51.1-148 - Retirement allowance account.
§ 51.1-148. Retirement allowance account.
A. All employer contributions, all amounts transferred from the members'contribution account, and all income from the invested assets of theretirement system shall be credited to the retirement allowance account. Allbenefits under the retirement system, other than refunds of members'accumulated contributions, and all administrative expenses of the retirementsystem, except to the extent that such expenses are otherwise paid, shall bepaid from the retirement allowance account. At the discretion of the Board,contributions, penalties, and interest assessments may be deducted from theretirement allowance account of the employer.
B. The amount of the interest allowances provided for in this chapter shallbe transferred from the retirement allowance account to the members'contribution account annually.
C. The records of the retirement allowance account shall be maintained sothat the portion that is applicable to each respective employer may beascertained at all times.
(1952, c. 157, § 51-111.50; 1956, c. 560; 1978, c. 841; 1980, c. 137; 1984,c. 430; 1990, c. 832.)