If a member dies after the effective date of retirement, any excess of his accumulated contributions as of the effective date of his retirement, over the total retirement allowances received by him, shall be paid in the same manner as provided in subsection A of § 51.1-162, subsection A of § 51.1-207, or subsection A of § 51.1-218, in accordance with the retirement plan covering such member, unless the retirement allowance is then being paid in accordance with any of the optional benefits provided for in § 51.1-165 or § 51.1-165.01. Accumulated contributions as of the effective date of retirement shall include all member contributions paid by the employer on behalf of the member on and after July 1, 1980, and all interest which would have accrued to these funds.

Terms Used In Virginia Code 51.1-163

  • 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
  • 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
  • Retirement allowance: means the retirement payments to which a member is entitled. See Virginia Code 51.1-124.3

1952, c. 157, § 51-111.59; 1960, c. 604; 1990, c. 832; 1991, c. 302; 1995, c. 307; 2001, cc. 679, 699.

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