CODE OF VIRGINIA

BOARD TO ADMINISTER RETIREMENT SYSTEM; POWERS AND DUTIES (§ 51.1-124.22)

A. The Retirement System shall be administered by the Board of Trustees, whose
powers and duties include but are not limited to:

   1.  Appointing a director, who shall not be a member of the Board, to serve as
   the chief administrative officer of the Retirement System at the pleasure of
   the Board.

   2.  Maintaining records of all of its proceedings and making such records
   available for inspection by the public.

   3.  Employing an actuary as its technical advisor and employing other persons
   and incurring expenditures as it deems necessary for the efficient
   administration of the Retirement System.

   4.  Causing an actuarial investigation to be made of all the experience under
   the Retirement System at least once in each four-year period. The Board shall
   also cause actuarial gain/loss analyses to be made in conjunction with each
   actuarial valuation of the System. Pursuant to such investigations and
   analyses, the Board shall periodically revise the actuarial assumptions used
   in the computation of employer contribution rates.

   5.  Causing a biennial actuarial valuation to be made of the assets and
   liabilities of the Retirement System with respect to each employer. Pursuant
   to the results of such valuations, the Board shall prepare a statement as to
   the employer contribution rates applicable to each employer.

   6.  Publishing the results of each actuarial valuation of the assets and
   liabilities.

   7.  Publishing annual financial statements of the Retirement System or annual
   reports in accordance with §§ 51.1-1000 through 51.1-1003.

   8.  Promulgating regulations and procedures and making determinations
   necessary to carry out the provisions of this title.

   9.  Purchasing insurance to insure against losses suffered by the Retirement
   System if any member of the Board or of any advisory committee breaches the
   standard of care in § 51.1-124.30.

   10.  Adopting rules and policies that bring the Retirement System into
   compliance with any applicable law or regulation of this Commonwealth or the
   United States.

   11.  Establishing and administering, for the officers and employees of the
   Retirement System, (i) a compensation plan which is consistent with the
   provisions set forth in the general appropriations act for this purpose and
   (ii) a grievance procedure which is consistent with the provisions of §
   2.2-1202.1 and any regulations promulgated pursuant thereto.

   12.  Investing in real estate to be held as a nonrevenue producing asset and
   used by the Retirement System for administrative offices.

   13.  Charging and collecting administrative fees to pay actual costs incurred
   by the Retirement System in administering and overseeing any retirement plan
   or service award fund other than the Virginia Retirement System (§ 51.1-124.1
   et seq.), the State Police Officers’ Retirement System (§ 51.1-200 et
   seq.), the Virginia Law Officers’ Retirement System (§ 51.1-211 et
   seq.), or the Judicial Retirement System (§ 51.1-300 et seq.), for which it
   is responsible from the Commonwealth or participating political subdivisions
   whose employees benefit under such retirement plans. Any fee charged under the
   authority granted herein shall be for costs incurred directly related to the
   administration and oversight of the retirement plan or service award fund, as
   determined by the Board. Such fee shall be charged to the employer whose
   employees benefit under the retirement plan and to the service award fund in
   the case of costs incurred in administering and overseeing service award
   funds. Overpayments from benefits received under the Virginia Retirement
   System, the State Police Officers’ Retirement System, the Virginia Law
   Officers’ Retirement System, the Judicial Retirement System, the
   Virginia Sickness and Disability Program under Chapter 11 (§ 51.1-1100 et
   seq.), the Disability Program for Hybrid Retirement Program Participants under
   Chapter 11.1 (§ 51.1-1150 et seq.), or Health Insurance Credits for Certain
   Retirees under Chapter 14 (§ 51.1-1400 et seq.) may be deducted from life
   insurance benefits payable under Chapter 5 (§ 51.1-500 et seq.).

   14.  The Board is authorized to charge and collect from participating
   employers any penalties, interest, compliance fees, or other charges charged
   to the Retirement System by the Internal Revenue Service or other regulatory
   body.

B. The Board shall be vested with the powers and duties of the Board of Trustees
of the abolished system to the extent necessary for the payment of vested rights
and the return of accumulated contributions.

C. The Commonwealth, the Board, employees of the Retirement System, the
Investment Advisory Committee of the Retirement System, and any other advisory
committee established by the Board shall not incur any liability for any losses
suffered by the deferred compensation, the cash match, or the defined
contribution retirement plans established or administered under the authority of
this title, except as provided in § 51.1-124.30.

HISTORY: 1952, c. 157, §§ 51-111.17, 51-111.18, 51-111.21 to 51-111.22:1,
51-111.23, 51-111.68; 1956, c. 363; 1958, c. 419; 1960, c. 400; 1970, c. 476;
1971, Ex. Sess., c. 88; 1973, c. 523; 1974, c. 353; 1975, c. 610; 1977, c. 620;
1980, cc. 681, 728; 1982, c. 478; 1989, c. 41; 1990, c. 832, § 51.1-110; 1994,
cc. 4, 85; 1995, c. 307; 1997, c. 711; 1998, c. 176; 2003, cc. 11, 626; 2004, c.
80; 2008, c. 245; 2012, cc. 803, 835; 2014, c. 356.