Terms Used In Virginia Code > Title 51.1 > Chapter 1 > Article 9 - Benefits

• Abolished system: means the Virginia Retirement Act, §§ 51-30 through 51-111, repealed by Chapter 1 of the Acts of Assembly of 1952. See Virginia Code 51.1-124.3
• 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
• Actuarial equivalent: means a benefit of equal value when computed upon the basis of actuarial tables adopted by the Board. See Virginia Code 51.1-124.3
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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
• 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}
• Beneficiary: means any person entitled to receive benefits under this chapter. 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
• City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• 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
• Creditable service: means prior service as set forth in § 51. See Virginia Code 51.1-124.3
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• 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
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor: A male person named in a will to carry out the decedent
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Chapter 42. See Virginia Code 1-257
• Includes: means includes, but not limited to. See Virginia Code 1-218
• Local officer: means the treasurer, commissioner of the revenue, attorney for the Commonwealth, clerk of a circuit court, or sheriff of any county or city, or deputy or employee of any such officer. See Virginia Code 51.1-124.3
• Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
• Medical Board: means the boards composed of physicians or other health care professionals as provided by this chapter. 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
• Membership service: means service as an employee rendered while a contributing member of the Retirement System except as provided in this chapter. See Virginia Code 51.1-124.3
• Normal retirement date: means a member's sixty-fifth birthday. See Virginia Code 51.1-124.3
• Oversight: Committee review of the activities of a Federal agency or program.
• Per stirpes: The legal means by which the children of a decedent, upon the death of an ancestor at a level above that of the decedent, receive by right of representation the share of the ancestor
• 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
• Political subdivision: means any county, city, or town, any political entity, subdivision, branch, or unit of the Commonwealth, or any commission, public authority, or body corporate created by or under an act of the General Assembly specifying the powers, privileges, or authority capable of exercise by the commission, public authority, or body corporate. See Virginia Code 51.1-124.3
• Prior service: means service rendered prior to becoming a member 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
• Retirement System: means the Virginia Retirement System. See Virginia Code 51.1-124.3
• Service: means service as an employee. 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.
• 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
• State employee: means any person who is regularly employed full time on a salaried basis, whose tenure is not restricted as to temporary or provisional appointment, in the service of, and whose compensation is payable, no more often than biweekly, in whole or in part, by the Commonwealth or any department, institution, or agency thereof. See Virginia Code 51.1-124.3
• sworn: means "affirm" or "affirmed. See Virginia Code 1-250
• Teacher: means any person who is regularly employed full time on a salaried basis as a professional or clerical employee of a county, city, or other local public school board. See Virginia Code 51.1-124.3
• Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July 1, 1971, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 1-254
• United States: includes 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 1-255