77948151.1-126.3Virginia Decodedhttps://vacode.org2016Pensions, Benefits, And RetirementVirginia Retirement SystemMembership In Retirement SystemEmployees of the University of Virginia Medical Center1996, cc. 933, 995; 2000, c. 723; 2003, c. 369.http://law.lis.virginia.gov/vacode/51.1-126.3/51.1-124.1Legislative intent and purposes [Not set out.]/51.1-124.1/51.1-124.3Definitions/51.1-124.3//51.1-126.3/51.1/1/4/51.1-126.32.2-2817.223-38.8923.1-100051.1-124.351.1-140051.1-14551.1-16151.1-169With respect to any employee of the Medical Center who elects to continue to participate in the Virginia Retirement System defined benefit retirement plan, the Medical Center shall collect and pay all employee and employer contributions due to the Virginia Retirement System for retirement and group life insurance in accordance with the provisions of Chapter 1 (§ 51.1-124.1 et seq.) of this title for such employees. For Medical Center employees who elect or who are required pursuant to subsection A to become members of the retirement program established by the Medical Center, the Virginia Retirement System or other such authorized plan shall transfer to the retirement plan established by the Medical Center assets equal to the actuarially determined present value of the accrued basic benefit as of the transfer date. For purposes hereof, the basic benefit shall be the benefit accrued under the Virginia Retirement System or other such authorized retirement plan, based on creditable service and average final compensation, as defined in § 51.1-124.3 and determined as of the transfer date. The actuarial present value shall be determined on the same basis, using the same actuarial factors and assumptions used in determining the funding needs of the Virginia Retirement System or other such authorized retirement plan, so that the transfer of assets to the retirement plan established by the Medical Center will have no effect on the funded status and financial stability of the Virginia Retirement System or other such authorized retirement plan.sectionBB1No employee of the Medical Center who is an active member of any plan established under this section shall also be an active member of the retirement system established by this chapter or a beneficiary of such other plan other than as a contingent annuitant.sectionCC1The University of Virginia Board of Visitors shall adopt guidelines for the implementation of the provisions of this section, including guidelines for the administration of any retirement plan established pursuant to this section. The Board shall have no duties and responsibilities with respect to such plan. The guidelines adopted by the Board of Visitors shall be filed with the Board of Trustees of the Virginia Retirement System.sectionDD1