§ 51.1-126.1. Certain employees of teaching hospitals.
A. Any teaching hospital affiliated with an institution of higher education,other than the Virginia Commonwealth University Health System Authority orthe University of Virginia Medical Center, may establish a retirement plancovering in whole or in part its employees who are health care providers, asdetermined by the Department of Human Resource Management pursuant to §2.2-2905, and is authorized to make contributions for the benefit of itsemployees who elect to participate in such plan or arrangement rather than inthe retirement system established by this chapter. Any such alternativeretirement plan shall not become effective until July 1, 1991, or any timethereafter, as determined by such teaching hospital. Any health care provideremployed by such teaching hospital on or after July 1, 1991, may make anirrevocable election to participate in either the retirement plan establishedby this chapter or the plan provided by the teaching hospital, in accordancewith guidelines established by the Virginia Retirement System. The electionherein provided shall, as to any health care provider employed after thealternative retirement plan implementation date, be exercised not later thanthirty-one days from the time of entry upon the performance of his duties.
B. No health care provider employed by a teaching hospital who is an activemember of a plan established under this section shall also be an activemember of the retirement system or a beneficiary other than a contingentannuitant.
C. The contribution by the Commonwealth to any other retirement planestablished on behalf of health care providers as provided in subsection Ashall be the contribution by the Commonwealth which would be required if thehealth care provider were a member of the retirement system or eight percentof creditable compensation, whichever is less.
D. If the institution of higher education with which the teaching hospital isaffiliated has adopted a retirement plan under § 51.1-126 for its employeeswho are engaged in the performance of teaching, administrative, or researchduties, the plan established under this section shall offer the sameinvestment opportunities as are available to the participants of the planestablished under § 51.1-126.
E. The Virginia Retirement System shall develop policies and procedures forthe administration of the retirement plan established under this section.
(1991, c. 645; 1993, c. 895; 1996, cc. 905, 933, 995, 1046; 2000, cc. 66,657, 720.)
§ 51.1-126.1. Certain employees of teaching hospitals.
A. Any teaching hospital affiliated with an institution of higher education,other than the Virginia Commonwealth University Health System Authority orthe University of Virginia Medical Center, may establish a retirement plancovering in whole or in part its employees who are health care providers, asdetermined by the Department of Human Resource Management pursuant to §2.2-2905, and is authorized to make contributions for the benefit of itsemployees who elect to participate in such plan or arrangement rather than inthe retirement system established by this chapter. Any such alternativeretirement plan shall not become effective until July 1, 1991, or any timethereafter, as determined by such teaching hospital. Any health care provideremployed by such teaching hospital on or after July 1, 1991, may make anirrevocable election to participate in either the retirement plan establishedby this chapter or the plan provided by the teaching hospital, in accordancewith guidelines established by the Virginia Retirement System. The electionherein provided shall, as to any health care provider employed after thealternative retirement plan implementation date, be exercised not later thanthirty-one days from the time of entry upon the performance of his duties.
B. No health care provider employed by a teaching hospital who is an activemember of a plan established under this section shall also be an activemember of the retirement system or a beneficiary other than a contingentannuitant.
C. The contribution by the Commonwealth to any other retirement planestablished on behalf of health care providers as provided in subsection Ashall be the contribution by the Commonwealth which would be required if thehealth care provider were a member of the retirement system or eight percentof creditable compensation, whichever is less.
D. If the institution of higher education with which the teaching hospital isaffiliated has adopted a retirement plan under § 51.1-126 for its employeeswho are engaged in the performance of teaching, administrative, or researchduties, the plan established under this section shall offer the sameinvestment opportunities as are available to the participants of the planestablished under § 51.1-126.
E. The Virginia Retirement System shall develop policies and procedures forthe administration of the retirement plan established under this section.
(1991, c. 645; 1993, c. 895; 1996, cc. 905, 933, 995, 1046; 2000, cc. 66,657, 720.)
§ 51.1-126.1. Certain employees of teaching hospitals.
A. Any teaching hospital affiliated with an institution of higher education,other than the Virginia Commonwealth University Health System Authority orthe University of Virginia Medical Center, may establish a retirement plancovering in whole or in part its employees who are health care providers, asdetermined by the Department of Human Resource Management pursuant to §2.2-2905, and is authorized to make contributions for the benefit of itsemployees who elect to participate in such plan or arrangement rather than inthe retirement system established by this chapter. Any such alternativeretirement plan shall not become effective until July 1, 1991, or any timethereafter, as determined by such teaching hospital. Any health care provideremployed by such teaching hospital on or after July 1, 1991, may make anirrevocable election to participate in either the retirement plan establishedby this chapter or the plan provided by the teaching hospital, in accordancewith guidelines established by the Virginia Retirement System. The electionherein provided shall, as to any health care provider employed after thealternative retirement plan implementation date, be exercised not later thanthirty-one days from the time of entry upon the performance of his duties.
B. No health care provider employed by a teaching hospital who is an activemember of a plan established under this section shall also be an activemember of the retirement system or a beneficiary other than a contingentannuitant.
C. The contribution by the Commonwealth to any other retirement planestablished on behalf of health care providers as provided in subsection Ashall be the contribution by the Commonwealth which would be required if thehealth care provider were a member of the retirement system or eight percentof creditable compensation, whichever is less.
D. If the institution of higher education with which the teaching hospital isaffiliated has adopted a retirement plan under § 51.1-126 for its employeeswho are engaged in the performance of teaching, administrative, or researchduties, the plan established under this section shall offer the sameinvestment opportunities as are available to the participants of the planestablished under § 51.1-126.
E. The Virginia Retirement System shall develop policies and procedures forthe administration of the retirement plan established under this section.
(1991, c. 645; 1993, c. 895; 1996, cc. 905, 933, 995, 1046; 2000, cc. 66,657, 720.)
