51.1-206 - Service retirement allowance.
§ 51.1-206. Service retirement allowance.
A. A member shall receive an annual retirement allowance, payable for life,as follows:
1. Normal retirement. - The allowance shall equal the amount of creditableservice multiplied by (i) 1.70 percent of his average final compensation forretirements prior to July 1, 2007, and (ii) 1.85 percent of his average finalcompensation for retirements on or after July 1, 2007.
For retirements between October 1, 1994, and December 31, 1998, any statepolice officer who is a member or beneficiary of a retirement systemadministered by the Board shall receive an additional retirement allowanceequal to three percent of the service or disability retirement allowancepayable under this section. Average final compensation attributable toservice as Governor, Lieutenant Governor, Attorney General, or member of theGeneral Assembly shall not be included in computing this additionalretirement allowance.
2. Early retirement. - The allowance shall be determined in the same manneras for normal retirement with creditable service and average finalcompensation being determined as of the date of actual retirement. If themember has less than 25 years of service at retirement, the amount of theretirement allowance shall be reduced on an actuarial equivalent basis forthe period by which the actual retirement date precedes the earlier of (i)his normal retirement date or (ii) the first date on or after his fiftiethbirthday on which he would have completed a total of 25 years of creditableservice.
B. In addition to the allowance payable under subsection A, a member shallreceive annually from the date of his retirement until his retirement age, assuch term is defined under the Social Security Act (42 U.S.C. § 416 et seq.,as now or hereafter amended), an allowance equal to $9,264. Beginning July 1,2001, and biennially thereafter, such allowance shall be reviewed andadjusted by the Board to an amount recommended by the actuary of the VirginiaRetirement System based upon increases in social security benefits in theinterim.
This subsection shall not apply to the following: (i) any member whoqualifies for retirement under subsection C of § 51.1-205 and is creditedwith less than 20 years' service rendered in a hazardous position or (ii) anymember employed initially on or after July 1, 1974, who is credited with lessthan 20 years' service rendered in a hazardous position. However, any servicerendered as an employee, as such term is defined in § 51.1-212, shall bedeemed as service in a hazardous position for purposes of the additionalretirement allowance herein.
C. If a beneficiary of a service retirement allowance under this chapter isat any time in service as an employee in a position covered for retirementpurposes under the provisions of this or any chapter other than Chapter 7 (§51.1-700 et seq.) of this title, his retirement allowance shall cease whileso employed.
(Code 1950, §§ 51-135, 51-151; 1950, p. 885; 1954, c. 139; 1956, c. 562;1966, c. 628; 1968, c. 647; 1970, c. 657; 1972, c. 568; 1973, cc. 290, 523;1974, c. 353; 1976, cc. 525, 538; 1978, c. 841; 1981, c. 393; 1984, c. 430;1986, c. 73; 1989, c. 484; 1990, c. 832; 1992, c. 815; 1993, cc. 408, 568;1994, 1st Sp. Sess., c. 5; 1995, cc. 152, 692, 811; 1998, cc. 674, 676; 2000,c. 911; 2001, c. 804; 2004, c. 687; 2005, c. 146; 2007, c. 819.)