Virginia § 51.1-148 - Retirement allowance account
Full text of Virginia Code of Virginia § 51.1-148 — Retirement allowance account, with citation guidance and answers to common questions.
§ 51.1-148. Retirement allowance account
A. All employer contributions, all amounts transferred from the members' contribution account, and all income from the invested assets of the retirement system shall be credited to the retirement allowance account. All benefits under the retirement system, other than refunds of members' accumulated contributions, and all administrative expenses of the retirement system, except to the extent that such expenses are otherwise paid, shall be paid from the retirement allowance account. At the discretion of the Board, contributions, penalties, and interest assessments may be deducted from the retirement allowance account of the employer.
B. The amount of the interest allowances provided for in this chapter shall be transferred from the retirement allowance account to the members' contribution account annually.
C. The records of the retirement allowance account shall be maintained so that the portion that is applicable to each respective employer may be ascertained at all times.
1952, c. 157, § 51-111.50; 1956, c. 560; 1978, c. 841; 1980, c. 137; 1984, c. 430; 1990, c. 832.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 51.1-148
What does Code of Virginia § 51.1-148 cover?
Section 51.1-148 ("Retirement allowance account") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 51.1-148?
A common citation format is "Code of Virginia § 51.1-148" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 51.1-148 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.