Virginia Code 51.1-152: Limitations on average final compensation
If an employee receives increases in compensation in the last four years of service which are not related to promotion and which exceed the average increase received by other employees of the same employer holding comparable positions, the excess shall be excluded when computing the average final compensation if the Board finds, after consideration of all circumstances, that the primary purpose of the salary increase was to increase the retirement benefit of the employee. If there are no employees of the same employer holding comparable positions, the increases may be excluded from the average final compensation if they exceed the average percentage increase received by all other employees of the same employer. Creditable compensation assumed to have been received for the purpose of purchasing service shall be excluded from a member‘s average final compensation.
Terms Used In Virginia Code 51.1-152
- Average final compensation: means the average annual creditable compensation of a member during his 60 highest consecutive months of creditable service or during the entire period of his creditable service if less than 60 months. 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
- Creditable compensation: means the full compensation payable annually to an employee working full time in his covered position. 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
- Employer: means the Commonwealth in the case of a state employee, the local public school board in the case of a teacher, or the political subdivision 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
- Service: means service as an employee. See Virginia Code 51.1-124.3
1952, c. 157, § 51-111.10; 1954, c. 497; 1956, c. 98; 1956, Ex. Sess., c. 64; 1960, c. 604; 1966, cc. 174, 175; 1970, c. 779; 1971, Ex. Sess., cc. 88, 185; 1972, cc. 568, 708; 1973, cc. 322, 523, 545, 546; 1974, cc. 353, 484; 1975, cc. 597, 611; 1976, cc. 678, 699; 1977, c. 620; 1980, c. 722, § 51-111.10:01; 1982, cc. 467, 478; 1984, c. 430; 1986, c. 474; 1987, c. 392; 1990, c. 832.