Trustees shall receive an initial stipend of $3,000 for each calendarquarter they may serve and a per diem of $300 for each Board meeting attendednot to exceed one meeting per day. Commencing July 1, 1995, the stipend shallbe increased annually by a percentage equal to the most recent salarystructure adjustment as provided in the general appropriation act. Thechairman shall receive an additional $1,500 for each calendar quarter servedin such capacity. Government employees, still actively employed by anygovernmental entity, shall receive a per diem of $300 for each Board meetingattended, not to exceed one meeting per day, but shall receive no stipend fortheir service. Retired government employees shall be entitled to receive astipend of $3,000 for each calendar quarter they may serve and a per diem of$300 for each Board meeting attended not to exceed one meeting per day. EachBoard member shall be entitled to receive reimbursement for all reasonableand necessary expenses incurred for attending Board meetings as provided in§§ 2.2-2813 and 2.2-2825. Any member of the Board who also serves as anofficer, director, or member of the board of any corporation organized by theVirginia Retirement System shall be entitled to receive compensation andexpenses pursuant to this subsection in addition to any remuneration to whichhe is entitled by virtue of his service as an officer, director, or member ofthe board of any corporation organized by the Virginia Retirement System.Funding for the costs of compensation and expenses of the members shall beprovided by the Virginia Retirement System.
F. No elected or appointed official shall serve on the Board of Trustees.Except for the faculty member or employee of a state-supported institution ofhigher education, none of the gubernatorial appointees shall be an employeeof state government.
G. The gubernatorial appointees shall be as follows: two shall have a minimumof five years of experience in the direct management, analysis, supervision,or investment of assets; one shall have at least five years of directexperience in the management and administration of employee benefit plans;one shall be a local employee; and one shall be a faculty member or employeeof a state-supported institution of higher education.
H. The legislative appointees shall be as follows: two shall have a minimumof five years of experience in the direct management, analysis, supervision,or investment of assets; and one shall be a state employee and one shall be ateacher, as such terms are defined in § 51.1-124.3.
I. State and local government employees appointed to the Board pursuant tothis section shall be members of the Retirement System at the time of theirappointment, may be actively employed or retired, and if actively employed,shall be given administrative leave from their employment to attend Board andadvisory committee meetings.
J. Members of the Board shall be subject to removal from office only as setforth in Article 7 (§§ 24.2-230 through 24.2-238) of Chapter 2 of Title 24.2.The Circuit Court of the City of Richmond shall have exclusive jurisdictionover all proceedings for such removal.
K. Faculty members of state-supported institutions of higher education shallbe eligible to serve on the Board pursuant to this section if they aremembers of the Retirement System at the time of their confirmation to theBoard or become members of the Retirement System within 18 months after theirconfirmation to the Board.
L. All members of the Board shall be citizens of the Commonwealth.
(1952, c. 157, §§ 51-111.18 to 51-111.20; 1956, c. 363; 1958, c. 419; 1970,c. 476; 1971, Ex. Sess., c. 88; 1973, c. 523; 1974, c. 353; 1977, c. 620;1980, cc. 681, 728; 1989, c. 41; 1990, c. 832, § 51.1-109; 1994, cc. 4, 85;1995, c. 788; 1997, c. 641; 1998, c. 196; 2004, c. 1000.)
§ 51.1-124.20. Board of Trustees; membership; terms; quorum; compensation andexpenses.
A. The Board of Trustees of the Virginia Retirement System is established asan independent board in state government and shall consist of nine members asfollows: five members appointed by the Governor and confirmed by theaffirmative vote of a majority of those voting in each house of the GeneralAssembly and four members appointed by the Joint Rules Committee andconfirmed by the affirmative vote of a majority of those voting in each houseof the General Assembly.
B. Members shall be appointed for five-year terms with such members leavingthe Board on a staggered basis as initially provided. Appointments to fillvacancies shall be for the unexpired terms. A vacancy of a legislativelyappointed trustee shall be filled by the Joint Rules Committee, and any suchappointee shall enter upon and continue in office, subject to confirmation atthe next session of the General Assembly. If the General Assembly refuses orfails to confirm his appointment, such person shall not be eligible forreappointment.
C. No member shall be eligible to serve for more than two successivefive-year terms. After the expiration of an unexpired term to whichappointed, or for an initial staggered appointment of less than five years, amember may serve one additional five-year term.
D. Subject to confirmation by the affirmative vote of a majority of thosevoting in each house of the General Assembly, the Governor shall designatethe chairman of the Board from among the Board members described insubsection A above. A chairman may be reappointed and confirmed foradditional two-year terms, not to exceed a total of two. However, the initialchairman's one-year term shall not be counted against the two-termlimitation, and such person may serve as chairman for five successive yearsif appointed and confirmed as aforesaid. The chairman shall (i) preside overmeetings of the Board; (ii) communicate on behalf of the Board to outsideentities interested in the Retirement System; and (iii) perform additionalduties as may be set by resolution of the Board. The Board shall elect one ofits members as vice-chairman and appoint a secretary who may or may not be amember of the Board. A majority of the members of the Board shall constitutea quorum. The meetings of the Board shall be held at the call of the chairmanor whenever the majority of the members so request.
E. Trustees shall receive an initial stipend of $3,000 for each calendarquarter they may serve and a per diem of $300 for each Board meeting attendednot to exceed one meeting per day. Commencing July 1, 1995, the stipend shallbe increased annually by a percentage equal to the most recent salarystructure adjustment as provided in the general appropriation act. Thechairman shall receive an additional $1,500 for each calendar quarter servedin such capacity. Government employees, still actively employed by anygovernmental entity, shall receive a per diem of $300 for each Board meetingattended, not to exceed one meeting per day, but shall receive no stipend fortheir service. Retired government employees shall be entitled to receive astipend of $3,000 for each calendar quarter they may serve and a per diem of$300 for each Board meeting attended not to exceed one meeting per day. EachBoard member shall be entitled to receive reimbursement for all reasonableand necessary expenses incurred for attending Board meetings as provided in§§ 2.2-2813 and 2.2-2825. Any member of the Board who also serves as anofficer, director, or member of the board of any corporation organized by theVirginia Retirement System shall be entitled to receive compensation andexpenses pursuant to this subsection in addition to any remuneration to whichhe is entitled by virtue of his service as an officer, director, or member ofthe board of any corporation organized by the Virginia Retirement System.Funding for the costs of compensation and expenses of the members shall beprovided by the Virginia Retirement System.
F. No elected or appointed official shall serve on the Board of Trustees.Except for the faculty member or employee of a state-supported institution ofhigher education, none of the gubernatorial appointees shall be an employeeof state government.
G. The gubernatorial appointees shall be as follows: two shall have a minimumof five years of experience in the direct management, analysis, supervision,or investment of assets; one shall have at least five years of directexperience in the management and administration of employee benefit plans;one shall be a local employee; and one shall be a faculty member or employeeof a state-supported institution of higher education.
H. The legislative appointees shall be as follows: two shall have a minimumof five years of experience in the direct management, analysis, supervision,or investment of assets; and one shall be a state employee and one shall be ateacher, as such terms are defined in § 51.1-124.3.
I. State and local government employees appointed to the Board pursuant tothis section shall be members of the Retirement System at the time of theirappointment, may be actively employed or retired, and if actively employed,shall be given administrative leave from their employment to attend Board andadvisory committee meetings.
J. Members of the Board shall be subject to removal from office only as setforth in Article 7 (§§ 24.2-230 through 24.2-238) of Chapter 2 of Title 24.2.The Circuit Court of the City of Richmond shall have exclusive jurisdictionover all proceedings for such removal.
K. Faculty members of state-supported institutions of higher education shallbe eligible to serve on the Board pursuant to this section if they aremembers of the Retirement System at the time of their confirmation to theBoard or become members of the Retirement System within 18 months after theirconfirmation to the Board.
L. All members of the Board shall be citizens of the Commonwealth.
(1952, c. 157, §§ 51-111.18 to 51-111.20; 1956, c. 363; 1958, c. 419; 1970,c. 476; 1971, Ex. Sess., c. 88; 1973, c. 523; 1974, c. 353; 1977, c. 620;1980, cc. 681, 728; 1989, c. 41; 1990, c. 832, § 51.1-109; 1994, cc. 4, 85;1995, c. 788; 1997, c. 641; 1998, c. 196; 2004, c. 1000.)
