Be it enacted by the General Assembly of Virginia:
§ 51.1-138. Benefits.
A. Employees who become members under this article and on whose behalf contributions are paid as provided in this article shall be entitled to benefits under the retirement system.
B. By resolution legally adopted and approved by the Board, the employer may
elect to provide benefits equivalent to those provided under the State Police
Officers' Retirement System, as set out in Chapter 2 (§ 51.1-200 et seq.) of
this title, except for benefits provided under § 51.1-209 and except for those
provisions allowing a person retired under the State Police Officers'
Retirement System to receive the related retirement allowance while employed as
a state police officer or as an employee, as defined in § 51.1-124.3, of the
Department of State Police, in lieu of the benefits that would otherwise be
provided hereunder for any employees who are employed in (i) law-enforcement
positions comparably hazardous to that of a state police officer, including any
sworn law-enforcement officer who has the duty and obligation to enforce the
penal and traffic laws of this Commonwealth as directed by his superior
officer, if so certified by his appointing authority, (ii) positions as
full-time salaried fire fighters, or (iii) positions as regional jail
superintendents and jail officers of regional jail farms, regional jails or
jail authorities, as approved by the respective jail board or authority and by
the participating political subdivisions of such entities. Sheriffs of
C. Each employer providing the benefits of subsection B for its employees prior
to July 1, 1990, may elect to provide for the early retirement of employees as
set forth in this subsection in lieu of the early retirement and death before
retirement provisions of the State Police Officers' Retirement System. Such
election must be made to the Board in writing prior to July 1, 1990. Any member
in service on or after his fifty-fifth birthday with
Members retiring under the provisions of this subsection shall be entitled to
receive post-retirement supplements as provided in § 51.1-166. In computing the
amount of any supplement, any additional allowances being paid under the provisions
of subsection B of § 51.1-206 shall be disregarded. In the case of death before
retirement, members whose employers elect to provide benefits in accordance with the
provisions of this subsection and who have not attained the age of
D. The retirement system shall not be liable for the payment of any retirement allowances or other benefits on behalf of a member or beneficiary of a member for which reserves have not been previously created from funds contributed by the employer or the members for such benefits.
§ 51.1-202. Membership in retirement system.
§ 51.1-205. Service retirement generally.
A. Normal retirement. - Any member in service at his normal retirement date
B. Early retirement. - Any member in service who has attained his fiftieth
C. Deferred retirement for members terminating service. - Any member who
terminates service after
D. 50/10 retirement. - Any member in service on or after January 1, 1994, who
has attained his fiftieth birthday with
E. Effective date of retirement. - The effective date of retirement shall be
after the last day of service of the member, but shall not be more than
F. Notification on behalf of member. - If the member is physically or mentally unable to submit written notification of his intention to retire, the member's appointing authority may submit notification on his behalf.
§ 51.1-206. Service retirement allowance.
A. A member shall receive an annual retirement allowance, payable for life, as follows:
1. Normal retirement. - The allowance shall equal 1.70 percent of his average final compensation multiplied by the amount of creditable service.
For retirements between October 1, 1994, and December 31, 1998, any state
police officer who is a member or beneficiary of a retirement system
administered by the Board shall receive an additional retirement allowance
2. Early retirement. - The allowance shall be determined in the same manner as
for normal retirement with creditable service and average final compensation
being determined as of the date of actual retirement. If the member has less
3. 50/10 retirement. - The allowance shall be payable in a monthly stream of payments equal to the greater of (i) the amount the member would receive if he had taken early retirement or (ii) the actuarially calculated present value of the member's accumulated contributions, including accrued interest.
B. In addition to the allowance payable under subsection A, a member shall receive annually from the date of his retirement until his retirement age, as such term is defined under the Social Security Act (42 U.S.C. § 416 et seq., as now or hereafter amended), an allowance equal to $9,264. Beginning July 1, 2001, and biennially thereafter, such allowance shall be reviewed and adjusted by the Board to an amount recommended by the actuary of the Virginia Retirement System based upon increases in social security benefits in the interim.
This subsection shall not apply to the following: (i) any member who qualifies
for retirement under subsection C of § 51.1-205 and is credited with less than
D. If a member in service at age 60 or older with 5 or more years of creditable service elects, pursuant to subsection A of § 51.1-205, to receive a service retirement allowance pursuant to this chapter while employed as a state police officer or as an employee, as defined in § 51.1-124.3, of the Department of State Police, then his service performed and compensation received while receiving such retirement allowance shall not increase, decrease, or affect in any way his retirement benefits before, during, or after the payment of such retirement allowance.
E. Any member between the ages of 55 and 59, inclusive, who is rehired by the Department of State Police as a state police officer or as an employee, as defined in § 51.1-124.3, of the Department of State Police, and who has been receiving a service retirement allowance under this chapter for a period of least 30 days prior to such reemployment may, upon such reemployment, elect to continue to receive such service retirement allowance for a period of up to 1 year. Such period may be extended for up to 1 additional year with the prior approval of the Secretary of Public Safety. If the person elects to continue to receive such retirement allowance during such period of reemployment, then his service performed and compensation received during such period of reemployment shall not increase, decrease, or affect in any way his retirement benefits before, during, or after such period of reemployment.
2. That the provisions of subsection E of § 51.1-206 shall not become effective unless the Virginia Retirement System receives a written ruling from the Internal Revenue Service (IRS) that affirmatively states that the provisions of such subsection, were they to become effective, will not in any way adversely affect the qualified plan status of the Virginia Retirement System under federal law. The Virginia Retirement System shall seek such IRS ruling as soon as practicable in regard to the impact on such qualified plan status from the provisions of such subsection. Upon receipt of a written response from the IRS on such question, the Virginia Retirement System shall make the final determination, which shall be consistent with such IRS ruling or determination, whether the provisions of such subsection in any way adversely affect the qualified plan status of the Virginia Retirement System under federal law.
3. That the provisions of this act amending sections 51.1-138, 51.1-202, 51.1-205, and 51.1-206 shall expire on July 1, 2005. On and after July 1, 2005, no person shall receive a retirement allowance under the State Police Officers' Retirement System while employed as a state police officer or as an employee, as defined in § 51.1-124.3, of the Department of State Police pursuant to the provisions of this act.