51.1-153 - Service retirement.
§ 51.1-153. Service retirement.
A. Normal retirement. - Any member in service at his normal retirement datewith five or more years of creditable service may retire at any time uponwritten notification to the Board setting forth the date the retirement is tobecome effective. Any member in service who was denied membership prior toJuly 1, 1987, as a result of being age sixty or over when first employed mayretire at any time after his normal retirement date and the requirement ofhaving five or more years of service shall not apply.
B. Early retirement. - 1. Any member in service who has attained hisfifty-fifth birthday with five or more years of creditable service may retireprior to his normal retirement date upon written notification to the Boardsetting forth the date the retirement is to become effective.
However, a person who becomes a member on or after July 1, 2010, under thischapter shall be allowed to retire under this subdivision prior to his normalretirement date only if the person is in service and has attained hissixtieth birthday with five or more years of creditable service, and thebenefit for such person shall be calculated in accordance with the provisionsof subdivision A 3 of § 51.1-155.
2. Subject to the provisions of subdivision 3, any state employee, teacher,or employee of a political subdivision who is a member of the retirementsystem may retire prior to his normal retirement date after attaining agefifty and thirty years of creditable service, upon written notification tothe Board setting forth the date the retirement is to become effective. Thebenefit for such member shall be calculated in accordance with the provisionsof subdivision A 1 of § 51.1-155.
3. A person who becomes a member on or after July 1, 2010, as a stateemployee, teacher, or employee of a political subdivision may retire prior tohis normal retirement date after the sum of his age and years of creditableservice equals 90, upon written notification to the Board setting forth thedate the retirement is to become effective. The benefit for such member shallbe calculated in accordance with the provisions of subdivision A 1 of §51.1-155.
C. Deferred retirement for members terminating service. - Any member whoterminates service after five or more years of creditable service, regardlessof termination date, may retire under the provisions of subsection A, B, or Dof this section if he has not withdrawn his accumulated contributions priorto the effective date of his retirement or if he has five or more years ofcreditable service for which his employer has paid the contributions and suchcontributions cannot be withdrawn. For the purposes of this subsection, anyrequirements as to the member being in service shall not apply. No membershall be entitled to the benefits of this subsection if his employercertifies that his service was terminated because of dishonesty, malfeasance,or misfeasance in office. The certification may be appealed to the Board.
D. 50/10 retirement. - Any member in service on or after January 1, 1994, whohas attained his fiftieth birthday with ten or more years of creditableservice may retire prior to his normal retirement date upon writtennotification to the Board setting forth the date the retirement is to becomeeffective. A person who becomes a member on or after July 1, 2010, shall notbe allowed to retire pursuant to this subsection.
E. Effective date of retirement. - The effective date of retirement shall beafter the last day of service of the member, but shall not be more thanninety days prior to the filing of the notice of retirement.
F. Notification on behalf of member. - If the member is physically ormentally unable to submit written notification of his intention to retire,the member's appointing authority may submit notification on his behalf.
(1952, c. 157, § 51-111.53; 1966, c. 174; 1970, c. 476; 1976, c. 429; 1977,c. 620; 1982, c. 427; 1986, c. 474; 1988, c. 222; 1990, c. 832; 1995, cc.152, 692, 811; 1996, cc. 768, 997; 1999, cc. 111, 567, 568, 569, 591, 592,598, 599; 2000, cc. 66, 657, 911; 2010, cc. 737, 738.)