§ 51.1-126.4. Employees of the Virginia Port Authority.
A. The Virginia Port Authority, hereinafter referred to as the Authority, mayestablish one or more retirement plans covering in whole or in part itsemployees. The Authority is authorized to make contributions for the benefitof its employees who elect to participate in such plan or arrangement ratherthan in any other retirement system established by this chapter. Any suchalternative retirement plan shall become effective at such time as determinedby the Authority. The Authority shall notify the Virginia Retirement Systemof the establishment of such plan no later than ninety days prior to theeffective date. Any present employee of the Authority may make an irrevocableelection to participate in the retirement plan established by this chapter orany plan provided by the Authority. Such election shall be made no later than180 days after the effective date of the plan provided for in this section onforms supplied by the Virginia Retirement System. Any employee hired on orafter the effective date of the plan provided for in this section shallbecome a participant in that plan, subject to the eligibility criteria ofthat plan.
B. No employee of the Authority who is an active member of a plan establishedunder this section shall also be an active member of the retirement systemestablished by this chapter or a beneficiary of such other plan other than asa contingent annuitant.
C. The contribution by the Authority to any other retirement plan establishedon behalf of its employees as provided in subsection A shall be thecontribution by the Commonwealth which would be required if the employee werea member of the retirement system established by this chapter or eightpercent of creditable compensation, whichever is less.
D. The Authority shall develop policies and procedures for the administrationof any retirement plan it establishes under this section. A copy of suchpolicies and procedures shall be filed with the Board of Trustees of theVirginia Retirement System.
E. Pursuant to § 62.1-129.1, employees of the Authority shall be eligible tocontinue their participation in the Virginia Retirement System or mayparticipate in an alternative retirement plan offered pursuant to thissection.
§ 51.1-126.4. Employees of the Virginia Port Authority.
A. The Virginia Port Authority, hereinafter referred to as the Authority, mayestablish one or more retirement plans covering in whole or in part itsemployees. The Authority is authorized to make contributions for the benefitof its employees who elect to participate in such plan or arrangement ratherthan in any other retirement system established by this chapter. Any suchalternative retirement plan shall become effective at such time as determinedby the Authority. The Authority shall notify the Virginia Retirement Systemof the establishment of such plan no later than ninety days prior to theeffective date. Any present employee of the Authority may make an irrevocableelection to participate in the retirement plan established by this chapter orany plan provided by the Authority. Such election shall be made no later than180 days after the effective date of the plan provided for in this section onforms supplied by the Virginia Retirement System. Any employee hired on orafter the effective date of the plan provided for in this section shallbecome a participant in that plan, subject to the eligibility criteria ofthat plan.
B. No employee of the Authority who is an active member of a plan establishedunder this section shall also be an active member of the retirement systemestablished by this chapter or a beneficiary of such other plan other than asa contingent annuitant.
C. The contribution by the Authority to any other retirement plan establishedon behalf of its employees as provided in subsection A shall be thecontribution by the Commonwealth which would be required if the employee werea member of the retirement system established by this chapter or eightpercent of creditable compensation, whichever is less.
D. The Authority shall develop policies and procedures for the administrationof any retirement plan it establishes under this section. A copy of suchpolicies and procedures shall be filed with the Board of Trustees of theVirginia Retirement System.
E. Pursuant to § 62.1-129.1, employees of the Authority shall be eligible tocontinue their participation in the Virginia Retirement System or mayparticipate in an alternative retirement plan offered pursuant to thissection.
§ 51.1-126.4. Employees of the Virginia Port Authority.
A. The Virginia Port Authority, hereinafter referred to as the Authority, mayestablish one or more retirement plans covering in whole or in part itsemployees. The Authority is authorized to make contributions for the benefitof its employees who elect to participate in such plan or arrangement ratherthan in any other retirement system established by this chapter. Any suchalternative retirement plan shall become effective at such time as determinedby the Authority. The Authority shall notify the Virginia Retirement Systemof the establishment of such plan no later than ninety days prior to theeffective date. Any present employee of the Authority may make an irrevocableelection to participate in the retirement plan established by this chapter orany plan provided by the Authority. Such election shall be made no later than180 days after the effective date of the plan provided for in this section onforms supplied by the Virginia Retirement System. Any employee hired on orafter the effective date of the plan provided for in this section shallbecome a participant in that plan, subject to the eligibility criteria ofthat plan.
B. No employee of the Authority who is an active member of a plan establishedunder this section shall also be an active member of the retirement systemestablished by this chapter or a beneficiary of such other plan other than asa contingent annuitant.
C. The contribution by the Authority to any other retirement plan establishedon behalf of its employees as provided in subsection A shall be thecontribution by the Commonwealth which would be required if the employee werea member of the retirement system established by this chapter or eightpercent of creditable compensation, whichever is less.
D. The Authority shall develop policies and procedures for the administrationof any retirement plan it establishes under this section. A copy of suchpolicies and procedures shall be filed with the Board of Trustees of theVirginia Retirement System.
E. Pursuant to § 62.1-129.1, employees of the Authority shall be eligible tocontinue their participation in the Virginia Retirement System or mayparticipate in an alternative retirement plan offered pursuant to thissection.
