§ 51.1-126. Employees of institutions of higher education.
For purposes of this section, "optional retirement plan" means a retirementplan covering the employee for retirement purposes other than the VirginiaRetirement System defined benefit retirement plan established under thischapter.
A. 1. The Board shall maintain an optional retirement plan covering employeesengaged in the performance of teaching, administrative, or research dutieswith an institution of higher education and any institution of highereducation is authorized to make contributions to such plan for the benefit ofits employees participating in such plan. Except (i) as provided insubsection B for institutions of higher education that have established theirown optional retirement plan and (ii) for employees described in subdivisionA 2, every employee hired by an institution of higher education on or afterJuly 1, 2003, engaged in the performance of teaching, administrative, orresearch duties shall make an irrevocable election to participate in either(a) the Virginia Retirement System defined benefit retirement planestablished by this chapter or (b) an optional retirement plan maintained bythe Board. Such election shall be exercised no later than 60 days from thetime of the employee's entry upon the performance of his duties. If anelection is not made within such 60 days, such employee shall be deemed tohave elected to participate in the Virginia Retirement System defined benefitretirement plan.
2. Any employee (i) hired on or after July 1, 2003, by an institution ofhigher education engaged in the performance of teaching, administrative, orresearch duties and (ii) who at the time of hiring is in continuous servicein the performance of such teaching, administrative, or research duties shallparticipate in the optional retirement plan maintained by the Board if themost recent retirement plan covering the employee prior to such hiring was anoptional retirement plan. If the most recent retirement plan covering theemployee prior to such hiring was the Virginia Retirement System definedbenefit retirement plan, such person shall participate in such definedbenefit retirement plan from the time of his entry upon the performance ofhis duties.
B. 1. Any institution of higher education, upon receipt of approval by theBoard in writing, may establish and maintain its own optional retirement plancovering its employees who are engaged in the performance of teaching,administrative, or research duties. Upon such approval, such institution isauthorized to make contributions to its own optional retirement plan for thebenefit of its employees who elect to participate or who are required toparticipate in such plan as provided in this subsection.
2. Every employee, with the exception of employees described in subdivision B3, (i) hired on or after July 1, 2003, by an institution of higher educationthat has established and is maintaining its own optional retirement planpursuant to this subsection and (ii) engaged in the performance of teaching,administrative, or research duties shall make an irrevocable election toparticipate in either: (a) the Virginia Retirement System defined benefitretirement plan established by this chapter or (b) such optional retirementplan of the institution of higher education. Such employee shall not beprovided any election to participate in an optional retirement planmaintained by the Board.
The election shall be exercised no later than 60 days from the time of theemployee's entry upon the performance of his duties. If an election is notmade within such 60 days, such employee shall be deemed to have elected toparticipate in the Virginia Retirement System defined benefit retirement planestablished by this chapter.
3. Any employee (i) hired on or after July 1, 2003, by an institution ofhigher education engaged in the performance of teaching, administrative, orresearch duties and (ii) who at the time of hiring is in continuous servicein the performance of such teaching, administrative, or research duties shallparticipate in the optional retirement plan established by the institution ofhigher education pursuant to this subsection if the most recent retirementplan covering the employee prior to such hiring was an optional retirementplan. If the most recent retirement plan covering the employee prior to suchhiring was the Virginia Retirement System defined benefit retirement plan,such person shall participate in such defined benefit retirement plan fromthe time of his entry upon the performance of his duties.
C. Any employee engaged in the performance of teaching, administrative, orresearch duties at an institution of higher education who was covered underan optional retirement plan for retirement purposes, other than the optionalretirement plan established by such institution pursuant to subdivision B 1,shall, at the time such institution establishes its own optional retirementplan pursuant to subdivision B 1, automatically and immediately begin toparticipate in the optional retirement plan established pursuant tosubdivision B 1, notwithstanding such employee's prior election toparticipate in a different optional retirement plan.
D. 1. Any administrative fee imposed pursuant to subdivision A 13 of §51.1-124.22 upon any institution of higher education for administering andoverseeing the institution's retirement plan established pursuant tosubsection A shall be charged for each employee participating in such planand shall be for costs incurred by the Retirement System that are directlyrelated to the administration and oversight of such plan.
2. Each institution of higher education may charge and collect areimbursement fee from each employee participating in the institution'sretirement plan established pursuant to subsection A. The total amountcharged and collected for such fee from all such employees for any year shallnot exceed the total of the costs described in subdivision D 1 and charged tothe institution for such year.
E. 1. No employee of an institution of higher education who is an activemember in any plan maintained by the Board or established by an institutionof higher education, pursuant to this section, shall also be an active memberof the retirement system or beneficiary other than a contingent annuitant.
2. If a member of the optional retirement plan maintained under this sectionis at any time in service as an employee in a position covered for retirementpurposes under the provisions of Chapters 1 (§ 51.1-124.1 et seq.), 2 (§51.1-200 et seq.), 2.1 (§ 51.1-211 et seq.), or 3 (§ 51.1-300 et seq.), hisbenefit payments under the optional retirement plan maintained under thissection shall be suspended while so employed; provided, however, reemploymentshall have no effect on the payment under the optional plan maintained underthis section if the benefits are being paid in an annuity form under anannuity contract purchased with the member's account balance.
F. 1. The contribution by the Commonwealth on behalf of an employeeparticipating in an optional retirement plan maintained by the Board or onbehalf of an employee participating in an optional retirement planestablished by his institution of higher education under this section to suchemployee's retirement plan shall be (i) at least 8.5 percent but not inexcess of 8.9 percent of creditable compensation for any person who becomes amember on or after July 1, 2010, and (ii) 10.4 percent of creditablecompensation for all other employees. Any institution of higher educationthat elects a contribution in excess of 8.5 percent of creditablecompensation for any employee described in clause (i) shall provide for thesame percentage of creditable compensation as contributions for each of itsemployees described in clause (i) who participates in such optionalretirement plan. The portion of the contribution in excess of 8.5 percent ofcreditable compensation pursuant to clause (i) shall not be funded from thegeneral fund of the state treasury, but shall be paid by the institution ofhigher education from other funds. In addition, any person who becomes amember on or after July 1, 2010, shall, pursuant to procedures established bythe Board, pay member contributions on a salary reduction basis in accordancewith § 414(h) of the Internal Revenue Code, in an amount equal to fivepercent of his creditable compensation, to the optional retirement planmaintained by the Board on his behalf or the optional retirement planestablished by his institution of higher education on his behalf, asapplicable. Each employee making such member contribution shall be deemed toconsent and agree to any salary reduction for purposes of the membercontribution. Such member contributions shall be in addition to allcontributions pursuant to clause (i). An institution of higher education maymake an additional contribution for participants who, before January 1, 1991,exercised the election to participate in the plan provided by the institutionemploying them. Such additional contributions shall be made using funds otherthan general funds, tuition or fees, up to an additional 2.17 percent ofcreditable compensation.
2. These contribution rates shall be examined by the Board at least onceevery six years. The examination shall consider the salary peer group meancontribution as determined by the State Council of Higher Education and theVirginia Retirement System actuary, and, if deemed advisable, recommend arevision to the rate of contribution by the Commonwealth.
G. With respect to any employee who elects pursuant to subsection A or B toparticipate in the Virginia Retirement System defined benefit retirement planestablished by this chapter, the institution of higher education shallcollect and pay all employee and employer contributions to the VirginiaRetirement System for retirement and group life insurance in accordance withthe provisions of Chapter 1 (§ 51.1-124.1 et seq.) for such employees.
H. The Virginia Retirement System shall develop policies and procedures forthe administration of the optional retirement plan it maintains. To assistthe Virginia Retirement System in developing such policies and procedures,the Board may appoint an advisory committee of higher education employees tosupply guidance in the process.
I. As a condition of the Board granting approval to an institution of highereducation to establish its own optional retirement plan, the institution ofhigher education shall develop policies and procedures for the administrationof such plan and shall submit such policies and procedures to the Board aspart of the Board-approval process required under this section. In addition,an institution of higher education that is granted approval by the Board toestablish its own optional retirement plan covering employees engaged in theperformance of teaching, administrative, or research duties shall not adoptor implement policies and procedures that are substantially different fromthe policies and procedures approved by the Board in the initial approvalprocess unless the Board, in writing, approves such substantially differentpolicies and procedures.
J. The Board shall establish guidelines for the employee elections referredto in subdivision B 2 and shall review and, if deemed advisable, recommendrevisions to the contribution rates as described in subsection F. Except forthe duties described in subsection I, the Board shall have no duties andresponsibilities with respect to such plans established pursuant tosubsection B.
(1952, c. 157, § 51-111.28; 1978, c. 841; 1982, c. 467; 1987, c. 215; 1990,c. 832; 1991, cc. 217, 645; 1996, cc. 933, 995; 2000, cc. 722, 723; 2001, c.691; 2003, cc. 369, 626; 2005, c. 793; 2010, cc. 737, 738.)
§ 51.1-126. Employees of institutions of higher education.
For purposes of this section, "optional retirement plan" means a retirementplan covering the employee for retirement purposes other than the VirginiaRetirement System defined benefit retirement plan established under thischapter.
A. 1. The Board shall maintain an optional retirement plan covering employeesengaged in the performance of teaching, administrative, or research dutieswith an institution of higher education and any institution of highereducation is authorized to make contributions to such plan for the benefit ofits employees participating in such plan. Except (i) as provided insubsection B for institutions of higher education that have established theirown optional retirement plan and (ii) for employees described in subdivisionA 2, every employee hired by an institution of higher education on or afterJuly 1, 2003, engaged in the performance of teaching, administrative, orresearch duties shall make an irrevocable election to participate in either(a) the Virginia Retirement System defined benefit retirement planestablished by this chapter or (b) an optional retirement plan maintained bythe Board. Such election shall be exercised no later than 60 days from thetime of the employee's entry upon the performance of his duties. If anelection is not made within such 60 days, such employee shall be deemed tohave elected to participate in the Virginia Retirement System defined benefitretirement plan.
2. Any employee (i) hired on or after July 1, 2003, by an institution ofhigher education engaged in the performance of teaching, administrative, orresearch duties and (ii) who at the time of hiring is in continuous servicein the performance of such teaching, administrative, or research duties shallparticipate in the optional retirement plan maintained by the Board if themost recent retirement plan covering the employee prior to such hiring was anoptional retirement plan. If the most recent retirement plan covering theemployee prior to such hiring was the Virginia Retirement System definedbenefit retirement plan, such person shall participate in such definedbenefit retirement plan from the time of his entry upon the performance ofhis duties.
B. 1. Any institution of higher education, upon receipt of approval by theBoard in writing, may establish and maintain its own optional retirement plancovering its employees who are engaged in the performance of teaching,administrative, or research duties. Upon such approval, such institution isauthorized to make contributions to its own optional retirement plan for thebenefit of its employees who elect to participate or who are required toparticipate in such plan as provided in this subsection.
2. Every employee, with the exception of employees described in subdivision B3, (i) hired on or after July 1, 2003, by an institution of higher educationthat has established and is maintaining its own optional retirement planpursuant to this subsection and (ii) engaged in the performance of teaching,administrative, or research duties shall make an irrevocable election toparticipate in either: (a) the Virginia Retirement System defined benefitretirement plan established by this chapter or (b) such optional retirementplan of the institution of higher education. Such employee shall not beprovided any election to participate in an optional retirement planmaintained by the Board.
The election shall be exercised no later than 60 days from the time of theemployee's entry upon the performance of his duties. If an election is notmade within such 60 days, such employee shall be deemed to have elected toparticipate in the Virginia Retirement System defined benefit retirement planestablished by this chapter.
3. Any employee (i) hired on or after July 1, 2003, by an institution ofhigher education engaged in the performance of teaching, administrative, orresearch duties and (ii) who at the time of hiring is in continuous servicein the performance of such teaching, administrative, or research duties shallparticipate in the optional retirement plan established by the institution ofhigher education pursuant to this subsection if the most recent retirementplan covering the employee prior to such hiring was an optional retirementplan. If the most recent retirement plan covering the employee prior to suchhiring was the Virginia Retirement System defined benefit retirement plan,such person shall participate in such defined benefit retirement plan fromthe time of his entry upon the performance of his duties.
C. Any employee engaged in the performance of teaching, administrative, orresearch duties at an institution of higher education who was covered underan optional retirement plan for retirement purposes, other than the optionalretirement plan established by such institution pursuant to subdivision B 1,shall, at the time such institution establishes its own optional retirementplan pursuant to subdivision B 1, automatically and immediately begin toparticipate in the optional retirement plan established pursuant tosubdivision B 1, notwithstanding such employee's prior election toparticipate in a different optional retirement plan.
D. 1. Any administrative fee imposed pursuant to subdivision A 13 of §51.1-124.22 upon any institution of higher education for administering andoverseeing the institution's retirement plan established pursuant tosubsection A shall be charged for each employee participating in such planand shall be for costs incurred by the Retirement System that are directlyrelated to the administration and oversight of such plan.
2. Each institution of higher education may charge and collect areimbursement fee from each employee participating in the institution'sretirement plan established pursuant to subsection A. The total amountcharged and collected for such fee from all such employees for any year shallnot exceed the total of the costs described in subdivision D 1 and charged tothe institution for such year.
E. 1. No employee of an institution of higher education who is an activemember in any plan maintained by the Board or established by an institutionof higher education, pursuant to this section, shall also be an active memberof the retirement system or beneficiary other than a contingent annuitant.
2. If a member of the optional retirement plan maintained under this sectionis at any time in service as an employee in a position covered for retirementpurposes under the provisions of Chapters 1 (§ 51.1-124.1 et seq.), 2 (§51.1-200 et seq.), 2.1 (§ 51.1-211 et seq.), or 3 (§ 51.1-300 et seq.), hisbenefit payments under the optional retirement plan maintained under thissection shall be suspended while so employed; provided, however, reemploymentshall have no effect on the payment under the optional plan maintained underthis section if the benefits are being paid in an annuity form under anannuity contract purchased with the member's account balance.
F. 1. The contribution by the Commonwealth on behalf of an employeeparticipating in an optional retirement plan maintained by the Board or onbehalf of an employee participating in an optional retirement planestablished by his institution of higher education under this section to suchemployee's retirement plan shall be (i) at least 8.5 percent but not inexcess of 8.9 percent of creditable compensation for any person who becomes amember on or after July 1, 2010, and (ii) 10.4 percent of creditablecompensation for all other employees. Any institution of higher educationthat elects a contribution in excess of 8.5 percent of creditablecompensation for any employee described in clause (i) shall provide for thesame percentage of creditable compensation as contributions for each of itsemployees described in clause (i) who participates in such optionalretirement plan. The portion of the contribution in excess of 8.5 percent ofcreditable compensation pursuant to clause (i) shall not be funded from thegeneral fund of the state treasury, but shall be paid by the institution ofhigher education from other funds. In addition, any person who becomes amember on or after July 1, 2010, shall, pursuant to procedures established bythe Board, pay member contributions on a salary reduction basis in accordancewith § 414(h) of the Internal Revenue Code, in an amount equal to fivepercent of his creditable compensation, to the optional retirement planmaintained by the Board on his behalf or the optional retirement planestablished by his institution of higher education on his behalf, asapplicable. Each employee making such member contribution shall be deemed toconsent and agree to any salary reduction for purposes of the membercontribution. Such member contributions shall be in addition to allcontributions pursuant to clause (i). An institution of higher education maymake an additional contribution for participants who, before January 1, 1991,exercised the election to participate in the plan provided by the institutionemploying them. Such additional contributions shall be made using funds otherthan general funds, tuition or fees, up to an additional 2.17 percent ofcreditable compensation.
2. These contribution rates shall be examined by the Board at least onceevery six years. The examination shall consider the salary peer group meancontribution as determined by the State Council of Higher Education and theVirginia Retirement System actuary, and, if deemed advisable, recommend arevision to the rate of contribution by the Commonwealth.
G. With respect to any employee who elects pursuant to subsection A or B toparticipate in the Virginia Retirement System defined benefit retirement planestablished by this chapter, the institution of higher education shallcollect and pay all employee and employer contributions to the VirginiaRetirement System for retirement and group life insurance in accordance withthe provisions of Chapter 1 (§ 51.1-124.1 et seq.) for such employees.
H. The Virginia Retirement System shall develop policies and procedures forthe administration of the optional retirement plan it maintains. To assistthe Virginia Retirement System in developing such policies and procedures,the Board may appoint an advisory committee of higher education employees tosupply guidance in the process.
I. As a condition of the Board granting approval to an institution of highereducation to establish its own optional retirement plan, the institution ofhigher education shall develop policies and procedures for the administrationof such plan and shall submit such policies and procedures to the Board aspart of the Board-approval process required under this section. In addition,an institution of higher education that is granted approval by the Board toestablish its own optional retirement plan covering employees engaged in theperformance of teaching, administrative, or research duties shall not adoptor implement policies and procedures that are substantially different fromthe policies and procedures approved by the Board in the initial approvalprocess unless the Board, in writing, approves such substantially differentpolicies and procedures.
J. The Board shall establish guidelines for the employee elections referredto in subdivision B 2 and shall review and, if deemed advisable, recommendrevisions to the contribution rates as described in subsection F. Except forthe duties described in subsection I, the Board shall have no duties andresponsibilities with respect to such plans established pursuant tosubsection B.
(1952, c. 157, § 51-111.28; 1978, c. 841; 1982, c. 467; 1987, c. 215; 1990,c. 832; 1991, cc. 217, 645; 1996, cc. 933, 995; 2000, cc. 722, 723; 2001, c.691; 2003, cc. 369, 626; 2005, c. 793; 2010, cc. 737, 738.)
§ 51.1-126. Employees of institutions of higher education.
For purposes of this section, "optional retirement plan" means a retirementplan covering the employee for retirement purposes other than the VirginiaRetirement System defined benefit retirement plan established under thischapter.
A. 1. The Board shall maintain an optional retirement plan covering employeesengaged in the performance of teaching, administrative, or research dutieswith an institution of higher education and any institution of highereducation is authorized to make contributions to such plan for the benefit ofits employees participating in such plan. Except (i) as provided insubsection B for institutions of higher education that have established theirown optional retirement plan and (ii) for employees described in subdivisionA 2, every employee hired by an institution of higher education on or afterJuly 1, 2003, engaged in the performance of teaching, administrative, orresearch duties shall make an irrevocable election to participate in either(a) the Virginia Retirement System defined benefit retirement planestablished by this chapter or (b) an optional retirement plan maintained bythe Board. Such election shall be exercised no later than 60 days from thetime of the employee's entry upon the performance of his duties. If anelection is not made within such 60 days, such employee shall be deemed tohave elected to participate in the Virginia Retirement System defined benefitretirement plan.
2. Any employee (i) hired on or after July 1, 2003, by an institution ofhigher education engaged in the performance of teaching, administrative, orresearch duties and (ii) who at the time of hiring is in continuous servicein the performance of such teaching, administrative, or research duties shallparticipate in the optional retirement plan maintained by the Board if themost recent retirement plan covering the employee prior to such hiring was anoptional retirement plan. If the most recent retirement plan covering theemployee prior to such hiring was the Virginia Retirement System definedbenefit retirement plan, such person shall participate in such definedbenefit retirement plan from the time of his entry upon the performance ofhis duties.
B. 1. Any institution of higher education, upon receipt of approval by theBoard in writing, may establish and maintain its own optional retirement plancovering its employees who are engaged in the performance of teaching,administrative, or research duties. Upon such approval, such institution isauthorized to make contributions to its own optional retirement plan for thebenefit of its employees who elect to participate or who are required toparticipate in such plan as provided in this subsection.
2. Every employee, with the exception of employees described in subdivision B3, (i) hired on or after July 1, 2003, by an institution of higher educationthat has established and is maintaining its own optional retirement planpursuant to this subsection and (ii) engaged in the performance of teaching,administrative, or research duties shall make an irrevocable election toparticipate in either: (a) the Virginia Retirement System defined benefitretirement plan established by this chapter or (b) such optional retirementplan of the institution of higher education. Such employee shall not beprovided any election to participate in an optional retirement planmaintained by the Board.
The election shall be exercised no later than 60 days from the time of theemployee's entry upon the performance of his duties. If an election is notmade within such 60 days, such employee shall be deemed to have elected toparticipate in the Virginia Retirement System defined benefit retirement planestablished by this chapter.
3. Any employee (i) hired on or after July 1, 2003, by an institution ofhigher education engaged in the performance of teaching, administrative, orresearch duties and (ii) who at the time of hiring is in continuous servicein the performance of such teaching, administrative, or research duties shallparticipate in the optional retirement plan established by the institution ofhigher education pursuant to this subsection if the most recent retirementplan covering the employee prior to such hiring was an optional retirementplan. If the most recent retirement plan covering the employee prior to suchhiring was the Virginia Retirement System defined benefit retirement plan,such person shall participate in such defined benefit retirement plan fromthe time of his entry upon the performance of his duties.
C. Any employee engaged in the performance of teaching, administrative, orresearch duties at an institution of higher education who was covered underan optional retirement plan for retirement purposes, other than the optionalretirement plan established by such institution pursuant to subdivision B 1,shall, at the time such institution establishes its own optional retirementplan pursuant to subdivision B 1, automatically and immediately begin toparticipate in the optional retirement plan established pursuant tosubdivision B 1, notwithstanding such employee's prior election toparticipate in a different optional retirement plan.
D. 1. Any administrative fee imposed pursuant to subdivision A 13 of §51.1-124.22 upon any institution of higher education for administering andoverseeing the institution's retirement plan established pursuant tosubsection A shall be charged for each employee participating in such planand shall be for costs incurred by the Retirement System that are directlyrelated to the administration and oversight of such plan.
2. Each institution of higher education may charge and collect areimbursement fee from each employee participating in the institution'sretirement plan established pursuant to subsection A. The total amountcharged and collected for such fee from all such employees for any year shallnot exceed the total of the costs described in subdivision D 1 and charged tothe institution for such year.
E. 1. No employee of an institution of higher education who is an activemember in any plan maintained by the Board or established by an institutionof higher education, pursuant to this section, shall also be an active memberof the retirement system or beneficiary other than a contingent annuitant.
2. If a member of the optional retirement plan maintained under this sectionis at any time in service as an employee in a position covered for retirementpurposes under the provisions of Chapters 1 (§ 51.1-124.1 et seq.), 2 (§51.1-200 et seq.), 2.1 (§ 51.1-211 et seq.), or 3 (§ 51.1-300 et seq.), hisbenefit payments under the optional retirement plan maintained under thissection shall be suspended while so employed; provided, however, reemploymentshall have no effect on the payment under the optional plan maintained underthis section if the benefits are being paid in an annuity form under anannuity contract purchased with the member's account balance.
F. 1. The contribution by the Commonwealth on behalf of an employeeparticipating in an optional retirement plan maintained by the Board or onbehalf of an employee participating in an optional retirement planestablished by his institution of higher education under this section to suchemployee's retirement plan shall be (i) at least 8.5 percent but not inexcess of 8.9 percent of creditable compensation for any person who becomes amember on or after July 1, 2010, and (ii) 10.4 percent of creditablecompensation for all other employees. Any institution of higher educationthat elects a contribution in excess of 8.5 percent of creditablecompensation for any employee described in clause (i) shall provide for thesame percentage of creditable compensation as contributions for each of itsemployees described in clause (i) who participates in such optionalretirement plan. The portion of the contribution in excess of 8.5 percent ofcreditable compensation pursuant to clause (i) shall not be funded from thegeneral fund of the state treasury, but shall be paid by the institution ofhigher education from other funds. In addition, any person who becomes amember on or after July 1, 2010, shall, pursuant to procedures established bythe Board, pay member contributions on a salary reduction basis in accordancewith § 414(h) of the Internal Revenue Code, in an amount equal to fivepercent of his creditable compensation, to the optional retirement planmaintained by the Board on his behalf or the optional retirement planestablished by his institution of higher education on his behalf, asapplicable. Each employee making such member contribution shall be deemed toconsent and agree to any salary reduction for purposes of the membercontribution. Such member contributions shall be in addition to allcontributions pursuant to clause (i). An institution of higher education maymake an additional contribution for participants who, before January 1, 1991,exercised the election to participate in the plan provided by the institutionemploying them. Such additional contributions shall be made using funds otherthan general funds, tuition or fees, up to an additional 2.17 percent ofcreditable compensation.
2. These contribution rates shall be examined by the Board at least onceevery six years. The examination shall consider the salary peer group meancontribution as determined by the State Council of Higher Education and theVirginia Retirement System actuary, and, if deemed advisable, recommend arevision to the rate of contribution by the Commonwealth.
G. With respect to any employee who elects pursuant to subsection A or B toparticipate in the Virginia Retirement System defined benefit retirement planestablished by this chapter, the institution of higher education shallcollect and pay all employee and employer contributions to the VirginiaRetirement System for retirement and group life insurance in accordance withthe provisions of Chapter 1 (§ 51.1-124.1 et seq.) for such employees.
H. The Virginia Retirement System shall develop policies and procedures forthe administration of the optional retirement plan it maintains. To assistthe Virginia Retirement System in developing such policies and procedures,the Board may appoint an advisory committee of higher education employees tosupply guidance in the process.
I. As a condition of the Board granting approval to an institution of highereducation to establish its own optional retirement plan, the institution ofhigher education shall develop policies and procedures for the administrationof such plan and shall submit such policies and procedures to the Board aspart of the Board-approval process required under this section. In addition,an institution of higher education that is granted approval by the Board toestablish its own optional retirement plan covering employees engaged in theperformance of teaching, administrative, or research duties shall not adoptor implement policies and procedures that are substantially different fromthe policies and procedures approved by the Board in the initial approvalprocess unless the Board, in writing, approves such substantially differentpolicies and procedures.
J. The Board shall establish guidelines for the employee elections referredto in subdivision B 2 and shall review and, if deemed advisable, recommendrevisions to the contribution rates as described in subsection F. Except forthe duties described in subsection I, the Board shall have no duties andresponsibilities with respect to such plans established pursuant tosubsection B.
(1952, c. 157, § 51-111.28; 1978, c. 841; 1982, c. 467; 1987, c. 215; 1990,c. 832; 1991, cc. 217, 645; 1996, cc. 933, 995; 2000, cc. 722, 723; 2001, c.691; 2003, cc. 369, 626; 2005, c. 793; 2010, cc. 737, 738.)
