23-50.16:24.1 - Retirement benefits for employees of the Authority

§ 23-50.16:24.1. Retirement benefits for employees of the Authority.

A. The Authority may establish one or more retirement plans covering in wholeor in part its employees, including employees who, prior to the effectivedate of any plan established pursuant to this section, had been participantsin any plan established pursuant to §§ 51.1-126, 51.1-126.1, or former §51.1-126.2. The Authority is authorized to make contributions for the benefitof its employees who elect to participate in such plan or arrangement ratherthan in any other retirement system established by Chapter 1 (§ 51.1-124.1 etseq.) of Title 51.1. Any such alternative retirement plan shall becomeeffective at such time as determined by the Authority.

B. Notwithstanding any other provision of law to the contrary, any employeeof the Authority employed prior to July 1, 1998, may make an irrevocableelection to participate in the retirement plan established by Chapter 1 (§51.1-124.1 et seq.) of Title 51.1 or any plan established by the Authority,in accordance with guidelines established by the Authority. The electionherein provided shall, as to any employee of the Authority employed followingthe effective date of any plan established pursuant to this section, beexercised not later than thirty-one days from the time of entry upon theperformance of his duties. Any employee of the Authority hired on or afterJuly 1, 1998, shall participate in a plan established by the Authority,subject to the plan's eligibility criteria.

C. No employee of the Authority who is an active member of a plan establishedunder this section shall also be an active member of the retirement systemestablished pursuant to Chapter 1 (§ 51.1-124.1 et seq.) of Title 51.1 or abeneficiary of such retirement system other than as a contingent annuitant.

D. Notwithstanding any other provision of law to the contrary, thecontribution by the Authority to any other retirement plan established onbehalf of employees of the Authority hired before July 1, 1998, pursuant tosubsection A shall be (i) equal to the contribution the Commonwealth would berequired to make if the employee were a member of the retirement systemestablished by Chapter 1 (§ 51.1-124.1 et seq.) of Title 51.1 or (ii) eightpercent of creditable compensation, whichever is less. The contribution bythe Authority to any retirement plan established on behalf of employees ofthe Authority hired on or after July 1, 1998, pursuant to subsection A shallbe determined by the Board.

E. If the institution of higher education with which the Authority isaffiliated has adopted a retirement plan under § 51.1-126 for its employeeswho are engaged in the performance of teaching, administrative, or researchduties, the plan established under this section shall offer similarinvestment opportunities as are available to the participants of the planestablished pursuant to § 51.1-126.

F. The Authority shall develop policies and procedures for the administrationof any retirement plan established by the Authority under this section. Acopy of such policies and procedures shall be filed with the Board ofTrustees of the Virginia Retirement System.

(1998, c. 449.)