51.1-306 - Service retirement allowance.
§ 51.1-306. Service retirement allowance.
A. Retirement allowance. - A member shall receive an annual retirementallowance, payable for life as follows:
1. Normal retirement. - The allowance shall equal 1.70 percent of his averagefinal compensation multiplied by the amount of creditable service. Theallowance shall not exceed seventy-eight percent of the average finalcompensation of the member.
For retirements between October 1, 1994, and December 31, 1998, any judge whois a member or beneficiary of a retirement system administered by the Boardshall receive an additional retirement allowance equal to three percent ofthe service retirement allowance payable under this section. Average finalcompensation attributable to service as Governor, Lieutenant Governor,Attorney General, or member of the General Assembly shall not be included incomputing this additional retirement 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 not attained his sixtieth birthday or has less than thirty yearsof service, the amount of the retirement allowance shall be reduced on anactuarial equivalent basis for the period by which the actual retirement dateprecedes the earlier of (i) his normal retirement date or (ii) the first dateon or after his sixtieth birthday on which he would have completed a total ofthirty years of creditable service.
B. Normal and early retirement guarantees. - Any member who was a member ofone of the previous systems immediately prior to July 1, 1970, and who wouldhave been eligible for retirement benefits thereunder shall be guaranteed aminimum retirement allowance no less than that for which he would havequalified had he continued to participate therein.
C. Determination of retirement allowance. - For the purposes of subsection Bof this section, the retirement allowance shall be determined on theassumption that the retirement allowance is payable to the member alone andthat no optional retirement allowance is elected.
D. Beneficiary serving in position covered by this title. - If a beneficiaryof a service retirement allowance under this chapter or under any of theprevious systems is at any time in service as an employee in a positioncovered for retirement purposes under the provisions of this or any chapterother than Chapter 7 (§ 51.1-700 et seq.) of this title, his retirementallowance shall cease while so employed.
(1970, c. 779, § 51-168; 1972, c. 568; 1973, c. 523; 1974, c. 353; 1977, c.620; 1978, c. 841; 1981, c. 393; 1984, c. 430; 1990, c. 832; 1994, 1st Sp.Sess., c. 5; 1998, c. 674.)