Virginia Code 51.1-128: Cessation of membership
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Membership in the retirement system shall cease (i) upon the withdrawal of the member‘s accumulated contributions except as provided in subsection C of § 51.1-153, (ii) upon retirement, (iii) upon death, or (iv) as provided by Board policy for dormant accounts.
Terms Used In Virginia Code 51.1-128
- Accumulated contributions: means the sum of all amounts deducted from the compensation of a member and credited to his individual account in the member's contribution account, all amounts the member may contribute to purchase creditable service, all member contributions contributed by the employer on behalf of the employee, on or after July 1, 1980, except those amounts contributed on behalf of members of the General Assembly who are otherwise retired under the provisions of this chapter, and all interest accruing to these funds. See Virginia Code 51.1-124.3
- Board: means the Board of Trustees of the Virginia Retirement System. See Virginia Code 51.1-124.3
- Employee: means any teacher, state employee, officer, or employee of a locality participating in the Retirement System. See Virginia Code 51.1-124.3
- Member: means any person included in the membership of the Retirement System. See Virginia Code 51.1-124.3
- Retirement System: means the Virginia Retirement System. See Virginia Code 51.1-124.3
- Service: means service as an employee. See Virginia Code 51.1-124.3
An employee shall lose all rights to any benefits under this chapter arising from service rendered prior to the date of cessation of membership.
1952, c. 157, §§ 51-111.29, 51-111.43; 1954, c. 643; 1960, c. 604; 1966, c. 174; 1978, c. 841; 1984, c. 430; 1990, c. 832; 1992, c. 811.