§ 51.1-126.6. Certain employees of public school divisions.
A. The Board shall establish a defined contribution plan covering anyeligible employee serving in a position designated in § 22.1-60 who elects toparticipate in the plan.
B. Any school board established pursuant to Article VIII, Section 7 of theConstitution of Virginia and Chapter 5 (§ 22.1-28 et seq.) of Title 22.1 ishereby authorized to make contributions to the optional retirement planestablished by the Virginia Retirement System pursuant to this section forthe benefit of its eligible employees who elect to participate in such aplan. Any eligible employee of such school board hired on or after theeffective date of the plan shall make an irrevocable election to participatein either (i) the retirement system established by this chapter or (ii) theoptional retirement plan established by the Virginia Retirement Systempursuant to this section. Such election shall be made in accordance with theguidelines established by the Virginia Retirement System.
C. No employee of any school board who is an active member of the retirementplan established under this section shall also be an active member in theVirginia Retirement System or beneficiary thereof other than as a contingentannuitant. Such eligible employee may, however, be covered under anyinsurance plan established by the Board under this title for which he wouldhave been otherwise eligible.
D. The contribution by the school board to such employee's definedcontribution account shall be determined by the Board of Trustees of theVirginia Retirement System in consultation with its actuary. Contributions tothe defined contribution account and all earnings thereon shall be creditedto an account to be maintained for each eligible employee who elects toparticipate. Contributions by the school board to an electing employee'sdefined contribution account shall be in lieu of contributions to theretirement system required pursuant to § 51.1-145.
E. 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 this chapter, Chapter 2 (§ 51.1-200 etseq.), Chapter 2.1 (§ 51.1-211 et seq.), or Chapter 3 (§ 51.1-300 et seq.) ofthis title, his benefit payments under the optional retirement planmaintained under this section shall be suspended while so employed; provided,however, reemployment in such position shall have no effect on the paymentunder the optional retirement plan maintained under this section if thebenefits are being paid in an annuity form under a lifetime annuity contractpurchased with the member's account balance.
F. The Virginia Retirement System shall develop policies and procedures forthe administration of such plan in accordance with existing and futurefederal and state policies, regulations, and statutes governing theadministration of such plans.
(1998, c. 822; 2000, c. 345; 2001, c. 691; 2002, c. 668; 2006, c. 639.)
§ 51.1-126.6. Certain employees of public school divisions.
A. The Board shall establish a defined contribution plan covering anyeligible employee serving in a position designated in § 22.1-60 who elects toparticipate in the plan.
B. Any school board established pursuant to Article VIII, Section 7 of theConstitution of Virginia and Chapter 5 (§ 22.1-28 et seq.) of Title 22.1 ishereby authorized to make contributions to the optional retirement planestablished by the Virginia Retirement System pursuant to this section forthe benefit of its eligible employees who elect to participate in such aplan. Any eligible employee of such school board hired on or after theeffective date of the plan shall make an irrevocable election to participatein either (i) the retirement system established by this chapter or (ii) theoptional retirement plan established by the Virginia Retirement Systempursuant to this section. Such election shall be made in accordance with theguidelines established by the Virginia Retirement System.
C. No employee of any school board who is an active member of the retirementplan established under this section shall also be an active member in theVirginia Retirement System or beneficiary thereof other than as a contingentannuitant. Such eligible employee may, however, be covered under anyinsurance plan established by the Board under this title for which he wouldhave been otherwise eligible.
D. The contribution by the school board to such employee's definedcontribution account shall be determined by the Board of Trustees of theVirginia Retirement System in consultation with its actuary. Contributions tothe defined contribution account and all earnings thereon shall be creditedto an account to be maintained for each eligible employee who elects toparticipate. Contributions by the school board to an electing employee'sdefined contribution account shall be in lieu of contributions to theretirement system required pursuant to § 51.1-145.
E. 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 this chapter, Chapter 2 (§ 51.1-200 etseq.), Chapter 2.1 (§ 51.1-211 et seq.), or Chapter 3 (§ 51.1-300 et seq.) ofthis title, his benefit payments under the optional retirement planmaintained under this section shall be suspended while so employed; provided,however, reemployment in such position shall have no effect on the paymentunder the optional retirement plan maintained under this section if thebenefits are being paid in an annuity form under a lifetime annuity contractpurchased with the member's account balance.
F. The Virginia Retirement System shall develop policies and procedures forthe administration of such plan in accordance with existing and futurefederal and state policies, regulations, and statutes governing theadministration of such plans.
(1998, c. 822; 2000, c. 345; 2001, c. 691; 2002, c. 668; 2006, c. 639.)
§ 51.1-126.6. Certain employees of public school divisions.
A. The Board shall establish a defined contribution plan covering anyeligible employee serving in a position designated in § 22.1-60 who elects toparticipate in the plan.
B. Any school board established pursuant to Article VIII, Section 7 of theConstitution of Virginia and Chapter 5 (§ 22.1-28 et seq.) of Title 22.1 ishereby authorized to make contributions to the optional retirement planestablished by the Virginia Retirement System pursuant to this section forthe benefit of its eligible employees who elect to participate in such aplan. Any eligible employee of such school board hired on or after theeffective date of the plan shall make an irrevocable election to participatein either (i) the retirement system established by this chapter or (ii) theoptional retirement plan established by the Virginia Retirement Systempursuant to this section. Such election shall be made in accordance with theguidelines established by the Virginia Retirement System.
C. No employee of any school board who is an active member of the retirementplan established under this section shall also be an active member in theVirginia Retirement System or beneficiary thereof other than as a contingentannuitant. Such eligible employee may, however, be covered under anyinsurance plan established by the Board under this title for which he wouldhave been otherwise eligible.
D. The contribution by the school board to such employee's definedcontribution account shall be determined by the Board of Trustees of theVirginia Retirement System in consultation with its actuary. Contributions tothe defined contribution account and all earnings thereon shall be creditedto an account to be maintained for each eligible employee who elects toparticipate. Contributions by the school board to an electing employee'sdefined contribution account shall be in lieu of contributions to theretirement system required pursuant to § 51.1-145.
E. 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 this chapter, Chapter 2 (§ 51.1-200 etseq.), Chapter 2.1 (§ 51.1-211 et seq.), or Chapter 3 (§ 51.1-300 et seq.) ofthis title, his benefit payments under the optional retirement planmaintained under this section shall be suspended while so employed; provided,however, reemployment in such position shall have no effect on the paymentunder the optional retirement plan maintained under this section if thebenefits are being paid in an annuity form under a lifetime annuity contractpurchased with the member's account balance.
F. The Virginia Retirement System shall develop policies and procedures forthe administration of such plan in accordance with existing and futurefederal and state policies, regulations, and statutes governing theadministration of such plans.
(1998, c. 822; 2000, c. 345; 2001, c. 691; 2002, c. 668; 2006, c. 639.)
