CHAPTER 138

An Act to amend and reenact § 51-111.55, as amended, of the Code of
Virginia, relating to service retirement allowance under the Virginia
Supplemental Retirement Act.

(S 172]

Approved March 2, 1960

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 per centum of his
average final compensation multiplied by his number of years of creditable
service subject, however, to the provisions of subsections (c) and (d) of
this section.

(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
allowance 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.

(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
transferred from the abolished system to the retirement system, including
interest credited since such transfer to the date of retirement, over the
amount obtained by accumulating at the rate of two per centum com-
pounded annually, 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provided in § 51-111.41 and who has not withdrawn such contributions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
retirement 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 member attains his sixty-fifth birthday shall be reduced
by the amount of any primary social security benefits to which such mem-
ber 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 payable 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 bene-
fit upon attaining age sixty-five be less than the retirement allowance pay-
able, 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 al-
lowance 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.

(zg) 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 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 in a position covered under
the provisions of this chapter, his retirement allowance shall cease while
so employed.