Virginia Code 51.1-130: Resolution of governing body; approval by Board
A. The governing body of a political subdivision may adopt a resolution requesting that its eligible employees become members of the retirement system. The governing body’s resolution shall be submitted to the Board for approval, and acceptance of the employees in the retirement system shall be at the option of the Board. If the Board approves the resolution, eligible employees may become members of the retirement system. The Board shall not approve the resolution unless the political subdivision has first entered into a plan of agreement, as defined in § 51.1-700, to extend benefits under the Social Security Act to its employees approved under the provisions of § 51.1-705.
Terms Used In Virginia Code 51.1-130
- Board: means the Board of Trustees of the Virginia Retirement System. See Virginia Code 51.1-124.3
- Political subdivision: means any county, city, or town, any political entity, subdivision, branch, or unit of the Commonwealth, or any commission, public authority, or body corporate created by or under an act of the General Assembly specifying the powers, privileges, or authority capable of exercise by the commission, public authority, or body corporate. See Virginia Code 51.1-124.3
- Retirement allowance: means the retirement payments to which a member is entitled. 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
B. The governing body of any political subdivision approved for participation in the retirement system pursuant to subsection A may adopt a resolution that provides, on or after October 1, 1994, an additional retirement allowance not to exceed three percent of the applicable service or disability retirement allowances payable under § 51.1-155, 51.1-157, 51.1-206, 51.1-306, or 51.1-308.
1952, c. 157, § 51-111.31; 1954, c. 241; 1958, c. 367; 1960, c. 400; 1973, c. 523; 1974, c. 353; 1975, c. 296; 1976, c. 581; 1977, c. 620; 1990, c. 832; 1994, 1st Sp. Sess., c. 5; 2005, c. 902.