There is hereby created a fund to be known and designated as the “Volunteer Firefighters’ and Rescue Squad Workers’ Service Award Fund” (the Fund). The Fund is established to provide service awards to eligible volunteer firefighters and volunteer emergency medical services personnel who elect to become members of the Fund. The Volunteer Firefighters’ and Rescue Squad Workers’ Service Award Fund Board (the Board) shall utilize the assistance of the Virginia Retirement System in establishing, investing, and maintaining the Fund. The Board of Trustees of the Virginia Retirement System shall administer and manage the investment of the Fund as custodian and provide staff to further carry out the provisions of this chapter. The Virginia Retirement System shall invest the Funds in accordance with Article 3.1 (§ 51.1-124.30 et seq.) of Chapter 1. The Fund shall annually reimburse the Virginia Retirement System for all costs incurred and associated, directly and indirectly, with the administration of this chapter and management and investment of the Fund.
1999, cc. 664, 860; 2001, c. 672; 2015, cc. 502, 503.