{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/51.1-1000.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/51.1-1000.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/51.1-1000.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/51.1-1000.html"}],"law_id":55468,"edition_id":1,"section_id":55468,"structure_id":14237,"section_number":"51.1-1000","catch_line":"All state and local plans included","history":"1990, c. 706; 1991, c. 612; 2004, c. 209.","full_text":"All automated retirement systems administered by the Board of Trustees of the Virginia Retirement System and all automated retirement systems administered by the localities (hereinafter referred to as retirement systems) have a duty to report and disclose certain material information and data to the retirement systems’ members and beneficiaries. Such retirement systems shall cause to be furnished to each member covered under the retirement systems’ plans and to each beneficiary who is receiving benefits under the retirement systems’ plans the following:\n\n1\n\nA summary plan description (SPD) that contains all or substantially all the information an average member would deem crucial to possess a knowledgeable understanding of his benefits under the plan;2\n\nA statement of benefits that indicates, on the basis of the latest available information: (i) his total accrued benefits and (ii) his nonforfeitable accrued retirement benefits, if any, or the earliest date on which benefits will become nonforfeitable; and3\n\nA document disclosing material soft dollar transactions (arrangements not negotiated at arm’s length or dealings between the retirement systems’ fund managers and persons providing services to the systems for noncash considerations) in which the fund managers have engaged. “Material” means transactions wherein it could be asserted that a conflict of interests or an appearance of impropriety was a factor in making the determination of which outside provider of services would be contracted and which involved a transaction or course of dealings involving $10,000 or more. This disclosure document shall not be a part of the retirement system’s annual report, but shall be prepared as an annual supplement and made available to the public upon request. Local retirement systems may publish such disclosure document with their annual reports.","order_by":null,"text":{"0":{"id":203310,"text":"All automated retirement systems administered by the Board of Trustees of the Virginia Retirement System and all automated retirement systems administered by the localities (hereinafter referred to as retirement systems) have a duty to report and disclose certain material information and data to the retirement systems’ members and beneficiaries. Such retirement systems shall cause to be furnished to each member covered under the retirement systems’ plans and to each beneficiary who is receiving benefits under the retirement systems’ plans the following:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":203311,"text":"A summary plan description (SPD) that contains all or substantially all the information an average member would deem crucial to possess a knowledgeable understanding of his benefits under the plan;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":203312,"text":"A statement of benefits that indicates, on the basis of the latest available information: (i) his total accrued benefits and (ii) his nonforfeitable accrued retirement benefits, if any, or the earliest date on which benefits will become nonforfeitable; and","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":203313,"text":"A document disclosing material soft dollar transactions (arrangements not negotiated at arm’s length or dealings between the retirement systems’ fund managers and persons providing services to the systems for noncash considerations) in which the fund managers have engaged. “Material” means transactions wherein it could be asserted that a conflict of interests or an appearance of impropriety was a factor in making the determination of which outside provider of services would be contracted and which involved a transaction or course of dealings involving $10,000 or more. This disclosure document shall not be a part of the retirement system’s annual report, but shall be prepared as an annual supplement and made available to the public upon request. Local retirement systems may publish such disclosure document with their annual reports.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2"}},"ancestry":[{"id":14237,"edition_id":1,"name":"Disclosure Requirements for Public Retirement Systems","identifier":"10","label":"chapter","depth":2,"order_by":1,"parent_id":12947,"metadata":{},"date_created":"2026-06-26 03:47:25","date_modified":"2026-06-26 03:47:25","permalink":{"id":235445,"object_type":"structure","relational_id":14237,"identifier":"10","token":"51.1\/10","url":"\/51.1\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12947,"edition_id":1,"name":"Pensions, Benefits, and Retirement","identifier":"51.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:04","date_modified":"2026-06-26 03:44:04","permalink":{"id":235029,"object_type":"structure","relational_id":12947,"identifier":"51.1","token":"51.1","url":"\/51.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":55468,"structure_id":14237,"section_number":"51.1-1000","catch_line":"All state and local plans included","url":"\/51.1-1000\/","token":"51.1\/10\/51.1-1000","metadata":false},{"id":61995,"structure_id":14237,"section_number":"51.1-1001","catch_line":"Summary plan description","url":"\/51.1-1001\/","token":"51.1\/10\/51.1-1001","metadata":false},{"id":70035,"structure_id":14237,"section_number":"51.1-1002","catch_line":"Annual statement of benefits","url":"\/51.1-1002\/","token":"51.1\/10\/51.1-1002","metadata":false},{"id":58413,"structure_id":14237,"section_number":"51.1-1003","catch_line":"Financial reports by retirement systems; auditor to promulgate standards","url":"\/51.1-1003\/","token":"51.1\/10\/51.1-1003","metadata":false},{"id":83287,"structure_id":14237,"section_number":"51.1-1004","catch_line":"Use of electronic media","url":"\/51.1-1004\/","token":"51.1\/10\/51.1-1004","metadata":false}],"next_section":{"id":61995,"structure_id":14237,"section_number":"51.1-1001","catch_line":"Summary plan description","url":"\/51.1-1001\/","token":"51.1\/10\/51.1-1001","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/51.1-1000\/","history_text":"

This law was first created in 1990. The record of its establishment is cataloged in chapter 706 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. Unfortunately, the 1990 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. 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. Those modifications are as follows: in 1991, chapter 612; in 2004, chapter 209<\/a>.<\/p>","references":[{"id":70035,"section_number":"51.1-1002","catch_line":"Annual statement of benefits","order_by":null,"url":"\/51.1-1002\/"},{"id":58413,"section_number":"51.1-1003","catch_line":"Financial reports by retirement systems; auditor to promulgate standards","order_by":null,"url":"\/51.1-1003\/"},{"id":78683,"section_number":"51.1-124.22","catch_line":"Board to administer Retirement System; powers and duties","order_by":null,"url":"\/51.1-124.22\/"}],"refers_to":false,"permalink":{"id":235447,"object_type":"law","relational_id":55468,"identifier":"51.1-1000","token":"51.1\/10\/51.1-1000","url":"\/51.1-1000\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/51.1-1000\/","token":"51.1\/10\/51.1-1000","dublin_core":{"Title":"All state and local plans included","Type":"Text","Format":"text\/html","Identifier":"\u00a7 51.1-1000","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

All automated retirement systems administered by the Board of Trustees of the Virginia Retirement System and all automated retirement systems administered by the localities (hereinafter referred to as retirement systems) have a duty to report and disclose certain material<\/span> information and data to the retirement systems’ members and beneficiaries. Such retirement systems shall cause to be furnished to each member covered under the retirement systems’ plans and to each beneficiary who is receiving benefits under the retirement systems’ plans the following:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> A summary plan description (SPD) that contains all or substantially all the information an average member would deem crucial to possess a knowledgeable understanding of his benefits under the plan; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A statement of benefits that indicates, on the basis of the latest available information: (i) his total accrued benefits and (ii) his nonforfeitable accrued retirement benefits, if any, or the earliest date on which benefits will become nonforfeitable; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> A document disclosing material<\/span> soft dollar transactions (arrangements not negotiated at arm’s length or dealings between the retirement systems’ fund managers and persons providing services to the systems for noncash considerations) in which the fund managers have engaged. “Material<\/span>” means transactions wherein it could be asserted that a conflict of interests<\/span> or an appearance<\/span> of impropriety was a factor in making the determination of which outside provider of services would be contracted and which involved a transaction or course of dealings involving $10,000 or more. This disclosure document shall not be a part of the retirement system’s annual report, but shall be prepared as an annual supplement and made available to the public upon request. Local retirement systems may publish such disclosure document with their annual reports. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nALL STATE AND LOCAL PLANS INCLUDED (\u00a7 51.1-1000)\n\nAll automated retirement systems administered by the Board of Trustees of the\nVirginia Retirement System and all automated retirement systems administered by\nthe localities (hereinafter referred to as retirement systems) have a duty to\nreport and disclose certain material information and data to the retirement\nsystems’ members and beneficiaries. Such retirement systems shall cause to\nbe furnished to each member covered under the retirement systems’ plans\nand to each beneficiary who is receiving benefits under the retirement\nsystems’ plans the following:\n\n1. A summary plan description (SPD) that contains all or substantially all the\ninformation an average member would deem crucial to possess a knowledgeable\nunderstanding of his benefits under the plan;\n\n2. A statement of benefits that indicates, on the basis of the latest available\ninformation: (i) his total accrued benefits and (ii) his nonforfeitable accrued\nretirement benefits, if any, or the earliest date on which benefits will become\nnonforfeitable; and\n\n3. A document disclosing material soft dollar transactions (arrangements not\nnegotiated at arm’s length or dealings between the retirement\nsystems’ fund managers and persons providing services to the systems for\nnoncash considerations) in which the fund managers have engaged.\n“Material” means transactions wherein it could be asserted that a\nconflict of interests or an appearance of impropriety was a factor in making the\ndetermination of which outside provider of services would be contracted and\nwhich involved a transaction or course of dealings involving $10,000 or more.\nThis disclosure document shall not be a part of the retirement system’s\nannual report, but shall be prepared as an annual supplement and made available\nto the public upon request. Local retirement systems may publish such disclosure\ndocument with their annual reports.\n\nHISTORY: 1990, c. 706; 1991, c. 612; 2004, c. 209.","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}}