Virginia § 51.1-147 - Members' contribution account
Full text of Virginia Code of Virginia § 51.1-147 — Members' contribution account, with citation guidance and answers to common questions.
§ 51.1-147. Members' contribution account
A. All members' contributions and interest allowances shall be credited to the member's contribution account. Accumulated contributions required to be returned to a member or required to be paid in the event of a member's death before retirement shall be paid from the member's contribution account.
B. At the end of each payroll period, the Comptroller shall transfer to the members' contribution account an amount equal to the aggregate amount of the deductions which would have been made for the preceding payroll period from the salaries of all members from the appropriate fund in the state treasury. The Comptroller shall forward a record of all such transfers to the Board. In all other cases, the employer shall transmit its warrant to the State Treasurer for the payment of an amount equal to the aggregate amount of the deductions made for each payroll period from the salaries of all members paid by the employer for the preceding payroll period. The funds collected by the State Treasurer shall be credited to the members' contribution account. The State Treasurer shall transmit a record of all moneys collected to the Comptroller and the Board.
C. Each individual account of the members' contribution account shall be credited annually with interest at the rate of four percent annually on the accumulated contributions of the member. Interest shall accrue on any contribution beginning at the end of the fiscal year in which the contribution was made. The Board shall have the authority to determine the manner in which the interest is to be credited to the members' contribution account.
D. Upon the retirement of a member, his accumulated contributions shall be transferred from the members' contribution account to the retirement allowance account.
1952, c. 157, § 51-111.49; 1966, c. 174; 1970, c. 476; 1976, c. 540; 1982, c. 467; 1986, c. 474; 1990, c. 832.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 51.1-147
What does Code of Virginia § 51.1-147 cover?
Section 51.1-147 ("Members' contribution 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 § 51.1-147?
A common citation format is "Code of Virginia § 51.1-147" (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 § 51.1-147 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.