CHAPTER 202

An Act to amend the Code of Virginia by adding thereto a section num-
bered 51-28.1, to provide for last-survivor annuities for certain judges
and commissioners, and how the amount thereof shall be determined
and paid.

(S 218]

Approved March 8, 1960

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding thereto a section num-
bered 51-28.1 as follows:

§ 51-28.1. A judge or commissioner who retires on account of age
or disability may, at the time of his notifying the Governor of his retire-
ment, elect, in lieu of the retirement salary in this chapter provided for,
to receive a last-survivor annuity, which is an annuity during his lifetime
and, after his death, an annuity of an equal or lesser amount to his widow
during her lifetime. The annuity or annuities shall be paid in the same
manner as the retirement salary.

The judge or commissioner may make the election in the notice to the
Governor required by this chapter, and, if he dies within the ninety days
preceding the date upon which such retirement was to become effective,
the election shall be as valid as if he had lived until the day after the re-
tirement date.

The present value or purchase price of the last-survivor annuity, com-
puted upon the basis of the ages of the retiring judge or commissioner
and his wife on the actual date of his retirement, shall be the mathematical
or actuarial equivalent of the present value or purchase price of a life
annuity of the retirement salary of the retiring judge or commissioner
computed at his actual retirement age. The Comptroller shall determine,
based on the value of such annuity on the scheduled date of retirement of
any such judge or commissioner, the amount of compensation payable to
such retirant or his widow and the Treasurer shall pay the same during
their lives.

All computations under this section shall be upon the basis of such
annuity mortality table as is prescribed by statute as a minimum basis for
the valuation of annuity contracts issued by life insurance companies in
this State with interest at two and one-half per centum per annum.

This section shall also apply to any judge or commissioner retiring
under Article 6 of this Chapter; provided that any such officer shall have
thirty days after the entry of the order retiring him to make the election
hereinabove provided for by notifying the Governor thereof and all other
provisions of this section shall apply in any such case.

2. An emergency exists and this act is in force from its passage.