CHAP. 224.—An ACT to amend and re-enact Section 23 of the Virginia Retire-
ment Act, in relation to benefits to teachers who were retired under Chapter
36 of the Code of Virginia as it existed immediately prior to the establishment
of the Virginia Retirement System; to prescribe a minimum retirement allow-
ance for every such teacher, and to make an appropriation. [S B 99]

Approved March 25, 1946

Be it enacted by the General Assembly of Virginia:

1. That section twenty-three of the Virginia Retirement Act be
amended and re-enacted so as to read as follows:

Section 23. Benefits to teachers formerly retired— All allowances
payable to former teachers who were retired under the provisions of
chapter thirty-six of the Code of Virginia as it existed immediately prior
to the establishment of the Virginia Retirement System shall be con-
tinued; provided, however, that every such retired teacher who would
receive a retirement allowance which, but for this proviso, would be less
than three hundred dollars per annum, shall be entitled to and shall re-
ceive, at the time any portion of such retirement allowance is paid, an
addition to each such payment which shall be in such amount that the
retirement allowance and the addition thereto computed on an annual
basis shall be not less than three hundred dollars.

All such allowances shall be paid from the State annuity accumu-
lation fund. Funds required to carry out the provisions of this section
shall be provided by an increase in the accrued liability contribution
otherwise payable to the State annuity accumulation fund out of the
general fund of the State treasury; and the additional sums equivalent
to an increase in the accrued liability contribution rate required to carry
out the provisions of this section for the biennium beginning July first,
nineteen hundred and forty-six, by reason of the minimum annual allow-
ance of three hundred dollars, as hereinabove provided, are hereby ap-
propriated, out of the general fund of the State treasury, to the State
annuity accumulation fund of the Virginia Retirement System, that is to
say, for the fiscal year ending June thirtieth, nineteen hundred and forty-
seven, the sum of forty-three thousand dollars, and for the fiscal year end-
ing June thirtieth, nineteen hundred and forty-eight, the sum of forty-
seven thousand dollars.

This section, as hereby amended, shall be in force and effect on and
after July first, nineteen hundred and forty-six.