{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-2416.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-2416.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-2416.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-2416.html"}],"law_id":54806,"edition_id":1,"section_id":54806,"structure_id":13799,"section_number":"23.1-2416","catch_line":"Retirement benefits for employees of the Authority","history":"1998, c. 449, \u00a7 23-50.16:24.1; 2016, c. 588.","full_text":"A\n\nThe Authority may establish and determine the effective date of one or more retirement plans covering in whole or in part its employees, including employees who, prior to the effective date of any plan established pursuant to this section, participated in any plan established pursuant to § 51.1-126 or 51.1-126.1 or former § 51.1-126.2. The Authority may make contributions for the benefit of its employees who elect to participate in such plan or arrangement rather than in any other retirement system established by Chapter 1 (§ 51.1-124.1 et seq.) of Title 51.1.B\n\nExcept in the case of an employee of the Authority hired prior to July 1, 1998, who made an irrevocable election to participate in the retirement plan established by Chapter 1 (§ 51.1-124.1 et seq.) of Title 51.1 or any plan previously established by the Authority in accordance with guidelines established by the Authority, each eligible employee of the Authority shall participate in a plan established by the Authority pursuant to subsection A.C\n\nNo employee of the Authority who is an active member of a plan established pursuant to subsection A shall also be an active member of the retirement system established pursuant to Chapter 1 (§ 51.1-124.1 et seq.) of Title 51.1 or a beneficiary of such retirement system other than as a contingent annuitant.D\n\nNotwithstanding any other provision of law to the contrary, the contribution by the Authority to any other retirement plan established pursuant to subsection A on behalf of employees of the Authority hired before July 1, 1998, shall be equal to the lesser of (i) the contribution the Commonwealth would be required to make if the employee were a member of the retirement system established by Chapter 1 (§ 51.1-124.1 et seq.) of Title 51.1 or (ii) eight percent of creditable compensation. The contribution by the Authority to any retirement plan established pursuant to subsection A on behalf of employees of the Authority hired on or after July 1, 1998, shall be determined by the board.E\n\nIf the University has adopted a retirement plan under § 51.1-126 for its employees who are engaged in the performance of teaching, administrative, or research duties, the plan established by the Authority pursuant to subsection A shall offer similar investment opportunities as are available to the participants of the plan established pursuant to § 51.1-126.F\n\nThe Authority shall develop policies and procedures for the administration of any retirement plan established by the Authority pursuant to subsection A. A copy of such policies and procedures shall be filed with the Board of Trustees of the Virginia Retirement System.","order_by":null,"text":{"0":{"id":201128,"text":"The Authority may establish and determine the effective date of one or more retirement plans covering in whole or in part its employees, including employees who, prior to the effective date of any plan established pursuant to this section, participated in any plan established pursuant to § 51.1-126 or 51.1-126.1 or former § 51.1-126.2. The Authority may make contributions for the benefit of its employees who elect to participate in such plan or arrangement rather than in any other retirement system established by Chapter 1 (§ 51.1-124.1 et seq.) of Title 51.1.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":201129,"text":"Except in the case of an employee of the Authority hired prior to July 1, 1998, who made an irrevocable election to participate in the retirement plan established by Chapter 1 (§ 51.1-124.1 et seq.) of Title 51.1 or any plan previously established by the Authority in accordance with guidelines established by the Authority, each eligible employee of the Authority shall participate in a plan established by the Authority pursuant to subsection A.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":201130,"text":"No employee of the Authority who is an active member of a plan established pursuant to subsection A shall also be an active member of the retirement system established pursuant to Chapter 1 (§ 51.1-124.1 et seq.) of Title 51.1 or a beneficiary of such retirement system other than as a contingent annuitant.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":201131,"text":"Notwithstanding any other provision of law to the contrary, the contribution by the Authority to any other retirement plan established pursuant to subsection A on behalf of employees of the Authority hired before July 1, 1998, shall be equal to the lesser of (i) the contribution the Commonwealth would be required to make if the employee were a member of the retirement system established by Chapter 1 (§ 51.1-124.1 et seq.) of Title 51.1 or (ii) eight percent of creditable compensation. The contribution by the Authority to any retirement plan established pursuant to subsection A on behalf of employees of the Authority hired on or after July 1, 1998, shall be determined by the board.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":201132,"text":"If the University has adopted a retirement plan under § 51.1-126 for its employees who are engaged in the performance of teaching, administrative, or research duties, the plan established by the Authority pursuant to subsection A shall offer similar investment opportunities as are available to the participants of the plan established pursuant to § 51.1-126.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":201133,"text":"The Authority shall develop policies and procedures for the administration of any retirement plan established by the Authority pursuant to subsection A. A copy of such policies and procedures shall be filed with the Board of Trustees of the Virginia Retirement System.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E"}},"ancestry":[{"id":13799,"edition_id":1,"name":"Virginia Commonwealth University Health System Authority","identifier":"24","label":"chapter","depth":3,"order_by":1,"parent_id":13798,"metadata":{},"date_created":"2026-06-26 03:45:54","date_modified":"2026-06-26 03:45:54","permalink":{"id":186325,"object_type":"structure","relational_id":13799,"identifier":"24","token":"23.1\/IV\/24","url":"\/23.1\/IV\/24\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13798,"edition_id":1,"name":"Public Institutions of Higher Education","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":13111,"metadata":{},"date_created":"2026-06-26 03:45:54","date_modified":"2026-06-26 03:45:54","permalink":{"id":185925,"object_type":"structure","relational_id":13798,"identifier":"IV","token":"23.1\/IV","url":"\/23.1\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13111,"edition_id":1,"name":"Institutions of Higher Education; Other Educational and Cultural Institutions","identifier":"23.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":184581,"object_type":"structure","relational_id":13111,"identifier":"23.1","token":"23.1","url":"\/23.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":65528,"structure_id":13799,"section_number":"23.1-2400","catch_line":"Definitions","url":"\/23.1-2400\/","token":"23.1\/IV\/24\/23.1-2400","metadata":false},{"id":87275,"structure_id":13799,"section_number":"23.1-2401","catch_line":"Authority established; powers, purposes, and duties","url":"\/23.1-2401\/","token":"23.1\/IV\/24\/23.1-2401","metadata":false},{"id":83861,"structure_id":13799,"section_number":"23.1-2402","catch_line":"Board of directors; membership; meetings; officers; employees","url":"\/23.1-2402\/","token":"23.1\/IV\/24\/23.1-2402","metadata":false},{"id":65699,"structure_id":13799,"section_number":"23.1-2403","catch_line":"Chief executive officer of the Authority","url":"\/23.1-2403\/","token":"23.1\/IV\/24\/23.1-2403","metadata":false},{"id":84554,"structure_id":13799,"section_number":"23.1-2404","catch_line":"Powers of the Authority","url":"\/23.1-2404\/","token":"23.1\/IV\/24\/23.1-2404","metadata":false},{"id":79075,"structure_id":13799,"section_number":"23.1-2405","catch_line":"Additional powers of the Authority; operation of projects","url":"\/23.1-2405\/","token":"23.1\/IV\/24\/23.1-2405","metadata":false},{"id":76209,"structure_id":13799,"section_number":"23.1-2406","catch_line":"Additional powers of the Authority; police","url":"\/23.1-2406\/","token":"23.1\/IV\/24\/23.1-2406","metadata":false},{"id":70929,"structure_id":13799,"section_number":"23.1-2407","catch_line":"Public purpose","url":"\/23.1-2407\/","token":"23.1\/IV\/24\/23.1-2407","metadata":false},{"id":69160,"structure_id":13799,"section_number":"23.1-2408","catch_line":"Moneys of the Authority","url":"\/23.1-2408\/","token":"23.1\/IV\/24\/23.1-2408","metadata":false},{"id":72231,"structure_id":13799,"section_number":"23.1-2409","catch_line":"Grants and loans from localities","url":"\/23.1-2409\/","token":"23.1\/IV\/24\/23.1-2409","metadata":false},{"id":84421,"structure_id":13799,"section_number":"23.1-2410","catch_line":"Audit","url":"\/23.1-2410\/","token":"23.1\/IV\/24\/23.1-2410","metadata":false},{"id":81759,"structure_id":13799,"section_number":"23.1-2411","catch_line":"Exemption from taxation","url":"\/23.1-2411\/","token":"23.1\/IV\/24\/23.1-2411","metadata":false},{"id":64806,"structure_id":13799,"section_number":"23.1-2412","catch_line":"Transfer of existing hospital facilities","url":"\/23.1-2412\/","token":"23.1\/IV\/24\/23.1-2412","metadata":false},{"id":67264,"structure_id":13799,"section_number":"23.1-2413","catch_line":"Capital projects","url":"\/23.1-2413\/","token":"23.1\/IV\/24\/23.1-2413","metadata":false},{"id":82926,"structure_id":13799,"section_number":"23.1-2414","catch_line":"Leases of property","url":"\/23.1-2414\/","token":"23.1\/IV\/24\/23.1-2414","metadata":false},{"id":79842,"structure_id":13799,"section_number":"23.1-2415","catch_line":"Employees of the Authority","url":"\/23.1-2415\/","token":"23.1\/IV\/24\/23.1-2415","metadata":false},{"id":54806,"structure_id":13799,"section_number":"23.1-2416","catch_line":"Retirement benefits for employees of the Authority","url":"\/23.1-2416\/","token":"23.1\/IV\/24\/23.1-2416","metadata":false},{"id":63807,"structure_id":13799,"section_number":"23.1-2417","catch_line":"Insurance for employees of the Authority","url":"\/23.1-2417\/","token":"23.1\/IV\/24\/23.1-2417","metadata":false},{"id":84438,"structure_id":13799,"section_number":"23.1-2418","catch_line":"Power to issue bonds","url":"\/23.1-2418\/","token":"23.1\/IV\/24\/23.1-2418","metadata":false},{"id":81901,"structure_id":13799,"section_number":"23.1-2419","catch_line":"Liability on bonds","url":"\/23.1-2419\/","token":"23.1\/IV\/24\/23.1-2419","metadata":false},{"id":79367,"structure_id":13799,"section_number":"23.1-2420","catch_line":"Form of bonds","url":"\/23.1-2420\/","token":"23.1\/IV\/24\/23.1-2420","metadata":false},{"id":55443,"structure_id":13799,"section_number":"23.1-2421","catch_line":"Trust indentures and mortgages; security for the bonds","url":"\/23.1-2421\/","token":"23.1\/IV\/24\/23.1-2421","metadata":false},{"id":62976,"structure_id":13799,"section_number":"23.1-2422","catch_line":"Remedies of obligees of Authority","url":"\/23.1-2422\/","token":"23.1\/IV\/24\/23.1-2422","metadata":false},{"id":83360,"structure_id":13799,"section_number":"23.1-2423","catch_line":"Bonds to be legal investments","url":"\/23.1-2423\/","token":"23.1\/IV\/24\/23.1-2423","metadata":false},{"id":82595,"structure_id":13799,"section_number":"23.1-2424","catch_line":"Existing bonds","url":"\/23.1-2424\/","token":"23.1\/IV\/24\/23.1-2424","metadata":false},{"id":76552,"structure_id":13799,"section_number":"23.1-2425","catch_line":"Confidential and public information","url":"\/23.1-2425\/","token":"23.1\/IV\/24\/23.1-2425","metadata":false},{"id":61120,"structure_id":13799,"section_number":"23.1-2426","catch_line":"Chapter liberally construed","url":"\/23.1-2426\/","token":"23.1\/IV\/24\/23.1-2426","metadata":false},{"id":73772,"structure_id":13799,"section_number":"23.1-2427","catch_line":"Exemptions","url":"\/23.1-2427\/","token":"23.1\/IV\/24\/23.1-2427","metadata":false},{"id":58579,"structure_id":13799,"section_number":"23.1-2428","catch_line":"Assets of Authority; reversion to University","url":"\/23.1-2428\/","token":"23.1\/IV\/24\/23.1-2428","metadata":false}],"previous_section":{"id":79842,"structure_id":13799,"section_number":"23.1-2415","catch_line":"Employees of the Authority","url":"\/23.1-2415\/","token":"23.1\/IV\/24\/23.1-2415","metadata":false},"next_section":{"id":63807,"structure_id":13799,"section_number":"23.1-2417","catch_line":"Insurance for employees of the Authority","url":"\/23.1-2417\/","token":"23.1\/IV\/24\/23.1-2417","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-2416\/","history_text":"

This law was first created in 1998. The record of its establishment is cataloged in chapter 449<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2016, chapter 588<\/a>.<\/p>","references":[{"id":79842,"section_number":"23.1-2415","catch_line":"Employees of the Authority","order_by":null,"url":"\/23.1-2415\/"},{"id":75331,"section_number":"51.1-1400","catch_line":"Health insurance credits for retired state employees","order_by":null,"url":"\/51.1-1400\/"}],"refers_to":[{"id":68506,"section_number":"51.1-124.1","catch_line":"Virginia Retirement System established","order_by":null,"url":"\/51.1-124.1\/"},{"id":74626,"section_number":"51.1-126","catch_line":"Employees of institutions of higher education","order_by":null,"url":"\/51.1-126\/"},{"id":70940,"section_number":"51.1-126.1","catch_line":"Certain employees of teaching hospitals","order_by":null,"url":"\/51.1-126.1\/"},{"id":65797,"section_number":"51.1-126.2","catch_line":"Repealed","order_by":null,"url":"\/51.1-126.2\/"}],"permalink":{"id":186391,"object_type":"law","relational_id":54806,"identifier":"23.1-2416","token":"23.1\/IV\/24\/23.1-2416","url":"\/23.1-2416\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-2416\/","token":"23.1\/IV\/24\/23.1-2416","dublin_core":{"Title":"Retirement benefits for employees of the Authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-2416","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Authority<\/span> may establish and determine the effective date of one or more retirement plans covering in whole or in part its employees, including employees who, prior to the effective date of any plan established pursuant to this section, participated in any plan established pursuant to § 51.1-126<\/a> or 51.1-126.1<\/a> or former § 51.1-126.2<\/a>. The Authority<\/span> may make contributions for the benefit of its employees who elect to participate in such plan or arrangement rather than in any other retirement system<\/span> established by Chapter 1 (§ 51.1-124.1<\/a> et seq.) of Title 51.1. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Except in the case of an employee of the Authority<\/span> hired prior to July 1, 1998, who made an irrevocable election to participate in the retirement plan established by Chapter 1 (§ 51.1-124.1<\/a> et seq.) of Title 51.1 or any plan previously established by the Authority<\/span> in accordance with guidelines established by the Authority<\/span>, each eligible employee of the Authority<\/span> shall participate in a plan established by the Authority<\/span> pursuant to subsection A. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> No employee of the Authority<\/span> who is an active member of a plan established pursuant to subsection A shall also be an active member of the retirement system<\/span> established pursuant to Chapter 1 (§ 51.1-124.1<\/a> et seq.) of Title 51.1 or a beneficiary of such retirement system<\/span> other than as a contingent annuitant. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Notwithstanding any other provision of law<\/span> to the contrary, the contribution by the Authority<\/span> to any other retirement plan established pursuant to subsection A on behalf of employees of the Authority<\/span> hired before July 1, 1998, shall be equal to the lesser of (i) the contribution the Commonwealth would be required to make if the employee were a member of the retirement system<\/span> established by Chapter 1 (§ 51.1-124.1<\/a> et seq.) of Title 51.1 or (ii) eight percent of creditable compensation. The contribution by the Authority<\/span> to any retirement plan established pursuant to subsection A on behalf of employees of the Authority<\/span> hired on or after July 1, 1998, shall be determined by the board<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> If the University<\/span> has adopted a retirement plan under § 51.1-126<\/a> for its employees who are engaged in the performance of teaching, administrative, or research duties, the plan established by the Authority<\/span> pursuant to subsection A shall offer similar investment opportunities as are available to the participants of the plan established pursuant to § 51.1-126<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> The Authority<\/span> shall develop policies and procedures for the administration of any retirement plan established by the Authority<\/span> pursuant to subsection A. A copy of such policies and procedures shall be filed with the Board<\/span> of Trustees of the Virginia Retirement System<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRETIREMENT BENEFITS FOR EMPLOYEES OF THE AUTHORITY (\u00a7 23.1-2416)\n\nA. The Authority may establish and determine the effective date of one or more\nretirement plans covering in whole or in part its employees, including employees\nwho, prior to the effective date of any plan established pursuant to this\nsection, participated in any plan established pursuant to § 51.1-126 or\n51.1-126.1 or former § 51.1-126.2. The Authority may make contributions for\nthe benefit of its employees who elect to participate in such plan or\narrangement rather than in any other retirement system established by Chapter 1\n(§ 51.1-124.1 et seq.) of Title 51.1.\n\nB. Except in the case of an employee of the Authority hired prior to July 1,\n1998, who made an irrevocable election to participate in the retirement plan\nestablished by Chapter 1 (§ 51.1-124.1 et seq.) of Title 51.1 or any plan\npreviously established by the Authority in accordance with guidelines\nestablished by the Authority, each eligible employee of the Authority shall\nparticipate in a plan established by the Authority pursuant to subsection A.\n\nC. No employee of the Authority who is an active member of a plan established\npursuant to subsection A shall also be an active member of the retirement system\nestablished pursuant to Chapter 1 (§ 51.1-124.1 et seq.) of Title 51.1 or a\nbeneficiary of such retirement system other than as a contingent annuitant.\n\nD. Notwithstanding any other provision of law to the contrary, the contribution\nby the Authority to any other retirement plan established pursuant to subsection\nA on behalf of employees of the Authority hired before July 1, 1998, shall be\nequal to the lesser of (i) the contribution the Commonwealth would be required\nto make if the employee were a member of the retirement system established by\nChapter 1 (§ 51.1-124.1 et seq.) of Title 51.1 or (ii) eight percent of\ncreditable compensation. The contribution by the Authority to any retirement\nplan established pursuant to subsection A on behalf of employees of the\nAuthority hired on or after July 1, 1998, shall be determined by the board.\n\nE. If the University has adopted a retirement plan under § 51.1-126 for its\nemployees who are engaged in the performance of teaching, administrative, or\nresearch duties, the plan established by the Authority pursuant to subsection A\nshall offer similar investment opportunities as are available to the\nparticipants of the plan established pursuant to § 51.1-126.\n\nF. The Authority shall develop policies and procedures for the administration of\nany retirement plan established by the Authority pursuant to subsection A. A\ncopy of such policies and procedures shall be filed with the Board of Trustees\nof the Virginia Retirement System.\n\nHISTORY: 1998, c. 449, \u00a7 23-50.16:24.1; 2016, c. 588.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}