Virginia Code 51.1-149: Appointment of custodian; payments.
The Board is authorized to appoint custodians for the safekeeping and payment of retirement system assets. The selection of these investment services shall be governed exclusively by the fiduciary standard set forth in this chapter.
Terms Used In Virginia Code 51.1-149
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the Board of Trustees of the Virginia Retirement System. See Virginia Code 51.1-124.3
- Fiduciary: A trustee, executor, or administrator.
- Retirement System: means the Virginia Retirement System. See Virginia Code 51.1-124.3
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
The Board may request the State Treasurer to issue retirement benefit payments on behalf of the retirement system. At the direction of the Board, retirement payments from the accounts shall be made by the State Treasurer, on warrants of the Comptroller, issued upon vouchers signed by persons designated by the Board. A duly attested copy of a resolution of the Board designating the persons and bearing on its face the specimen signatures of the persons shall be filed with the Comptroller as his authority for issuing warrants upon such vouchers. No voucher shall be drawn unless it has been authorized by Board resolution.
1952, c. 157, § 51-111.51; 1988, c. 809; 1990, c. 832.