51.1-305 - Service retirement generally.
§ 51.1-305. Service retirement generally.
A. Normal retirement. - Any member in service at his normal retirement datewith five or more years of creditable service may retire upon writtennotification to the Board setting forth the date the retirement is to becomeeffective.
B. Early retirement.- Any member in service who has either (i) attained hisfifty-fifth birthday with five or more years of creditable service or (ii) inthe case of a member of any of the previous systems immediately prior to July1, 1970, complied with the requirements for retirement set forth under theprovisions of such previous system as in effect immediately prior to July 1,1970, may retire upon written notification to the Board setting forth thedate the retirement is to become effective.
B1. Mandatory retirement. - Any member who attains 70 years of age shall beretired 20 days after the convening of the next regular session of theGeneral Assembly. However, if the mandatory retirement provisions of thissubdivision would require a member of the State Corporation Commission to beretired before the end of his elected term and such retirement would occurduring a session of the General Assembly in which the General Assembly isrequired, pursuant to § 12.1-6, to elect another member or members of theState Corporation Commission to serve either a regular term or a portion of aregular term, such member who otherwise would be subject to the mandatoryretirement provisions of this subdivision shall be retired upon the first tooccur of (i) the expiration of the term to which he was elected or (ii) 20days after the commencing of the regular session of the General Assembly thatimmediately follows the date such member attains 72 years of age. Theprovisions of this subsection shall apply only to those members who areelected or appointed to an original or subsequent term commencing after July1, 1993.
C. Deferred retirement for members terminating service. - Any member whoterminates service after five or more years of creditable service may retireunder the provisions of subsection A or B of this section, if he has notwithdrawn his accumulated contributions prior to the effective date of hisretirement or if he has five or more years of creditable service for whichhis employer has paid the contributions and such contributions cannot bewithdrawn. For the purposes of this subsection, any requirements as to themember being in service shall not apply. No member shall be entitled to thebenefits of this subsection if his appointing authority certifies that hisservice was terminated because of dishonesty, malfeasance, or misfeasance inoffice. The certification may be appealed to the Board.
D. Effective date of retirement. - The effective date of retirement shall beafter the last day of service of the member, but shall not be more than 90days prior to the filing of the notice of retirement.
E. Notification of retirement. - In addition to the notice to the Boardrequired by this section, the same notice shall be given by the member to hisappointing authority. If a member is physically or mentally unable to submitwritten notification of his intention to retire, the member's appointingauthority may submit notification to the Board on his behalf.
(1970, c. 779, § 51-167; 1977, c. 620; 1982, c. 427; 1986, c. 474; 1988, c.222; 1990, c. 832; 1992, c. 694; 2005, c. 288.)