CHAPTER 60

An Act to amend and reenact § 51-112, as amended, of the Code of
Virginia so as to exempt the benefits and funds of certain retirement
plans from taxation; exemption and assignment. rH 150]

5

Approved February 26, 1968

Be it enacted by the General Assembly of Virginia:

1. That § 51-112, as amended, of the Code of Virginia be amended and
reenacted as follows:

§ 51-112. The governing body of each county, city and town may,
by ordinance adopted by a recorded vote of a majority of the members
elected or of a majority elected to each branch, if there be more than one
branch, establish a system of pensions, including death benefits, covering
injured, retired or superannuated officers and employees of such county,
city or town, and payable to such officers and employees, or their de-
pendents, estates or designated beneficiaries, and to provide for accrued
vested or contractual rights thereunder; and it may through the purchase
of insurance and annuities provide for such pensions, including death
benefits, and for group life insurance covering the officers and employees
of such county, city or town, and for group accident and sickness insurance
covering the officers and employees of such county, city or town and their
dependents. Such governing body may by such ordinance establish a fund
for the payment of such pensions, including death benefits, and for the
payment of such insurance and annuity premiums and charges by making
appropriations out of the treasury of the county, city or town or by re-
quiring contributions, payable from time to time through payroll deduc-
tions or otherwise. or by both, or by any other mode not prohibited by law.

Retirement allowances and other benefits accrued or accruing to any
person under the provisions of this section or under the provisions of any
charter granted to any city or town, and the assets of a retirement system
created under this section or by any charter granted to a city or town
are hereby exempted from any State, county, or municipal tax ; and shall
not be subject to execution, attachment, garnishment or any other process
whatsoever, nor shall any assignment thereof be enforceable in any court.

For the purpose of this section the term employees may include
teachers or other employees of city and town school boards.