77962151.1-155Virginia Decodedhttps://vacode.org2016Pensions, Benefits, And RetirementVirginia Retirement SystemBenefitsService retirement allowance1952, c. 157, § 51-111.55; 1956, c. 560; 1960, cc. 138, 604; 1962, c. 417; 1964, c. 223; 1966, c. 174; 1970, c. 476; 1972, cc. 118, 568; 1973, c. 523; 1974, c. 353; 1976, c. 538; 1977, c. 620; 1978, c. 841; 1980, c. 722, § 51-111.55:1; 1982, c. 467; 1984, c. 430; 1987, cc. 13, 14; 1988, c. 224; 1990, c. 832; 1991, c. 719; 1992, c. 826; 1994, 1st Sp. Sess., c. 5; 1995, cc. 152, 692, 811; 1998, cc. 407, 674, 746; 1999, c. 111; 2001, cc. 689, 700; 2002, cc. 778, 781; 2003, c. 211; 2004, c. 563; 2005, cc. 605, 606, 793; 2006, c. 513; 2010, cc. 737, 738; 2012, cc. 701, 811, 823; 2013, cc. 456, 666; 2015, cc. 502, 503.http://law.lis.virginia.gov/vacode/51.1-155//51.1-155/51.1/1/9/51.1-15551.1-124.951.1-126.551.1-13051.1-15351.1-155.151.1-155.251.1-16251.1-16551.1-169A member shall receive an annual retirement allowance, payable for life, as follows:sectionAA1 The allowance shall equal 1.70 percent of his average final compensation multiplied by the amount of his creditable service. Notwithstanding the foregoing, for a member who (i) is a person who becomes a member on or after July 1, 2010, or (ii) does not have at least 60 months of creditable service as of January 1, 2013, the allowance shall equal the sum of (a) 1.65 percent of his average final compensation multiplied by the amount of his creditable service performed or purchased on or after January 1, 2013, and (b) 1.70 percent of his average final compensation multiplied by the amount of all other creditable service.sectionA1A12 The allowance shall be determined in the same manner as for normal retirement with creditable service and average final compensation being determined as of the date of actual retirement. If the member has less than 30 years of service at retirement, the amount of the retirement allowance shall be reduced on an actuarial equivalent basis for the period by which the actual retirement date precedes the earlier of (i) his normal retirement date or (ii) the first date on which he would have completed a total of 30 years of creditable service. The provisions of this subdivision shall apply to teachers and state employees. These provisions shall also apply to employees of any political subdivision that participates in the retirement system if the political subdivision makes the election provided in subdivision 3.sectionA2A22 In addition to the allowance payable under subdivisions 1, 2, and 3, a member shall receive an additional allowance which shall be the actuarial equivalent, for his attained age at the time of retirement, of the excess of his accumulated contributions transferred from the abolished system to the retirement system, including interest credited at the rate of two percent compounded annually since the transfer to the date of retirement, over the annual amounts equal to four percent of his annual creditable compensation at the date of abolishment for a period equal to his period of membership in the abolished system.sectionA4A42Beneficiary serving in position covered by this title.sectionBB1 Except as provided in subdivisions 2 and 3, if a beneficiary of a service retirement allowance under this chapter or the provisions of Chapters 2 (§ 51.1-200 et seq.), 2.1 (§ 51.1-211 et seq.), or 3 (§ 51.1-300 et seq.) is at any time in service as an employee in a position covered for retirement purposes under the provisions of this or any chapter other than Chapter 6 (§ 51.1-600 et seq.), 6.1 (§ 51.1-607 et seq.), or 7 (§ 51.1-700 et seq.), his retirement allowance shall cease while so employed. Any member who retires and later returns to covered employment shall not be entitled to select a different retirement option for a subsequent retirement.sectionB1B12 Active members of the General Assembly who are eligible to receive a retirement allowance under this title, excluding their service as a member of the General Assembly, shall be eligible to receive a retirement allowance based on their creditable service and average final compensation for service other than as a member of the General Assembly. Such members of the General Assembly shall continue to be reported as any other members of the retirement system. Upon ceasing to serve in the General Assembly, members of the General Assembly receiving a retirement allowance based on their creditable service and average final compensation for service other than as a member of the General Assembly shall have their retirement allowance recomputed prospectively to include their service as a member of the General Assembly. Active members of the General Assembly shall be prohibited from receiving a service retirement allowance under this title based solely on their service as a member of the General Assembly.sectionB2B22 Any person receiving a service retirement allowance under this chapter, who is hired as a local school board instructional or administrative employee required to be licensed by the Board of Education, may elect to continue to receive the retirement allowance during such employment, under the following conditions:
sectionB3B32 The person has been receiving such retirement allowance for a certain period of time preceding his employment as provided by law;sectionB3(aB3(a3 The person is not receiving a retirement benefit pursuant to an early retirement incentive program from any local school division within the Commonwealth; andsectionB3(bB3(b3 At the time the person is employed, the position to which he is assigned is among those identified by the Superintendent of Public Instruction pursuant to subdivision 4 of § 22.1-23, by the relevant division superintendent, pursuant to § 22.1-70.3, or by the relevant local school board, pursuant to subdivision 9 of § 22.1-79.If the person elects to continue to receive the retirement allowance during the period of such employment, then his service performed and compensation received during such period of time will not increase, decrease, or affect in any way his retirement benefits before, during, or after such employment.sectionB3(cB3(c3