CHAPTER 168

An Act to amend and reenact § 51-29.1 and § 51-29.7:1 of the Code o,
Virginia, relating to retirement and last-survivor annuity in the cas
of clerks of the Senate and House of Delegates. rH 420°

Approved March 15, 1966

Be it enacted by the General Assembly of Virginia:

1. That § 51-29.1 and § 51-29.7:1 of the Code of Virginia be amendec
and reenacted as follows:

§ 51-29.1. The Clerk of the State Senate or the Clerk of the Hous
of Delegates may retire from his office as such, at any time after having
attained the age of * sixty-five years and after not less than twenty year:
of service as such Clerk, provided that in the computation of such twenty
years of service, any such Clerk may include therein other service with the
State; a Clerk may be retired upon giving the Governor notice in writing
of his intention so to do, stating in such notice the date upon which suck
retirement will become effective. Upon receipt of such notice, the Governo)
ro notify the Comptroller of such retirement and the effective date of

same.

Any such Clerk so retiring shall, after such retirement and for sc
long as he may live, be paid by the State, out of the general funds in the
State treasury, or out of such funds as shall be appropriated for the
purpose, annual compensation in an amount equal to three-fourths of the
annual salary being received by him immediately prior to his retirement.
Such compensation shall be paid by the State Treasurer in monthly or
semimonthly installments, upon warrants of the Comptroller.

§ 51-29.7:1. Any clerk who retires on account of age or disability
may, at the time of his notifying the Governor of his retirement, 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, afte
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 manne
as the retirement salary.

Such clerk may make the election in the notice to the Governor
required by this chapter, and, if he dies within 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 retirement date

Any clerk who dies in office leaving a widow and when he would have
been eligible to retire under § 51-29.1 and who has not made the election
referred to in the preceding paragraphs, shall be deemed to have made
an election providing an equal amount to the widow and to have nott
fied the Governor thereof; in such event the widow of such clerk shall be
entitled to and shall be paid the last-survivor annuity herein provided
for the surviving widow. The date of death of such clerk shall be deemed
to be the date of retirement of such clerk.

The present value or purchase price of the last-survivor annuity, com-
puted upon the basis of the ages of the retiring clerk and his wife on the
actual date of his retirement, shall be the mathematical or actuarial equiv-
alent of the present value or purchase price of a life annuity of the retire
ment salary of the retiring clerk 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 clerk, the amount of com-
pensation payable to such retirant or his widow and the Treasurer shal!
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.