CHAPTER 451

AN ACT to provide a retirement system for certain State em-
ployees; to provide for its administration; and to appropriate
funds.

[S 93]
Approved April 7, 1950

Be it enacted by the General Assembly of Virginia:

1. § 1. There is created a retirement system (hereinafter some-
times referred to as “system”) for the State Police Officers of the
Department of State Police (hereinafter referred to as State Police
Officers).

§ 2. Any State Police Officer may retire as hereinafter set
forth.

§ 3. Membership in the system shall be compulsory and shall
consist of: all persons who are State Police Officers upon the date
of establishment of the system and all persons who become State
Police Officers or reenter service as State Police Officers after the
date of the establishment of the system.
§ 4. (a) If any State Police Officer is a member of the retire-
ment system provided for by the Virginia Retirement Act, his prior
service credits and accumulated contributions under that retire.
ment system shall be transferred to his credit under the system
provided for by this act.

(b) Any State Police Officer who elected not to be included ir
membership of the Virginia Retirement System, upon becoming a
member of the system provided for under this act as of the effective
date thereof, shall be credited with his period of regular employ-
ment as a State Police Officer prior to July one, nineteen hundred
forty-two, but not for the period between that date and the effective
date of this act. The term “State Police Officer”, as used in this
section shall include service as an inspector of the Division of Motor
Vehicles prior to July one, nineteen hundred thirty-two.

§ 5. Any person who is or becomes a State Police Officer on
or after July one, nineteen hundred fifty, shall contribute as a
member of the system an amount equal to seven and one-half per
cent of his earnable compensation. Earnable compensation means
the full compensation payable to a State Police Officer working full
working time but compensation of more than thirty-six hundred
dollars per annum shall be considered as thirty-six hundred dollars
per annum under this act.

§ 6. Prior service credit of any member shall include service
as a State Police Officer prior to July one, nineteen hundred fifty,
except that prior service credit for those members who elected not
to be included in membership of the Virginia Retirement Svstem
under the Virginia Retirement Act shall be as set forth in subsection
(b) of section four of this act.

§ 7. (a) Any member in service who has attained the age of
fifty-five years on or before the date of establishment of this system,
or who attains fifty-five years of age after such date, shall, subject
to paragraph (c) of this section, thereupon have his employment
as a State Police Officer terminated.

(b) If the member who has attained the age of fifty-five vears
has twenty-five years of creditable service under the act, he shall
be forthwith retired under the act with a retirement allowance
determined as provided in § 8 of this act.

(c) If the member who has attained the age of fifty-five vears
has not at that time as much as twenty-five years creditable service,
his membership status under this act shall be continued and he
shall remain in employment until he has reached age sixty-five or
has twenty-five years of creditable service, whichever first occurs,
and shall forthwith be retired under the act with a retirement
allowance determined as provided in § 8 of this act; provided
that no member shall remain in service after reaching age sixty-
five. Any member retiring under the conditions set forth in the
preceding sentence shall receive a retirement allowance determined
as provided in § 8 of this act. If, within five years after ceasing to
be employed as a State Police Officer provided he has not been paid
his accumulated contributions, the member accepts employment in
a position in the State service not covered by this act but covered
under the Virginia Retirement Act, he shall be entitled to credit
for his previous creditable service under this act, and his accumu-
lated contributions shall thereupon be transferred to his credit in
the employee annuity savings funds of the Virginia Retirement Act
and his future retirement rights shall be as set forth in such act.

§ 8. Upon retirement under § 7 of this act, a member shall
receive a retirement allowance which shall consist of:

(1) An employee annuity which shall be the actuarial equiva-
lent of his accumulated contributions at the time of his retirement;

(2) A state annuity which together with his employee annuity
shall provide a total retirement allowance equal to one-fiftieth
(1/50) of his average final compensation multiplied by the number
of years of his membership service at retirement, plus one-fiftieth
(1/50) of his average final compensation multiplied by the number
of years of his creditable prior service. In no event shall his retire-
ment allowance be more than one-half of his average final compen-
sation. “Average final compensation” means the average annual
earnable compensation of a member during his last five years of
service, or, if he has less than five years of service, his average
annual earnable compensation during the entire period of his
service.

§ 9. Any member may retire on account of disability as pro-
vided by the Virgina Retirement Act.

§ 10. Any member of the system established under this act who
has ceased his employment with the State, otherwise than by death
or retirement, shall, on application, be paid the amount of his
accumulated contributions.

§ 11. The contribution rate to be paid by the State into the
system shall be established after the first valuation.

§ 12. The member’s contributions provided for herein shall be
deducted and paid as provided by the Virginia Retirement Act.

§ 18. The provisions of this act shall be administered by the
Board of Trustees of the Virginia Retirement System. Except as
otherwise provided in this act the provisions of the Virginia Retire-
ment Act, as amended, are applicable and shall apply to and govern
the operation of the retirement system established hereby.

§ 14. The Board of Trustees of the Virginia Retirement System
shall cause all moneys contributed pursuant to the provisions of
this act to be kept, for all intents and purposes, in separate funds
from those contributed by or on account of teachers and State
employees under the Virginia Retirement Act.
2. The employee contributions herein provided for are hereby
appropriated to the Board of Trustees of the Virginia Retirement
System.

3. There is hereby appropriated for the first year of the biennium
beginning July one, nineteen hundred fifty, the sum of ninety
thousand dollars, and for the second year of the biennium the sum
of one hundred thousand dollars, to be paid out of the special fund
in the State Treasury derived from the tax on motor vehicle fuels
and the license tax on motor vehicles, to be credited to the proper
funds herein provided for. It is hereby provided that out of: this
appropriation there shall be paid the cost of the required valua-
tion report by the Actuary and other necessary administrative
expense not to exceed in either year of the biennium, the sum of
three thousand dollars.

4. This act shall be in force on and after July one, nineteen
hundred fifty.