Chap. 434.—An ACT to amend and reenact Section 3 of the Virginia Retirement
Act, approved March 31, 1942, in relation to the Board of Trustees. [H 443]

Approved April 1, 1948

Be it enacted by the General Assembly of Virginia:

1. That section three of the Virginia Retirement Act, approved
March thirty-first, nineteen hundred and forty-two, be amended and
reenacted so as to read as follows:

Section 3. Board of trustees—(a) The retirement system shall
be administered by a board of trustees to be known as the “Board of
Trustees of the Virginia Retirement System”.
(b) The Board shall consist of five members to be appointed by
the Governor, subject to confirmation by the General Assembly, if in
session when such appointments are made, and if not in session, then
at its next succeeding session. One of such members shall be a teacher,
one a State employee, and the remaining three members shall be neither
teachers nor State employees nor otherwise in the employ of any govern-
ment. The first appointments under this section, as hereby amended,
shall be for terms as follows: One for one year, one for two years, one
for threé years, and two for four years, and thereafter all appointments
shall be made for a term of.four years, except that appointments to fill
vacancies shall be made for the unexpired term. The Governor may
suspend or remove any member at his pleasure. The terms of all mem-
bers of the Board in office on the day this section, as hereby amended,
takes effect, shall expire on that day.

(c) Each member of the Board shall receive as his compensation
fifteen dollars per day for each day actually spent in the discharge of
his duties, but no member shall receive as compensation in the aggregate
more than three hundred dollars in any one year. Members shall be
reimbursed for the expenses incurred by them in the performance of
their duties.

(d) The Governor shall, from time to time, designate the chairman
of the Board. The Board shall elect one of its members vice-chairman,
and shall appoint a secretary who may or may not be a member of
the Board.

(e) A majority of the members of the Board shall constitute a

uorum.

(f) The Board shall employ an actuary as its technical advisor, and
may employ such other persons and incur such expenditures as it
deems necessary for the efficient administration of this act. The com-
pensation of the actuary and of other employees shall be fixed by the
Board.

(g) This section, as hereby amended, shall be in force on and
after June thirtieth, nineteen hundred and fifty.