§ 51.1-137 Computation of employer contribution rates; reimbursement by Commonwealth
A. At least once in each two-year period, the actuary of the retirement system shall compute the annual rates of contributions payable by the employer on behalf of employees who are members. The rates shall be determined by an actuarial valuation of the retirement allowances and other benefits which will be payable on behalf of the employees who are members. The contributions shall be payable in lieu of contributions payable on behalf of other members in the system. The expense of making initial and subsequent valuations shall be assessed against and paid by the employer.
B. In the case of contributions payable by the employer on behalf of any local officer, the Commonwealth shall reimburse the employer on the basis on which the Commonwealth pays the salaries of the officer or shares or would share in the excess fees from the office. Payment shall be made from funds appropriated for this purpose.
History
This law was first created in 1952. The record of its establishment is cataloged in chapter 157 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1952 “Acts” aren’t available online. It has been modified 6 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1956, chapter 560; in 1958, chapter 367; in 1974, chapter 353; in 1982, chapter 443; in 1984, chapter 430; in 1990, chapter 832.
1952, c. 157, § 51-111.36; 1956, c. 560; 1958, c. 367; 1974, c. 353; 1982, c. 443; 1984, c. 430; 1990, c. 832.