Virginia § 51.1-403 - Service retirement allowance

§ 51.1-403. Service retirement allowance

A. Member contributions. -- Any member who was a former member of the abolished system, who transferred his accumulated contributions to the retirement system, and who has not withdrawn such contributions may, at the time of filing his notice of retirement, deposit in his member's contribution account an amount which will increase his total retirement allowance to an amount not greater than the largest amount obtainable under the applicable provisions of subsection C of this section.

B. Normal retirement guarantee. -- The retirement allowance payable upon normal retirement to a former member of the abolished system who transferred his accumulated contributions to the retirement system and who has not withdrawn his contributions prior to retirement shall not be less than the service retirement allowance to which the member would have been entitled under the provisions of the abolished system if he had continued contributions in the amount in effect on the date the system was abolished. In the case of a member with thirty or more years of creditable service, the larger of such allowance or $2,036.28 annually shall be paid.

C. Early retirement guarantee. -- The retirement allowance payable upon early retirement to a former member of the abolished system who transferred his accumulated contributions to the retirement system and who has not withdrawn his contributions prior to retirement, and who would have qualified prior to normal retirement for a service retirement allowance under the abolished system, shall, prior to the member's sixty-fifth birthday, not be less than the service retirement allowance that would have been payable under the provisions of the abolished system. After the member's sixty-fifth birthday, it shall not be less than the larger of such allowance or $2,036.28 annually.

D. Determination of retirement allowance. -- For the purposes of this section, the retirement allowance shall be determined on the assumption that the retirement allowance is payable to the member alone and that no optional retirement allowance is elected.

1952, c. 157, §§ 51-111.46, 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; 1984, c. 430; 1987, cc. 13, 14; 1990, c. 832.