§ 51.1-124.22. Board to administer Retirement System; powers and duties.
A. The Retirement System shall be administered by the Board of Trustees,whose powers and duties include but are not limited to:
1. Appointing a director, who shall not be a member of the Board, to serve asthe chief administrative officer of the Retirement System at the pleasure ofthe Board.
2. Maintaining records of all of its proceedings and making such recordsavailable for inspection by the public.
3. Employing an actuary as its technical advisor and employing other personsand incurring expenditures as it deems necessary for the efficientadministration of the Retirement System.
4. Causing an actuarial investigation to be made of all the experience underthe Retirement System at least once in each four-year period. The Board shallalso cause actuarial gain/loss analyses to be made in conjunction with eachactuarial valuation of the System. Pursuant to such investigations andanalyses, the Board shall periodically revise the actuarial assumptions usedin the computation of employer contribution rates.
5. Causing a biennial actuarial valuation to be made of the assets andliabilities of the Retirement System with respect to each employer. Pursuantto the results of such valuations, the Board shall prepare a statement as tothe employer contribution rates applicable to each employer.
6. Publishing the results of each actuarial valuation of the assets andliabilities.
7. Publishing annual financial statements of the Retirement System or annualreports in accordance with §§ 51.1-1000 through 51.1-1003.
8. Promulgating regulations and procedures and making determinationsnecessary to carry out the provisions of this title.
9. Purchasing insurance to insure against losses suffered by the RetirementSystem if any member of the Board or of any advisory committee breaches thestandard of care in § 51.1-124.30.
10. Adopting rules and policies that bring the Retirement System intocompliance with any applicable law or regulation of this Commonwealth or theUnited States.
11. Establishing and administering, for the officers and employees of theRetirement System, (i) a compensation plan which is consistent with theprovisions set forth in the general appropriations act for this purpose and(ii) a grievance procedure which is consistent with the provisions of Chapter10 (§ 2.2-1000 et seq.) of Title 2.2 and any regulations promulgated pursuantthereto.
12. Investing in real estate to be held as a nonrevenue producing asset andused by the Retirement System for administrative offices.
13. Charging and collecting administrative fees to pay actual costs incurredby the Retirement System in administrating and overseeing any retirement planor service award fund other than the Virginia Retirement System (§ 51.1-124.1et seq.), the State Police Officers' Retirement System (§ 51.1-200 et seq.),the Virginia Law Officers' Retirement System (§ 51.1-211 et seq.), or theJudicial Retirement System (§ 51.1-300 et seq.), for which it is responsiblefrom the Commonwealth or participating political subdivisions whose employeesbenefit under such retirement plans. Any fee charged under the authoritygranted herein shall be for costs incurred directly related to theadministration and oversight of the retirement plan or service award fund, asdetermined by the Board. Such fee shall be charged to the employer whoseemployees benefit under the retirement plan and to the service award fund inthe case of costs incurred in administrating and overseeing service awardfunds. Overpayments from benefits received under the Virginia RetirementSystem, the State Police Officers' Retirement System, the Virginia LawOfficers' Retirement System, the Judicial Retirement System, the VirginiaSickness and Disability Program (§ 51.1-1100 et seq.), or Health InsuranceCredits for Certain Retirees (§ 51.1-1400 et seq.), may be deducted from lifeinsurance benefits payable under Chapter 5 (§ 51.1-500 et seq.) of this title.
14. The Board is authorized to charge and collect from participatingemployers any penalties, interest, compliance fees, or other charges chargedto the Retirement System by the Internal Revenue Service or other regulatorybody.
B. The Board shall be vested with the powers and duties of the Board ofTrustees of the abolished system to the extent necessary for the payment ofvested rights and the return of accumulated contributions.
C. The Commonwealth, the Board, employees of the Retirement System, theInvestment Advisory Committee of the Retirement System, and any otheradvisory committee established by the Board shall not incur any liability forany losses suffered by the deferred compensation, the cash match, or thedefined contribution retirement plans established or administered under theauthority of this title, except as provided in § 51.1-124.30.
(1952, c. 157, §§ 51-111.17, 51-111.18, 51-111.21 to 51-111.22:1, 51-111.23,51-111.68; 1956, c. 363; 1958, c. 419; 1960, c. 400; 1970, c. 476; 1971, Ex.Sess., c. 88; 1973, c. 523; 1974, c. 353; 1975, c. 610; 1977, c. 620; 1980,cc. 681, 728; 1982, c. 478; 1989, c. 41; 1990, c. 832, § 51.1-110; 1994, cc.4, 85; 1995, c. 307; 1997, c. 711; 1998, c. 176; 2003, cc. 11, 626; 2004, c.80; 2008, c. 245.)
§ 51.1-124.22. Board to administer Retirement System; powers and duties.
A. The Retirement System shall be administered by the Board of Trustees,whose powers and duties include but are not limited to:
1. Appointing a director, who shall not be a member of the Board, to serve asthe chief administrative officer of the Retirement System at the pleasure ofthe Board.
2. Maintaining records of all of its proceedings and making such recordsavailable for inspection by the public.
3. Employing an actuary as its technical advisor and employing other personsand incurring expenditures as it deems necessary for the efficientadministration of the Retirement System.
4. Causing an actuarial investigation to be made of all the experience underthe Retirement System at least once in each four-year period. The Board shallalso cause actuarial gain/loss analyses to be made in conjunction with eachactuarial valuation of the System. Pursuant to such investigations andanalyses, the Board shall periodically revise the actuarial assumptions usedin the computation of employer contribution rates.
5. Causing a biennial actuarial valuation to be made of the assets andliabilities of the Retirement System with respect to each employer. Pursuantto the results of such valuations, the Board shall prepare a statement as tothe employer contribution rates applicable to each employer.
6. Publishing the results of each actuarial valuation of the assets andliabilities.
7. Publishing annual financial statements of the Retirement System or annualreports in accordance with §§ 51.1-1000 through 51.1-1003.
8. Promulgating regulations and procedures and making determinationsnecessary to carry out the provisions of this title.
9. Purchasing insurance to insure against losses suffered by the RetirementSystem if any member of the Board or of any advisory committee breaches thestandard of care in § 51.1-124.30.
10. Adopting rules and policies that bring the Retirement System intocompliance with any applicable law or regulation of this Commonwealth or theUnited States.
11. Establishing and administering, for the officers and employees of theRetirement System, (i) a compensation plan which is consistent with theprovisions set forth in the general appropriations act for this purpose and(ii) a grievance procedure which is consistent with the provisions of Chapter10 (§ 2.2-1000 et seq.) of Title 2.2 and any regulations promulgated pursuantthereto.
12. Investing in real estate to be held as a nonrevenue producing asset andused by the Retirement System for administrative offices.
13. Charging and collecting administrative fees to pay actual costs incurredby the Retirement System in administrating and overseeing any retirement planor service award fund other than the Virginia Retirement System (§ 51.1-124.1et seq.), the State Police Officers' Retirement System (§ 51.1-200 et seq.),the Virginia Law Officers' Retirement System (§ 51.1-211 et seq.), or theJudicial Retirement System (§ 51.1-300 et seq.), for which it is responsiblefrom the Commonwealth or participating political subdivisions whose employeesbenefit under such retirement plans. Any fee charged under the authoritygranted herein shall be for costs incurred directly related to theadministration and oversight of the retirement plan or service award fund, asdetermined by the Board. Such fee shall be charged to the employer whoseemployees benefit under the retirement plan and to the service award fund inthe case of costs incurred in administrating and overseeing service awardfunds. Overpayments from benefits received under the Virginia RetirementSystem, the State Police Officers' Retirement System, the Virginia LawOfficers' Retirement System, the Judicial Retirement System, the VirginiaSickness and Disability Program (§ 51.1-1100 et seq.), or Health InsuranceCredits for Certain Retirees (§ 51.1-1400 et seq.), may be deducted from lifeinsurance benefits payable under Chapter 5 (§ 51.1-500 et seq.) of this title.
14. The Board is authorized to charge and collect from participatingemployers any penalties, interest, compliance fees, or other charges chargedto the Retirement System by the Internal Revenue Service or other regulatorybody.
B. The Board shall be vested with the powers and duties of the Board ofTrustees of the abolished system to the extent necessary for the payment ofvested rights and the return of accumulated contributions.
C. The Commonwealth, the Board, employees of the Retirement System, theInvestment Advisory Committee of the Retirement System, and any otheradvisory committee established by the Board shall not incur any liability forany losses suffered by the deferred compensation, the cash match, or thedefined contribution retirement plans established or administered under theauthority of this title, except as provided in § 51.1-124.30.
(1952, c. 157, §§ 51-111.17, 51-111.18, 51-111.21 to 51-111.22:1, 51-111.23,51-111.68; 1956, c. 363; 1958, c. 419; 1960, c. 400; 1970, c. 476; 1971, Ex.Sess., c. 88; 1973, c. 523; 1974, c. 353; 1975, c. 610; 1977, c. 620; 1980,cc. 681, 728; 1982, c. 478; 1989, c. 41; 1990, c. 832, § 51.1-110; 1994, cc.4, 85; 1995, c. 307; 1997, c. 711; 1998, c. 176; 2003, cc. 11, 626; 2004, c.80; 2008, c. 245.)
§ 51.1-124.22. Board to administer Retirement System; powers and duties.
A. The Retirement System shall be administered by the Board of Trustees,whose powers and duties include but are not limited to:
1. Appointing a director, who shall not be a member of the Board, to serve asthe chief administrative officer of the Retirement System at the pleasure ofthe Board.
2. Maintaining records of all of its proceedings and making such recordsavailable for inspection by the public.
3. Employing an actuary as its technical advisor and employing other personsand incurring expenditures as it deems necessary for the efficientadministration of the Retirement System.
4. Causing an actuarial investigation to be made of all the experience underthe Retirement System at least once in each four-year period. The Board shallalso cause actuarial gain/loss analyses to be made in conjunction with eachactuarial valuation of the System. Pursuant to such investigations andanalyses, the Board shall periodically revise the actuarial assumptions usedin the computation of employer contribution rates.
5. Causing a biennial actuarial valuation to be made of the assets andliabilities of the Retirement System with respect to each employer. Pursuantto the results of such valuations, the Board shall prepare a statement as tothe employer contribution rates applicable to each employer.
6. Publishing the results of each actuarial valuation of the assets andliabilities.
7. Publishing annual financial statements of the Retirement System or annualreports in accordance with §§ 51.1-1000 through 51.1-1003.
8. Promulgating regulations and procedures and making determinationsnecessary to carry out the provisions of this title.
9. Purchasing insurance to insure against losses suffered by the RetirementSystem if any member of the Board or of any advisory committee breaches thestandard of care in § 51.1-124.30.
10. Adopting rules and policies that bring the Retirement System intocompliance with any applicable law or regulation of this Commonwealth or theUnited States.
11. Establishing and administering, for the officers and employees of theRetirement System, (i) a compensation plan which is consistent with theprovisions set forth in the general appropriations act for this purpose and(ii) a grievance procedure which is consistent with the provisions of Chapter10 (§ 2.2-1000 et seq.) of Title 2.2 and any regulations promulgated pursuantthereto.
12. Investing in real estate to be held as a nonrevenue producing asset andused by the Retirement System for administrative offices.
13. Charging and collecting administrative fees to pay actual costs incurredby the Retirement System in administrating and overseeing any retirement planor service award fund other than the Virginia Retirement System (§ 51.1-124.1et seq.), the State Police Officers' Retirement System (§ 51.1-200 et seq.),the Virginia Law Officers' Retirement System (§ 51.1-211 et seq.), or theJudicial Retirement System (§ 51.1-300 et seq.), for which it is responsiblefrom the Commonwealth or participating political subdivisions whose employeesbenefit under such retirement plans. Any fee charged under the authoritygranted herein shall be for costs incurred directly related to theadministration and oversight of the retirement plan or service award fund, asdetermined by the Board. Such fee shall be charged to the employer whoseemployees benefit under the retirement plan and to the service award fund inthe case of costs incurred in administrating and overseeing service awardfunds. Overpayments from benefits received under the Virginia RetirementSystem, the State Police Officers' Retirement System, the Virginia LawOfficers' Retirement System, the Judicial Retirement System, the VirginiaSickness and Disability Program (§ 51.1-1100 et seq.), or Health InsuranceCredits for Certain Retirees (§ 51.1-1400 et seq.), may be deducted from lifeinsurance benefits payable under Chapter 5 (§ 51.1-500 et seq.) of this title.
14. The Board is authorized to charge and collect from participatingemployers any penalties, interest, compliance fees, or other charges chargedto the Retirement System by the Internal Revenue Service or other regulatorybody.
B. The Board shall be vested with the powers and duties of the Board ofTrustees of the abolished system to the extent necessary for the payment ofvested rights and the return of accumulated contributions.
C. The Commonwealth, the Board, employees of the Retirement System, theInvestment Advisory Committee of the Retirement System, and any otheradvisory committee established by the Board shall not incur any liability forany losses suffered by the deferred compensation, the cash match, or thedefined contribution retirement plans established or administered under theauthority of this title, except as provided in § 51.1-124.30.
(1952, c. 157, §§ 51-111.17, 51-111.18, 51-111.21 to 51-111.22:1, 51-111.23,51-111.68; 1956, c. 363; 1958, c. 419; 1960, c. 400; 1970, c. 476; 1971, Ex.Sess., c. 88; 1973, c. 523; 1974, c. 353; 1975, c. 610; 1977, c. 620; 1980,cc. 681, 728; 1982, c. 478; 1989, c. 41; 1990, c. 832, § 51.1-110; 1994, cc.4, 85; 1995, c. 307; 1997, c. 711; 1998, c. 176; 2003, cc. 11, 626; 2004, c.80; 2008, c. 245.)
