CHAPTER 417

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

[H 74]

Approved March 31, 1962

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 sub-
sections (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 pro-
vided 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
game 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 retire-
ment 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 pay-
able 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 pro-
vided in § 51-111.41 and who has not withdrawn such contributions prior
to retirement shall not be less than the service retirement allowance deter-
mined 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 Retire-
ment 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 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 payable to such member except for the provisions of this
subsection, nor effective July one, nineteen hundred sixty, shall the com-
bined 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 bene-
fits 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.

(g) Determination of retirement allowance.—For the purpose 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 as an employee in a position
covered for retirement purposes under the provisions of this or any chap-
ter other than Chapter 38.1 of this title, if the State contributes any of the
employer cost, his retirement allowance shall cease while so employed.