Virginia Code 51.1-306: Service retirement allowance
A. Retirement allowance. — A member shall receive an annual retirement allowance, payable for life as follows:
Terms Used In Virginia Code 51.1-306
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Creditable service: means prior service plus membership service, as further defined in and modified by § 51. See Virginia Code 51.1-301
- Judge: means any justice or judge of a court of record of the Commonwealth, any member of the State Corporation Commission or Virginia Workers' Compensation Commission, any judge of a district court of the Commonwealth other than a substitute judge of such district court, and any executive secretary of the Supreme Court assuming such position between December 1, 1975, and January 31, 1976. See Virginia Code 51.1-301
- Normal retirement date: means a member's sixty-fifth birthday. See Virginia Code 51.1-301
- Previous systems: means the systems established under the provisions of Chapters 2 (§ 51-3 et seq. See Virginia Code 51.1-301
- Retirement system: means the Judicial Retirement System. See Virginia Code 51.1-301
- Service: means service as a judge. See Virginia Code 51.1-301
1. Normal retirement. — The allowance shall equal 1.70 percent of his average final compensation multiplied by the amount of creditable service. Notwithstanding the foregoing, for a member appointed or elected to an original term commencing on or after January 1, 2013, the allowance shall equal the sum of (a) 1.65 percent of his average final compensation multiplied by the amount of his creditable service performed or purchased on or after January 1, 2013, and (b) 1.70 percent of his average final compensation multiplied by the amount of all other creditable service.
In no case shall the annual retirement allowance exceed 78 percent of the average final compensation of the member.
For retirements between October 1, 1994, and December 31, 1998, any judge who is a member or beneficiary of a retirement system administered by the Board shall receive an additional retirement allowance equal to three percent of the service retirement allowance payable under this section. Average final compensation attributable to service as Governor, Lieutenant Governor, Attorney General, or member of the General Assembly shall not be included in computing this additional retirement allowance.
2. Early retirement. — The allowance shall be determined in the same manner as for normal retirement with creditable service and average final compensation being determined as of the date of actual retirement. If the member has not attained his sixtieth birthday or has less than 30 years of service, the amount of the retirement allowance shall be reduced on an actuarial equivalent basis for the period by which the actual retirement date precedes the earlier of (i) his normal retirement date or (ii) the first date on or after his sixtieth birthday on which he would have completed a total of 30 years of creditable service.
In no case shall the annual retirement allowance exceed 78 percent of the average final compensation of the member.
B. Normal and early retirement guarantees. — Any member who was a member of one of the previous systems immediately prior to July 1, 1970, and who would have been eligible for retirement benefits thereunder shall be guaranteed a minimum retirement allowance no less than that for which he would have qualified had he continued to participate therein.
C. Determination of retirement allowance. — For the purposes of subsection B of this section, the retirement allowance shall be determined on the assumption that the retirement allowance is payable to the member alone and that no optional retirement allowance is elected.
D. Beneficiary serving in position covered by this title. — If a beneficiary of a service retirement allowance under this chapter or under any of the previous systems is at any time in service as an employee in a position covered for retirement purposes under the provisions of this or any chapter other than Chapter 7 (§ 51.1-700 et seq.) of this title, his retirement allowance shall cease while so employed.
1970, c. 779, § 51-168; 1972, c. 568; 1973, c. 523; 1974, c. 353; 1977, c. 620; 1978, c. 841; 1981, c. 393; 1984, c. 430; 1990, c. 832; 1994, 1st Sp. Sess., c. 5; 1998, c. 674; 2012, cc. 701, 823; 2013, c. 463; 2014, c. 776.