A. A member shall receive an annual retirement allowance, payable for life,as follows:
1. Normal retirement.
a. Notwithstanding the provisions of §§ 51.1-155, 51.1-155.1 and 51.1-155.2,for any employee commencing employment or reemployment on or after July 1,2001, and for any employee who makes the election provided in § 51.1-221, theallowance shall equal (i) two percent of his average final compensationmultiplied by the amount of creditable service earned (a) as a member in theretirement system established by this chapter, (b) as a member in theretirement system established by Chapter 2 (§ 51.1-200 et seq.) of Title51.1, or (c) while earning the benefits permitted by § 51.1-138; and (ii)1.70 percent of his average final compensation multiplied by all othercreditable service, if any; and
b. For any other employee, the allowance shall equal 1.70 percent of hisaverage final compensation multiplied by the amount of creditable service.
2. Early retirement. - The allowance shall be determined in the same manneras for normal retirement with creditable service and average finalcompensation being determined as of the date of actual retirement.
a. For an individual retiring pursuant to subdivision B 1 of § 51.1-216, whois not retiring directly from service as an employee as defined in §51.1-212, and who has less than thirty years of service shall retire underthe provisions of the retirement system for which he is a member as of hisretirement date; and
b. For all other individuals retiring pursuant to subdivision B 1 of §51.1-216, and for an individual retiring pursuant to subdivision B 2 of §51.1-216 who has less than twenty-five years of service at retirement, theamount of the retirement allowance shall be reduced on an actuarialequivalent basis for the period by which the actual retirement date precedesthe earlier of (i) his normal retirement date or (ii) the first date on orafter his fiftieth birthday on which he would have completed a total oftwenty-five years of creditable service.
B. Any person who is an employee on June 30, 2001, and on July 1, 2001, whodoes not make the election provided in § 51.1-221, shall receive, in additionto the allowance payable under subsection A, from the date of his retirementuntil his sixty-fifth birthday, an annual allowance equal to $9,264.Beginning July 1, 2001, and biennially thereafter, such allowance shall bereviewed and adjusted by the Board to an amount recommended by the actuary ofthe Virginia Retirement System based upon increases in Social Securitybenefits in the interim. This subsection shall not apply to the following:(i) any member who qualifies for retirement under subsection C of § 51.1-216and is credited with less than twenty years' service rendered in a hazardousposition or (ii) any member employed initially on or after July 1, 1974, whois credited with less than twenty years' service rendered in a hazardousposition.
C. If a beneficiary of a service retirement allowance under this chapter isat any time in service as an employee in a position covered for retirementpurposes under the provisions of this or any chapter other than Chapter 7 (§51.1-700 et seq.) of this title, his retirement allowance shall cease whileso employed.
D. No person shall be eligible to receive any of the allowances provided inthis section if he receives retirement benefits under Chapter 2 (§ 51.1-200et seq.) of Title 51.1 or under § 51.1-138. No person shall receive anyallowance pursuant to subdivision A 1 (i) if he has received an allowancepursuant to subsection B of § 51.1-206 or subsection B of § 51.1-217, unless,after receiving the allowance pursuant to subsection B of § 51.1-206 orsubsection B of § 51.1-217, he becomes employed or reemployed as an employeedefined in § 51.1-212, and thereafter earns five or more years of creditableservice (a) as a member in the retirement system established by this chapter,(b) as a member in the retirement system established by Chapter 2 (§ 51.1-200et seq.) of Title 51.1, or (c) while earning the benefits permitted by §51.1-138.
(1999, c. 585; 2000, c. 911; 2001, c. 804; 2002, c. 466.)
A. A member shall receive an annual retirement allowance, payable for life,as follows:
1. Normal retirement.
a. Notwithstanding the provisions of §§ 51.1-155, 51.1-155.1 and 51.1-155.2,for any employee commencing employment or reemployment on or after July 1,2001, and for any employee who makes the election provided in § 51.1-221, theallowance shall equal (i) two percent of his average final compensationmultiplied by the amount of creditable service earned (a) as a member in theretirement system established by this chapter, (b) as a member in theretirement system established by Chapter 2 (§ 51.1-200 et seq.) of Title51.1, or (c) while earning the benefits permitted by § 51.1-138; and (ii)1.70 percent of his average final compensation multiplied by all othercreditable service, if any; and
b. For any other employee, the allowance shall equal 1.70 percent of hisaverage final compensation multiplied by the amount of creditable service.
2. Early retirement. - The allowance shall be determined in the same manneras for normal retirement with creditable service and average finalcompensation being determined as of the date of actual retirement.
a. For an individual retiring pursuant to subdivision B 1 of § 51.1-216, whois not retiring directly from service as an employee as defined in §51.1-212, and who has less than thirty years of service shall retire underthe provisions of the retirement system for which he is a member as of hisretirement date; and
b. For all other individuals retiring pursuant to subdivision B 1 of §51.1-216, and for an individual retiring pursuant to subdivision B 2 of §51.1-216 who has less than twenty-five years of service at retirement, theamount of the retirement allowance shall be reduced on an actuarialequivalent basis for the period by which the actual retirement date precedesthe earlier of (i) his normal retirement date or (ii) the first date on orafter his fiftieth birthday on which he would have completed a total oftwenty-five years of creditable service.
B. Any person who is an employee on June 30, 2001, and on July 1, 2001, whodoes not make the election provided in § 51.1-221, shall receive, in additionto the allowance payable under subsection A, from the date of his retirementuntil his sixty-fifth birthday, an annual allowance equal to $9,264.Beginning July 1, 2001, and biennially thereafter, such allowance shall bereviewed and adjusted by the Board to an amount recommended by the actuary ofthe Virginia Retirement System based upon increases in Social Securitybenefits in the interim. This subsection shall not apply to the following:(i) any member who qualifies for retirement under subsection C of § 51.1-216and is credited with less than twenty years' service rendered in a hazardousposition or (ii) any member employed initially on or after July 1, 1974, whois credited with less than twenty years' service rendered in a hazardousposition.
C. If a beneficiary of a service retirement allowance under this chapter isat any time in service as an employee in a position covered for retirementpurposes under the provisions of this or any chapter other than Chapter 7 (§51.1-700 et seq.) of this title, his retirement allowance shall cease whileso employed.
D. No person shall be eligible to receive any of the allowances provided inthis section if he receives retirement benefits under Chapter 2 (§ 51.1-200et seq.) of Title 51.1 or under § 51.1-138. No person shall receive anyallowance pursuant to subdivision A 1 (i) if he has received an allowancepursuant to subsection B of § 51.1-206 or subsection B of § 51.1-217, unless,after receiving the allowance pursuant to subsection B of § 51.1-206 orsubsection B of § 51.1-217, he becomes employed or reemployed as an employeedefined in § 51.1-212, and thereafter earns five or more years of creditableservice (a) as a member in the retirement system established by this chapter,(b) as a member in the retirement system established by Chapter 2 (§ 51.1-200et seq.) of Title 51.1, or (c) while earning the benefits permitted by §51.1-138.
(1999, c. 585; 2000, c. 911; 2001, c. 804; 2002, c. 466.)
A. A member shall receive an annual retirement allowance, payable for life,as follows:
1. Normal retirement.
a. Notwithstanding the provisions of §§ 51.1-155, 51.1-155.1 and 51.1-155.2,for any employee commencing employment or reemployment on or after July 1,2001, and for any employee who makes the election provided in § 51.1-221, theallowance shall equal (i) two percent of his average final compensationmultiplied by the amount of creditable service earned (a) as a member in theretirement system established by this chapter, (b) as a member in theretirement system established by Chapter 2 (§ 51.1-200 et seq.) of Title51.1, or (c) while earning the benefits permitted by § 51.1-138; and (ii)1.70 percent of his average final compensation multiplied by all othercreditable service, if any; and
b. For any other employee, the allowance shall equal 1.70 percent of hisaverage final compensation multiplied by the amount of creditable service.
2. Early retirement. - The allowance shall be determined in the same manneras for normal retirement with creditable service and average finalcompensation being determined as of the date of actual retirement.
a. For an individual retiring pursuant to subdivision B 1 of § 51.1-216, whois not retiring directly from service as an employee as defined in §51.1-212, and who has less than thirty years of service shall retire underthe provisions of the retirement system for which he is a member as of hisretirement date; and
b. For all other individuals retiring pursuant to subdivision B 1 of §51.1-216, and for an individual retiring pursuant to subdivision B 2 of §51.1-216 who has less than twenty-five years of service at retirement, theamount of the retirement allowance shall be reduced on an actuarialequivalent basis for the period by which the actual retirement date precedesthe earlier of (i) his normal retirement date or (ii) the first date on orafter his fiftieth birthday on which he would have completed a total oftwenty-five years of creditable service.
B. Any person who is an employee on June 30, 2001, and on July 1, 2001, whodoes not make the election provided in § 51.1-221, shall receive, in additionto the allowance payable under subsection A, from the date of his retirementuntil his sixty-fifth birthday, an annual allowance equal to $9,264.Beginning July 1, 2001, and biennially thereafter, such allowance shall bereviewed and adjusted by the Board to an amount recommended by the actuary ofthe Virginia Retirement System based upon increases in Social Securitybenefits in the interim. This subsection shall not apply to the following:(i) any member who qualifies for retirement under subsection C of § 51.1-216and is credited with less than twenty years' service rendered in a hazardousposition or (ii) any member employed initially on or after July 1, 1974, whois credited with less than twenty years' service rendered in a hazardousposition.
C. If a beneficiary of a service retirement allowance under this chapter isat any time in service as an employee in a position covered for retirementpurposes under the provisions of this or any chapter other than Chapter 7 (§51.1-700 et seq.) of this title, his retirement allowance shall cease whileso employed.
D. No person shall be eligible to receive any of the allowances provided inthis section if he receives retirement benefits under Chapter 2 (§ 51.1-200et seq.) of Title 51.1 or under § 51.1-138. No person shall receive anyallowance pursuant to subdivision A 1 (i) if he has received an allowancepursuant to subsection B of § 51.1-206 or subsection B of § 51.1-217, unless,after receiving the allowance pursuant to subsection B of § 51.1-206 orsubsection B of § 51.1-217, he becomes employed or reemployed as an employeedefined in § 51.1-212, and thereafter earns five or more years of creditableservice (a) as a member in the retirement system established by this chapter,(b) as a member in the retirement system established by Chapter 2 (§ 51.1-200et seq.) of Title 51.1, or (c) while earning the benefits permitted by §51.1-138.
(1999, c. 585; 2000, c. 911; 2001, c. 804; 2002, c. 466.)
