Chap. 530.—An ACT to amend and reenact Section 23, as amended, of Chapter
325 of the Acts of Assembly of 1942, approved March 31, 1942, and known as
the Virginia Retirement Act, relating 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 allowance for every such teacher, and to make an
appropriation. [S 95

Approved April 6, 1948

Be it enacted by the General Assembly of Virginia:

1. That section twenty-three, as amended, of chapter three hundred
twenty-five of the Acts of Assembly of nineteen hundred forty-two,
approved March thirty-one, nineteen hundred forty-two and known as
the Virginia Retirement Act, be amended and reenacted as follows:

Section 23. Benefits to teachers formerly retired—AlIl 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 four hundred twenty dollars per annum, shall be entitled to and
shall receive, 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 four hundred twenty dollars.

All such allowances shall be paid from the State annuity accumulation
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 pro-
visions of this section, as amended, for the biennium beginning July
first, nineteen hundred forty-eight, by reason of the minimum allowance
of four hundred twenty dollars, as hereinabove provided, are hereby
appropriated, 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 thirty, nineteen hundred forty-nine,
the sum of sixty-eight thousand dollars and for the fiscal year ending
ihe thirtieth, nineteen hundred fifty, the sum of sixty-four thousand

ollars. .

This section, as hereby amended, shall be in force and effect on and

after July one, nineteen hundred forty-eight.