CHAPTER 223

An Act to amend and reenact § 51-111.55, as amended, of the Code of
Virginia, relating to service retirement allowances under the Virginiu
Supplemental Retirement System. CH 481]

Approved March 27, 1964

Be it enacted by the General Assembly of Virginia:

1. That § 51-111.55 as amended, of the Code of Virginia be amended and
reenacted as follows:

§ 51-111.55. Subject to paragraph (h), upon service retirement a
member shall receive an annual retirement allowance, payable monthly to
him for life, which shall consist in the case of:

(a) Normal retirement.—An amount equal to one and one-eighth per
centum of his average final compensation multiplied by his number of
years of creditable service subject, however, to the provisions of subsec-
tions (c) and (d) of this section; provided, that in the case of any member
retired on or after March one, nineteen hundred fifty-two, and prior to
July one, nineteen hundred sixty, the per centum rate herein provided shall
be applicable in respect of all retirement allowances payable on and after
July one, nineteen hundred sixty.

(b) Early retirement.—An amount which shall be determined in the
same manner as for retirement at his normal retirement date with years
of creditable service and average final compensation being determined as
of the date of his actual retirement, and the amount of the retirement al-
lowance so determined being reduced on an actuarial equivalent basis for
the period that the actual retirement date precedes the normal retirement
date subject, however, to the provisions of subsections (c) and (e) of this
section; provided further that the retirement allowance of a member re-
tering on or after his sixtieth birthdate and with at least thirty years of
creditable service shall not be so reduced.

(c) Normal or early retirement.—An amount additional to (a) or (b)
above which shall be the actuarial equivalent, for his attained age at time
of retirement, of the excess, if any, of his accumulated contributions trans-
ferred from the abolished system to the retirement system, including inter-
est credited since such transfer to the date of retirement, over the amount
obtained by accumulating at the rate of two per centum compounded an-
nually, annual amounts equal to four per centum of his annual creditable
compensation at the date of abolition of the Virginia Retirement System
for a period equal to his period of membership in the abolished system and
with interest credited at two per centum annually from the date of such
transfer to the date of retirement.

(d) Normal retirement guarantee.—The retirement allowance payable
upon normal retirement to a former member of the abolished system who
transferred his accumulated contributions to the retirement system as
provided in § 51-111.41 and who has not withdrawn such contributions
prior to retirement, shall be at least an amount which when added to the
primary social security benefits to which the member may become entitled
under the Federal Social Security Act in effect at his retirement date,
would equal the service retirement allowance to which the member would
have been entitled under the provisions of the abolished system if he had
continued contributions at the amount in effect at the date of abolition of
the Virginia Retirement System.

(e) Early retirement guarantee.—The retirement allowance payable
upon early retirement to a former member of the abolished system who
transferred his accumulated contributions to the retirement system as
provided in § 51-111.41 and who has not withdrawn such contributions
prior to retirement shall not be less than the service retirement allowance
determined in accordance with the provisions of the abolished system in the
case of any member who would have qualified prior to his normal retire-
ment date for such service retirement allowance if the Virginia Retirement
System had not been abolished ; provided, however, that the total retirement
allowance payable in accordance with this subsection after any such mem-
ber attains his sixty-fifth birthday shall be reduced by the amount of any
primary social security benefits to which such member becomes entitled
under the Federal Social Security Act then in effect, but the retirement
allowance shall in no case be reduced below the amount that would be pay-
able to such member except for the provisions of this subsection, nor
effective July one, nineteen hundred sixty, shall the combined retirement
system allowance and primary social security benefit upon attaining age
sixty-five be less than the retirement allowance payable, including increases
provided by the General Assembly of Virginia, to former members retired
under the provisions of the retirement acts in effect prior to March one,
nineteen hundred fifty-two.

(f) Minimum service retirement allowance.—Anything in this section
to the contrary notwithstanding the amount of annual retirement allow-
ance as determined under subsection (a) or (e) of this section shall be at
least an amount which when added to the primary social security benefits
to which the member may become entitled under the Federal Social Security
Act in effect at his retirement date would equal twenty dollars times the
number of years of creditable service of the member subject to a maximum
of six hundred dollars.

(gz) Determination of retirement allowance.—For the purposes of this
section the retirement allowance shall be determined on the assumption that
the retirement allowance is payable to the member alone and that no
optional retirement allowance as provided in § 51-111.60 is elected.

(h) Beneficiary serving in position covered by this chapter.—Should a
beneficiary of a service retirement allowance under this chapter or the
abolished system be at any time in service as an employee in a position
covered for retirement purposes under the provisions of this or any chap-
ter other than chapter 3.1 (§ 51-111.1 et seq.) of this title, if the State
contributes any of the employer costs, his retirement allowance shall cease
while so employed.