CHAPTER 342

An Act to amend the Code of Virginia by adding thereto a section num-
bered 51-29.7:1, to provide for last-survivor annuities for clerks of
Senate and House of Delegates and how the amount thereof shall be
determined and paid.

[S 245]
Approved March 17, 1960

Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia be amended by adding thereto a section
numbered 51-29.7:1 as follows:

§ 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, 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.

Such clerk may make the election in the notice to the Governor re-
quired 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.

The present value or purchase price of the last-survivor annuity,
computed 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
equivalent of the present value or purchase price of a life annuity of the
retirement salary of the retiring clerk computed at his actual retirement
age. The Comptroller shall determine, based on the value of such an-
nuity on the scheduled date of retirement of any such clerk, 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.