Virginia Code 51.1-158: Reduction of benefits for acceptance of lump-sum settlement under Workers’ Compensation Act
The retirement allowance (i) of any member retiring for disability from a cause compensable under the Virginia Workers’ Compensation Act (§ 65.2-100 et seq.) or (ii) of any surviving spouse, minor child, or parent, eligible to receive a benefit as a result of the death of a member from a cause compensable under the Virginia Workers’ Compensation Act, who elects to receive a lump-sum settlement in lieu of periodic payments for disability or death compensable under the Virginia Workers’ Compensation Act shall be adjusted by an amount determined by dividing the workers’ compensation benefit which such person would have received had the lump-sum settlement not been consummated, into the settlement actually accepted by the member, surviving spouse, child, or parent.
Terms Used In Virginia Code 51.1-158
- Member: means any person included in the membership of the Retirement System. See Virginia Code 51.1-124.3
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- Retirement allowance: means the retirement payments to which a member is entitled. See Virginia Code 51.1-124.3
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
1980, c. 645, § 51-111.59:1; 1982, c. 467; 1986, c. 474; 1990, c. 832.