§ 51.1-165.01. Partial lump-sum option for payment of retirement allowance.
A. For purposes of this section:
"Normal retirement" means normal retirement as described in §§ 51.1-153,51.1-205, 51.1-216 or § 51.1-305, in accordance with the retirement plancovering the member.
B. The following members are eligible to receive a portion of theirretirement allowance paid in a lump-sum distribution upon retirement asprovided in this section:
1. Any retiring member who (i) has satisfied the requirements for normalretirement after January 1, 2004, or has been credited with at least threeyears of creditable service for service performed after the date he was firsteligible for an unreduced service retirement allowance and (ii) was inservice for at least three full years after January 1, 2001, is eligible toelect one of the partial lump-sum options described in either subdivision C1, C 2, or C 3.
2. Any retiring member who (i) has been credited with at least two years ofcreditable service for service performed after the date he was first eligiblefor an unreduced service retirement allowance and (ii) was in service for atleast two full years after January 1, 2001, is eligible to elect one of thepartial lump-sum options described in either subdivision C 1 or C 2.
3. Any retiring member who (i) has been credited with at least one year ofcreditable service for service performed after the date he was first eligiblefor an unreduced service retirement allowance and (ii) was in service for atleast one full year after January 1, 2001, is eligible to elect the partiallump-sum option described in subdivision C 1.
For purposes of this subsection, service of an employee of a localityparticipating in the Retirement System shall mean service for whichretirement credit is granted under this chapter.
C. An eligible retiring member may make a one-time election to receive aportion of his retirement allowance paid in a lump-sum distribution upon hisretirement. The monthly amount of the service retirement allowance otherwisepayable to such member making the election shall be reduced on an actuariallyequivalent basis to reflect the payment of such lump-sum distribution. Anyoptional payment of the retirement allowance, pursuant to § 51.1-165, shallalso be based upon such reduced retirement allowance. The computation andpayment of any service retirement allowance that is reduced on an actuariallyequivalent basis to reflect the payment of a lump-sum distribution shall alsoreflect the provisions of subsection B of § 51.1-168 applicable to the totalretirement benefit including the lump-sum distribution. An eligible retiringmember may elect one of the following partial lump-sum options pursuant tothe limitations provided in subsection B:
1. A lump-sum distribution shall be paid to such member upon his retirementequal to twelve times the monthly amount of his service retirement allowanceas determined in subsection A of § 51.1-155, subsection A of § 51.1-206,subsection A of § 51.1-217, or subsection A of § 51.1-306, in accordance withthe retirement plan covering such member but without regard to the limitationset forth in subsection B of § 51.1-168.
2. A lump-sum distribution shall be paid to such member upon his retirementequal to twenty-four times the monthly amount of his service retirementallowance as determined in subsection A of § 51.1-155, subsection A of §51.1-206, subsection A of § 51.1-217, or subsection A of § 51.1-306, inaccordance with the retirement plan covering such member but without regardto the limitation set forth in subsection B of § 51.1-168.
3. A lump-sum distribution shall be paid to such member upon his retirementequal to thirty-six times the monthly amount of his service retirementallowance as determined in subsection A of § 51.1-155, subsection A of §51.1-206, subsection A of § 51.1-217, or subsection A of § 51.1-306, inaccordance with the retirement plan covering such member but without regardto the limitation set forth in subsection B of § 51.1-168.
D. The lump-sum distribution, if elected by the eligible retiring member,shall be paid at the same time that the first monthly annuity payment is paidto such member.
E. Before an eligible retiring member may make an election to receive alump-sum distribution, such member shall have been provided from theRetirement System the amount by which his monthly retirement allowance shallbe reduced under each of the partial lump-sum options provided in subsectionC, as available to such member. No eligible retiring member shall be allowedto make an election for a lump-sum distribution pursuant to this section morethan once in his lifetime.
F. The election of any one of the options stated in this section shall bevoid if the member dies prior to the Board receiving written notification ofthe member's effective date of retirement. If the death of the member occursprior to the effective date of retirement but after the Board has receivedwritten notification of the member's effective date of retirement, benefitsshall be paid in accordance with the provisions of § 51.1-163 and therequirement that the member be in service shall not apply.
§ 51.1-165.01. Partial lump-sum option for payment of retirement allowance.
A. For purposes of this section:
"Normal retirement" means normal retirement as described in §§ 51.1-153,51.1-205, 51.1-216 or § 51.1-305, in accordance with the retirement plancovering the member.
B. The following members are eligible to receive a portion of theirretirement allowance paid in a lump-sum distribution upon retirement asprovided in this section:
1. Any retiring member who (i) has satisfied the requirements for normalretirement after January 1, 2004, or has been credited with at least threeyears of creditable service for service performed after the date he was firsteligible for an unreduced service retirement allowance and (ii) was inservice for at least three full years after January 1, 2001, is eligible toelect one of the partial lump-sum options described in either subdivision C1, C 2, or C 3.
2. Any retiring member who (i) has been credited with at least two years ofcreditable service for service performed after the date he was first eligiblefor an unreduced service retirement allowance and (ii) was in service for atleast two full years after January 1, 2001, is eligible to elect one of thepartial lump-sum options described in either subdivision C 1 or C 2.
3. Any retiring member who (i) has been credited with at least one year ofcreditable service for service performed after the date he was first eligiblefor an unreduced service retirement allowance and (ii) was in service for atleast one full year after January 1, 2001, is eligible to elect the partiallump-sum option described in subdivision C 1.
For purposes of this subsection, service of an employee of a localityparticipating in the Retirement System shall mean service for whichretirement credit is granted under this chapter.
C. An eligible retiring member may make a one-time election to receive aportion of his retirement allowance paid in a lump-sum distribution upon hisretirement. The monthly amount of the service retirement allowance otherwisepayable to such member making the election shall be reduced on an actuariallyequivalent basis to reflect the payment of such lump-sum distribution. Anyoptional payment of the retirement allowance, pursuant to § 51.1-165, shallalso be based upon such reduced retirement allowance. The computation andpayment of any service retirement allowance that is reduced on an actuariallyequivalent basis to reflect the payment of a lump-sum distribution shall alsoreflect the provisions of subsection B of § 51.1-168 applicable to the totalretirement benefit including the lump-sum distribution. An eligible retiringmember may elect one of the following partial lump-sum options pursuant tothe limitations provided in subsection B:
1. A lump-sum distribution shall be paid to such member upon his retirementequal to twelve times the monthly amount of his service retirement allowanceas determined in subsection A of § 51.1-155, subsection A of § 51.1-206,subsection A of § 51.1-217, or subsection A of § 51.1-306, in accordance withthe retirement plan covering such member but without regard to the limitationset forth in subsection B of § 51.1-168.
2. A lump-sum distribution shall be paid to such member upon his retirementequal to twenty-four times the monthly amount of his service retirementallowance as determined in subsection A of § 51.1-155, subsection A of §51.1-206, subsection A of § 51.1-217, or subsection A of § 51.1-306, inaccordance with the retirement plan covering such member but without regardto the limitation set forth in subsection B of § 51.1-168.
3. A lump-sum distribution shall be paid to such member upon his retirementequal to thirty-six times the monthly amount of his service retirementallowance as determined in subsection A of § 51.1-155, subsection A of §51.1-206, subsection A of § 51.1-217, or subsection A of § 51.1-306, inaccordance with the retirement plan covering such member but without regardto the limitation set forth in subsection B of § 51.1-168.
D. The lump-sum distribution, if elected by the eligible retiring member,shall be paid at the same time that the first monthly annuity payment is paidto such member.
E. Before an eligible retiring member may make an election to receive alump-sum distribution, such member shall have been provided from theRetirement System the amount by which his monthly retirement allowance shallbe reduced under each of the partial lump-sum options provided in subsectionC, as available to such member. No eligible retiring member shall be allowedto make an election for a lump-sum distribution pursuant to this section morethan once in his lifetime.
F. The election of any one of the options stated in this section shall bevoid if the member dies prior to the Board receiving written notification ofthe member's effective date of retirement. If the death of the member occursprior to the effective date of retirement but after the Board has receivedwritten notification of the member's effective date of retirement, benefitsshall be paid in accordance with the provisions of § 51.1-163 and therequirement that the member be in service shall not apply.
§ 51.1-165.01. Partial lump-sum option for payment of retirement allowance.
A. For purposes of this section:
"Normal retirement" means normal retirement as described in §§ 51.1-153,51.1-205, 51.1-216 or § 51.1-305, in accordance with the retirement plancovering the member.
B. The following members are eligible to receive a portion of theirretirement allowance paid in a lump-sum distribution upon retirement asprovided in this section:
1. Any retiring member who (i) has satisfied the requirements for normalretirement after January 1, 2004, or has been credited with at least threeyears of creditable service for service performed after the date he was firsteligible for an unreduced service retirement allowance and (ii) was inservice for at least three full years after January 1, 2001, is eligible toelect one of the partial lump-sum options described in either subdivision C1, C 2, or C 3.
2. Any retiring member who (i) has been credited with at least two years ofcreditable service for service performed after the date he was first eligiblefor an unreduced service retirement allowance and (ii) was in service for atleast two full years after January 1, 2001, is eligible to elect one of thepartial lump-sum options described in either subdivision C 1 or C 2.
3. Any retiring member who (i) has been credited with at least one year ofcreditable service for service performed after the date he was first eligiblefor an unreduced service retirement allowance and (ii) was in service for atleast one full year after January 1, 2001, is eligible to elect the partiallump-sum option described in subdivision C 1.
For purposes of this subsection, service of an employee of a localityparticipating in the Retirement System shall mean service for whichretirement credit is granted under this chapter.
C. An eligible retiring member may make a one-time election to receive aportion of his retirement allowance paid in a lump-sum distribution upon hisretirement. The monthly amount of the service retirement allowance otherwisepayable to such member making the election shall be reduced on an actuariallyequivalent basis to reflect the payment of such lump-sum distribution. Anyoptional payment of the retirement allowance, pursuant to § 51.1-165, shallalso be based upon such reduced retirement allowance. The computation andpayment of any service retirement allowance that is reduced on an actuariallyequivalent basis to reflect the payment of a lump-sum distribution shall alsoreflect the provisions of subsection B of § 51.1-168 applicable to the totalretirement benefit including the lump-sum distribution. An eligible retiringmember may elect one of the following partial lump-sum options pursuant tothe limitations provided in subsection B:
1. A lump-sum distribution shall be paid to such member upon his retirementequal to twelve times the monthly amount of his service retirement allowanceas determined in subsection A of § 51.1-155, subsection A of § 51.1-206,subsection A of § 51.1-217, or subsection A of § 51.1-306, in accordance withthe retirement plan covering such member but without regard to the limitationset forth in subsection B of § 51.1-168.
2. A lump-sum distribution shall be paid to such member upon his retirementequal to twenty-four times the monthly amount of his service retirementallowance as determined in subsection A of § 51.1-155, subsection A of §51.1-206, subsection A of § 51.1-217, or subsection A of § 51.1-306, inaccordance with the retirement plan covering such member but without regardto the limitation set forth in subsection B of § 51.1-168.
3. A lump-sum distribution shall be paid to such member upon his retirementequal to thirty-six times the monthly amount of his service retirementallowance as determined in subsection A of § 51.1-155, subsection A of §51.1-206, subsection A of § 51.1-217, or subsection A of § 51.1-306, inaccordance with the retirement plan covering such member but without regardto the limitation set forth in subsection B of § 51.1-168.
D. The lump-sum distribution, if elected by the eligible retiring member,shall be paid at the same time that the first monthly annuity payment is paidto such member.
E. Before an eligible retiring member may make an election to receive alump-sum distribution, such member shall have been provided from theRetirement System the amount by which his monthly retirement allowance shallbe reduced under each of the partial lump-sum options provided in subsectionC, as available to such member. No eligible retiring member shall be allowedto make an election for a lump-sum distribution pursuant to this section morethan once in his lifetime.
F. The election of any one of the options stated in this section shall bevoid if the member dies prior to the Board receiving written notification ofthe member's effective date of retirement. If the death of the member occursprior to the effective date of retirement but after the Board has receivedwritten notification of the member's effective date of retirement, benefitsshall be paid in accordance with the provisions of § 51.1-163 and therequirement that the member be in service shall not apply.
