{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/51.1-124.22.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/51.1-124.22.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/51.1-124.22.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/51.1-124.22.html"}],"law_id":78683,"edition_id":1,"section_id":78683,"structure_id":14912,"section_number":"51.1-124.22","catch_line":"Board to administer Retirement System; powers and duties","history":"1952, c. 157, \u00a7\u00a7 51-111.17, 51-111.18, 51-111.21 to 51-111.22:1, 51-111.23, 51-111.68; 1956, c. 363; 1958, c. 419; 1960, c. 400; 1970, c. 476; 1971, Ex. Sess., c. 88; 1973, c. 523; 1974, c. 353; 1975, c. 610; 1977, c. 620; 1980, cc. 681, 728; 1982, c. 478; 1989, c. 41; 1990, c. 832, \u00a7 51.1-110; 1994, cc. 4, 85; 1995, c. 307; 1997, c. 711; 1998, c. 176; 2003, cc. 11, 626; 2004, c. 80; 2008, c. 245; 2012, cc. 803, 835; 2014, c. 356.","full_text":"A\n\nThe Retirement System shall be administered by the Board of Trustees, whose powers and duties include but are not limited to:1\n\nAppointing a director, who shall not be a member of the Board, to serve as the chief administrative officer of the Retirement System at the pleasure of the Board.2\n\nMaintaining records of all of its proceedings and making such records available for inspection by the public.3\n\nEmploying an actuary as its technical advisor and employing other persons and incurring expenditures as it deems necessary for the efficient administration of the Retirement System.4\n\nCausing an actuarial investigation to be made of all the experience under the Retirement System at least once in each four-year period. The Board shall also cause actuarial gain\/loss analyses to be made in conjunction with each actuarial valuation of the System. Pursuant to such investigations and analyses, the Board shall periodically revise the actuarial assumptions used in the computation of employer contribution rates.5\n\nCausing a biennial actuarial valuation to be made of the assets and liabilities of the Retirement System with respect to each employer. Pursuant to the results of such valuations, the Board shall prepare a statement as to the employer contribution rates applicable to each employer.6\n\nPublishing the results of each actuarial valuation of the assets and liabilities.7\n\nPublishing annual financial statements of the Retirement System or annual reports in accordance with §§ 51.1-1000 through 51.1-1003.8\n\nPromulgating regulations and procedures and making determinations necessary to carry out the provisions of this title.9\n\nPurchasing insurance to insure against losses suffered by the Retirement System if any member of the Board or of any advisory committee breaches the standard of care in § 51.1-124.30.10\n\nAdopting rules and policies that bring the Retirement System into compliance with any applicable law or regulation of this Commonwealth or the United States.11\n\nEstablishing and administering, for the officers and employees of the Retirement System, (i) a compensation plan which is consistent with the provisions set forth in the general appropriations act for this purpose and (ii) a grievance procedure which is consistent with the provisions of § 2.2-1202.1 and any regulations promulgated pursuant thereto.12\n\nInvesting in real estate to be held as a nonrevenue producing asset and used by the Retirement System for administrative offices.13\n\nCharging and collecting administrative fees to pay actual costs incurred by the Retirement System in administering and overseeing any retirement plan or service award fund other than the Virginia Retirement System (§ 51.1-124.1 et seq.), the State Police Officers’ Retirement System (§ 51.1-200 et seq.), the Virginia Law Officers’ Retirement System (§ 51.1-211 et seq.), or the Judicial Retirement System (§ 51.1-300 et seq.), for which it is responsible from the Commonwealth or participating political subdivisions whose employees benefit under such retirement plans. Any fee charged under the authority granted herein shall be for costs incurred directly related to the administration and oversight of the retirement plan or service award fund, as determined by the Board. Such fee shall be charged to the employer whose employees benefit under the retirement plan and to the service award fund in the case of costs incurred in administering and overseeing service award funds. Overpayments from benefits received under the Virginia Retirement System, the State Police Officers’ Retirement System, the Virginia Law Officers’ Retirement System, the Judicial Retirement System, the Virginia Sickness and Disability Program under Chapter 11 (§ 51.1-1100 et seq.), the Disability Program for Hybrid Retirement Program Participants under Chapter 11.1 (§ 51.1-1150 et seq.), or Health Insurance Credits for Certain Retirees under Chapter 14 (§ 51.1-1400 et seq.) may be deducted from life insurance benefits payable under Chapter 5 (§ 51.1-500 et seq.).14\n\nThe Board is authorized to charge and collect from participating employers any penalties, interest, compliance fees, or other charges charged to the Retirement System by the Internal Revenue Service or other regulatory body.B\n\nThe Board shall be vested with the powers and duties of the Board of Trustees of the abolished system to the extent necessary for the payment of vested rights and the return of accumulated contributions.C\n\nThe Commonwealth, the Board, employees of the Retirement System, the Investment Advisory Committee of the Retirement System, and any other advisory committee established by the Board shall not incur any liability for any losses suffered by the deferred compensation, the cash match, or the defined contribution retirement plans established or administered under the authority of this title, except as provided in § 51.1-124.30.","order_by":null,"text":{"0":{"id":281925,"text":"The Retirement System shall be administered by the Board of Trustees, whose powers and duties include but are not limited to:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":281926,"text":"Appointing a director, who shall not be a member of the Board, to serve as the chief administrative officer of the Retirement System at the pleasure of the Board.","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":281927,"text":"Maintaining records of all of its proceedings and making such records available for inspection by the public.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":281928,"text":"Employing an actuary as its technical advisor and employing other persons and incurring expenditures as it deems necessary for the efficient administration of the Retirement System.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":281929,"text":"Causing an actuarial investigation to be made of all the experience under the Retirement System at least once in each four-year period. The Board shall also cause actuarial gain\/loss analyses to be made in conjunction with each actuarial valuation of the System. Pursuant to such investigations and analyses, the Board shall periodically revise the actuarial assumptions used in the computation of employer contribution rates.","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":281930,"text":"Causing a biennial actuarial valuation to be made of the assets and liabilities of the Retirement System with respect to each employer. Pursuant to the results of such valuations, the Board shall prepare a statement as to the employer contribution rates applicable to each employer.","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":281931,"text":"Publishing the results of each actuarial valuation of the assets and liabilities.","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"A7"},"7":{"id":281932,"text":"Publishing annual financial statements of the Retirement System or annual reports in accordance with §§ 51.1-1000 through 51.1-1003.","type":"section","prefixes":["A","7"],"prefix":"7","entire_prefix":"A7","prefix_anchor":"A7","level":2,"prior_prefix":"A6","next_prefix":"A8"},"8":{"id":281933,"text":"Promulgating regulations and procedures and making determinations necessary to carry out the provisions of this title.","type":"section","prefixes":["A","8"],"prefix":"8","entire_prefix":"A8","prefix_anchor":"A8","level":2,"prior_prefix":"A7","next_prefix":"A9"},"9":{"id":281934,"text":"Purchasing insurance to insure against losses suffered by the Retirement System if any member of the Board or of any advisory committee breaches the standard of care in § 51.1-124.30.","type":"section","prefixes":["A","9"],"prefix":"9","entire_prefix":"A9","prefix_anchor":"A9","level":2,"prior_prefix":"A8","next_prefix":"A10"},"10":{"id":281935,"text":"Adopting rules and policies that bring the Retirement System into compliance with any applicable law or regulation of this Commonwealth or the United States.","type":"section","prefixes":["A","10"],"prefix":"10","entire_prefix":"A10","prefix_anchor":"A10","level":2,"prior_prefix":"A9","next_prefix":"A11"},"11":{"id":281936,"text":"Establishing and administering, for the officers and employees of the Retirement System, (i) a compensation plan which is consistent with the provisions set forth in the general appropriations act for this purpose and (ii) a grievance procedure which is consistent with the provisions of § 2.2-1202.1 and any regulations promulgated pursuant thereto.","type":"section","prefixes":["A","11"],"prefix":"11","entire_prefix":"A11","prefix_anchor":"A11","level":2,"prior_prefix":"A10","next_prefix":"A12"},"12":{"id":281937,"text":"Investing in real estate to be held as a nonrevenue producing asset and used by the Retirement System for administrative offices.","type":"section","prefixes":["A","12"],"prefix":"12","entire_prefix":"A12","prefix_anchor":"A12","level":2,"prior_prefix":"A11","next_prefix":"A13"},"13":{"id":281938,"text":"Charging and collecting administrative fees to pay actual costs incurred by the Retirement System in administering and overseeing any retirement plan or service award fund other than the Virginia Retirement System (§ 51.1-124.1 et seq.), the State Police Officers’ Retirement System (§ 51.1-200 et seq.), the Virginia Law Officers’ Retirement System (§ 51.1-211 et seq.), or the Judicial Retirement System (§ 51.1-300 et seq.), for which it is responsible from the Commonwealth or participating political subdivisions whose employees benefit under such retirement plans. Any fee charged under the authority granted herein shall be for costs incurred directly related to the administration and oversight of the retirement plan or service award fund, as determined by the Board. Such fee shall be charged to the employer whose employees benefit under the retirement plan and to the service award fund in the case of costs incurred in administering and overseeing service award funds. Overpayments from benefits received under the Virginia Retirement System, the State Police Officers’ Retirement System, the Virginia Law Officers’ Retirement System, the Judicial Retirement System, the Virginia Sickness and Disability Program under Chapter 11 (§ 51.1-1100 et seq.), the Disability Program for Hybrid Retirement Program Participants under Chapter 11.1 (§ 51.1-1150 et seq.), or Health Insurance Credits for Certain Retirees under Chapter 14 (§ 51.1-1400 et seq.) may be deducted from life insurance benefits payable under Chapter 5 (§ 51.1-500 et seq.).","type":"section","prefixes":["A","13"],"prefix":"13","entire_prefix":"A13","prefix_anchor":"A13","level":2,"prior_prefix":"A12","next_prefix":"A14"},"14":{"id":281939,"text":"The Board is authorized to charge and collect from participating employers any penalties, interest, compliance fees, or other charges charged to the Retirement System by the Internal Revenue Service or other regulatory body.","type":"section","prefixes":["A","14"],"prefix":"14","entire_prefix":"A14","prefix_anchor":"A14","level":2,"prior_prefix":"A13","next_prefix":"B"},"15":{"id":281940,"text":"The Board shall be vested with the powers and duties of the Board of Trustees of the abolished system to the extent necessary for the payment of vested rights and the return of accumulated contributions.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A14","next_prefix":"C"},"16":{"id":281941,"text":"The Commonwealth, the Board, employees of the Retirement System, the Investment Advisory Committee of the Retirement System, and any other advisory committee established by the Board shall not incur any liability for any losses suffered by the deferred compensation, the cash match, or the defined contribution retirement plans established or administered under the authority of this title, except as provided in § 51.1-124.30.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14912,"edition_id":1,"name":"Board of Trustees, Medical Board, and Advisory Committees","identifier":"2.1","label":"article","depth":3,"order_by":1,"parent_id":13056,"metadata":{},"date_created":"2026-06-26 03:50:45","date_modified":"2026-06-26 03:50:45","permalink":{"id":235097,"object_type":"structure","relational_id":14912,"identifier":"2.1","token":"51.1\/1\/2.1","url":"\/51.1\/1\/2.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13056,"edition_id":1,"name":"Virginia Retirement System","identifier":"1","label":"chapter","depth":2,"order_by":1,"parent_id":12947,"metadata":{},"date_created":"2026-06-26 03:44:11","date_modified":"2026-06-26 03:44:11","permalink":{"id":235031,"object_type":"structure","relational_id":13056,"identifier":"1","token":"51.1\/1","url":"\/51.1\/1\/","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":79996,"structure_id":14912,"section_number":"51.1-124.20","catch_line":"Board of Trustees; membership; terms; quorum; compensation and expenses","url":"\/51.1-124.20\/","token":"51.1\/1\/2.1\/51.1-124.20","metadata":false},{"id":56921,"structure_id":14912,"section_number":"51.1-124.21","catch_line":"Application of State and Local Government Conflict of Interests Act","url":"\/51.1-124.21\/","token":"51.1\/1\/2.1\/51.1-124.21","metadata":false},{"id":78683,"structure_id":14912,"section_number":"51.1-124.22","catch_line":"Board to administer Retirement System; powers and duties","url":"\/51.1-124.22\/","token":"51.1\/1\/2.1\/51.1-124.22","metadata":false},{"id":80443,"structure_id":14912,"section_number":"51.1-124.23","catch_line":"Medical boards","url":"\/51.1-124.23\/","token":"51.1\/1\/2.1\/51.1-124.23","metadata":false},{"id":62230,"structure_id":14912,"section_number":"51.1-124.24","catch_line":"Chief investment officer; qualifications; duties","url":"\/51.1-124.24\/","token":"51.1\/1\/2.1\/51.1-124.24","metadata":false},{"id":87411,"structure_id":14912,"section_number":"51.1-124.25","catch_line":"Existing advisory committees of the Virginia Retirement System abolished","url":"\/51.1-124.25\/","token":"51.1\/1\/2.1\/51.1-124.25","metadata":false},{"id":58716,"structure_id":14912,"section_number":"51.1-124.26","catch_line":"Advisory Committees to the Board of Trustees; membership; terms; qualifications; duties","url":"\/51.1-124.26\/","token":"51.1\/1\/2.1\/51.1-124.26","metadata":false},{"id":84937,"structure_id":14912,"section_number":"51.1-124.27","catch_line":"Employees of the Retirement System","url":"\/51.1-124.27\/","token":"51.1\/1\/2.1\/51.1-124.27","metadata":false},{"id":82232,"structure_id":14912,"section_number":"51.1-124.28","catch_line":"Legal representation in criminal matters","url":"\/51.1-124.28\/","token":"51.1\/1\/2.1\/51.1-124.28","metadata":false},{"id":64526,"structure_id":14912,"section_number":"51.1-124.29","catch_line":"Reserved","url":"\/51.1-124.29\/","token":"51.1\/1\/2.1\/51.1-124.29","metadata":false}],"previous_section":{"id":56921,"structure_id":14912,"section_number":"51.1-124.21","catch_line":"Application of State and Local Government Conflict of Interests Act","url":"\/51.1-124.21\/","token":"51.1\/1\/2.1\/51.1-124.21","metadata":false},"next_section":{"id":80443,"structure_id":14912,"section_number":"51.1-124.23","catch_line":"Medical boards","url":"\/51.1-124.23\/","token":"51.1\/1\/2.1\/51.1-124.23","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/51.1-124.22\/","history_text":"

This law was first created in 1952. The record of its establishment is cataloged in chapter 157 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 1952 \u201cActs\u201d aren\u2019t available online. It has been modified 21 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 1956, chapter 363; in 1958, chapter 419; in 1960, chapter 400; in 1970, chapter 476; in 1973, chapter 523; in 1974, chapter 353; in 1975, chapter 610; in 1977, chapter 620; in 1980, chapters 681 and 728; in 1982, chapter 478; in 1989, chapter 41; in 1990, chapter 832; in 1994, chapters 4<\/a> and 85<\/a>; in 1995, chapter 307<\/a>; in 1997, chapter 711<\/a>; in 1998, chapter 176<\/a>; in 2003, chapters 11<\/a> and 626<\/a>; in 2004, chapter 80<\/a>; in 2008, chapter 245<\/a>; in 2012, chapters 803<\/a> and 835<\/a>; in 2014, chapter 356<\/a>.<\/p>","references":[{"id":54108,"section_number":"2.2-3202","catch_line":"Eligibility for transitional severance benefit","order_by":null,"url":"\/2.2-3202\/"},{"id":74626,"section_number":"51.1-126","catch_line":"Employees of institutions of higher education","order_by":null,"url":"\/51.1-126\/"},{"id":62951,"section_number":"51.1-145","catch_line":"Employer contributions","order_by":null,"url":"\/51.1-145\/"},{"id":72358,"section_number":"51.1-155","catch_line":"Service retirement allowance","order_by":null,"url":"\/51.1-155\/"},{"id":83100,"section_number":"51.1-169","catch_line":"Hybrid retirement program","order_by":null,"url":"\/51.1-169\/"}],"refers_to":[{"id":80462,"section_number":"2.2-1202.1","catch_line":"Additional powers and duties of Director; employment dispute resolution","order_by":null,"url":"\/2.2-1202.1\/"},{"id":55468,"section_number":"51.1-1000","catch_line":"All state and local plans included","order_by":null,"url":"\/51.1-1000\/"},{"id":82207,"section_number":"51.1-1100","catch_line":"Definitions","order_by":null,"url":"\/51.1-1100\/"},{"id":55138,"section_number":"51.1-1150","catch_line":"Definitions","order_by":null,"url":"\/51.1-1150\/"},{"id":68506,"section_number":"51.1-124.1","catch_line":"Virginia Retirement System established","order_by":null,"url":"\/51.1-124.1\/"},{"id":84073,"section_number":"51.1-124.30","catch_line":"Board as trustee of funds; investments; standard of care; liability for losses","order_by":null,"url":"\/51.1-124.30\/"},{"id":75331,"section_number":"51.1-1400","catch_line":"Health insurance credits for retired state employees","order_by":null,"url":"\/51.1-1400\/"},{"id":54259,"section_number":"51.1-200","catch_line":"State Police Officers' Retirement System continued; administration; application of provisions of Virginia Retirement System","order_by":null,"url":"\/51.1-200\/"},{"id":74746,"section_number":"51.1-211","catch_line":"Virginia Law Officers' Retirement System; application of provisions of Virginia Retirement System","order_by":null,"url":"\/51.1-211\/"},{"id":73479,"section_number":"51.1-300","catch_line":"Judicial Retirement System continued; administration; application of provisions of Virginia Retirement System","order_by":null,"url":"\/51.1-300\/"},{"id":86887,"section_number":"51.1-500","catch_line":"Definitions","order_by":null,"url":"\/51.1-500\/"}],"permalink":{"id":235107,"object_type":"law","relational_id":78683,"identifier":"51.1-124.22","token":"51.1\/1\/2.1\/51.1-124.22","url":"\/51.1-124.22\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/51.1-124.22\/","token":"51.1\/1\/2.1\/51.1-124.22","dublin_core":{"Title":"Board to administer Retirement System; powers and duties","Type":"Text","Format":"text\/html","Identifier":"\u00a7 51.1-124.22","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Retirement System<\/span> shall be administered by the Board<\/span> of Trustees, whose powers and duties include but are not limited to: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Appointing a director, who shall not be a member<\/span> of the Board<\/span>, to serve as the chief administrative officer of the Retirement System<\/span> at the pleasure of the Board<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Maintaining records of all of its proceedings and making such records available for inspection by the public. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Employing an actuary as its technical advisor and employing other persons and incurring expenditures as it deems necessary for the efficient administration of the Retirement System<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Causing an actuarial investigation to be made of all the experience under the Retirement System<\/span> at least once in each four-year period. The Board<\/span> shall also cause actuarial gain\/loss analyses to be made in conjunction with each actuarial valuation of the System. Pursuant to such investigations and analyses, the Board<\/span> shall periodically revise the actuarial assumptions used in the computation of employer<\/span> contribution rates. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Causing a biennial actuarial valuation to be made of the assets<\/span> and liabilities of the Retirement System<\/span> with respect to each employer<\/span>. Pursuant to the results of such valuations, the Board<\/span> shall prepare a statement as to the employer<\/span> contribution rates applicable to each employer<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Publishing the results of each actuarial valuation of the assets<\/span> and liabilities. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Publishing annual financial statements of the Retirement System<\/span> or annual reports in accordance with §§ 51.1-1000<\/a> through 51.1-1003<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Promulgating regulations and procedures and making determinations necessary to carry out the provisions of this title. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Purchasing insurance to insure against losses suffered by the Retirement System<\/span> if any member<\/span> of the Board<\/span> or of any advisory committee breaches the standard of care in § 51.1-124.30<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Adopting rules and policies that bring the Retirement System<\/span> into compliance with any applicable law<\/span> or regulation of this Commonwealth or the United States. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> Establishing and administering, for the officers and employees<\/span> of the Retirement System<\/span>, (i) a compensation plan which is consistent with the provisions set forth in the general appropriations act for this purpose and (ii) a grievance procedure which is consistent with the provisions of § 2.2-1202.1<\/a> and any regulations promulgated pursuant thereto. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> Investing in real estate to be held as a nonrevenue producing asset and used by the Retirement System<\/span> for administrative offices. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> Charging and collecting administrative fees to pay actual costs incurred by the Retirement System<\/span> in administering and overseeing any retirement plan or service<\/span> award fund other than the Virginia Retirement System<\/span> (§ 51.1-124.1<\/a> et seq.), the State Police Officers’ Retirement System<\/span> (§ 51.1-200<\/a> et seq.), the Virginia Law<\/span> Officers’ Retirement System<\/span> (§ 51.1-211<\/a> et seq.), or the Judicial Retirement System<\/span> (§ 51.1-300<\/a> et seq.), for which it is responsible from the Commonwealth or participating political subdivisions<\/span> whose employees<\/span> benefit under such retirement plans. Any fee charged under the authority granted herein shall be for costs incurred directly related to the administration and oversight of the retirement plan or service<\/span> award fund, as determined by the Board<\/span>. Such fee shall be charged to the employer<\/span> whose employees<\/span> benefit under the retirement plan and to the service<\/span> award fund in the case of costs incurred in administering and overseeing service<\/span> award funds. Overpayments from benefits received under the Virginia Retirement System<\/span>, the State Police Officers’ Retirement System<\/span>, the Virginia Law<\/span> Officers’ Retirement System<\/span>, the Judicial Retirement System<\/span>, the Virginia Sickness and Disability Program under Chapter 11 (§ 51.1-1100<\/a> et seq.), the Disability Program for Hybrid Retirement Program Participants under Chapter 11.1 (§ 51.1-1150<\/a> et seq.), or Health Insurance Credits for Certain Retirees under Chapter 14 (§ 51.1-1400<\/a> et seq.) may be deducted from life insurance benefits payable under Chapter 5 (§ 51.1-500<\/a> et seq.). <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

14.<\/span> The Board<\/span> is authorized to charge and collect from participating employers<\/span> any penalties, interest, compliance fees, or other charges charged to the Retirement System<\/span> by the Internal Revenue Service<\/span> or other regulatory body. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Board<\/span> shall be vested with the powers and duties of the Board<\/span> of Trustees of the abolished system<\/span> to the extent necessary for the payment of vested rights and the return of accumulated contributions<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Commonwealth, the Board<\/span>, employees<\/span> of the Retirement System<\/span>, the Investment Advisory Committee of the Retirement System<\/span>, and any other advisory committee established by the Board<\/span> shall not incur any liability for any losses suffered by the deferred compensation, the cash match, or the defined contribution retirement plans established or administered under the authority of this title, except as provided in § 51.1-124.30<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBOARD TO ADMINISTER RETIREMENT SYSTEM; POWERS AND DUTIES (\u00a7 51.1-124.22)\n\nA. The Retirement System shall be administered by the Board of Trustees, whose\npowers and duties include but are not limited to:\n\n 1. Appointing a director, who shall not be a member of the Board, to serve as\n the chief administrative officer of the Retirement System at the pleasure of\n the Board.\n\n 2. Maintaining records of all of its proceedings and making such records\n available for inspection by the public.\n\n 3. Employing an actuary as its technical advisor and employing other persons\n and incurring expenditures as it deems necessary for the efficient\n administration of the Retirement System.\n\n 4. Causing an actuarial investigation to be made of all the experience under\n the Retirement System at least once in each four-year period. The Board shall\n also cause actuarial gain\/loss analyses to be made in conjunction with each\n actuarial valuation of the System. Pursuant to such investigations and\n analyses, the Board shall periodically revise the actuarial assumptions used\n in the computation of employer contribution rates.\n\n 5. Causing a biennial actuarial valuation to be made of the assets and\n liabilities of the Retirement System with respect to each employer. Pursuant\n to the results of such valuations, the Board shall prepare a statement as to\n the employer contribution rates applicable to each employer.\n\n 6. Publishing the results of each actuarial valuation of the assets and\n liabilities.\n\n 7. Publishing annual financial statements of the Retirement System or annual\n reports in accordance with §§ 51.1-1000 through 51.1-1003.\n\n 8. Promulgating regulations and procedures and making determinations necessary\n to carry out the provisions of this title.\n\n 9. Purchasing insurance to insure against losses suffered by the Retirement\n System if any member of the Board or of any advisory committee breaches the\n standard of care in § 51.1-124.30.\n\n 10. Adopting rules and policies that bring the Retirement System into\n compliance with any applicable law or regulation of this Commonwealth or the\n United States.\n\n 11. Establishing and administering, for the officers and employees of the\n Retirement System, (i) a compensation plan which is consistent with the\n provisions set forth in the general appropriations act for this purpose and\n (ii) a grievance procedure which is consistent with the provisions of §\n 2.2-1202.1 and any regulations promulgated pursuant thereto.\n\n 12. Investing in real estate to be held as a nonrevenue producing asset and\n used by the Retirement System for administrative offices.\n\n 13. Charging and collecting administrative fees to pay actual costs incurred\n by the Retirement System in administering and overseeing any retirement plan\n or service award fund other than the Virginia Retirement System (§\n 51.1-124.1 et seq.), the State Police Officers’ Retirement System\n (§ 51.1-200 et seq.), the Virginia Law Officers’ Retirement System\n (§ 51.1-211 et seq.), or the Judicial Retirement System (§ 51.1-300\n et seq.), for which it is responsible from the Commonwealth or participating\n political subdivisions whose employees benefit under such retirement plans.\n Any fee charged under the authority granted herein shall be for costs incurred\n directly related to the administration and oversight of the retirement plan or\n service award fund, as determined by the Board. Such fee shall be charged to\n the employer whose employees benefit under the retirement plan and to the\n service award fund in the case of costs incurred in administering and\n overseeing service award funds. Overpayments from benefits received under the\n Virginia Retirement System, the State Police Officers’ Retirement\n System, the Virginia Law Officers’ Retirement System, the Judicial\n Retirement System, the Virginia Sickness and Disability Program under Chapter\n 11 (§ 51.1-1100 et seq.), the Disability Program for Hybrid Retirement\n Program Participants under Chapter 11.1 (§ 51.1-1150 et seq.), or Health\n Insurance Credits for Certain Retirees under Chapter 14 (§ 51.1-1400 et\n seq.) may be deducted from life insurance benefits payable under Chapter 5\n (§ 51.1-500 et seq.).\n\n 14. The Board is authorized to charge and collect from participating employers\n any penalties, interest, compliance fees, or other charges charged to the\n Retirement System by the Internal Revenue Service or other regulatory body.\n\nB. The Board shall be vested with the powers and duties of the Board of Trustees\nof the abolished system to the extent necessary for the payment of vested rights\nand the return of accumulated contributions.\n\nC. The Commonwealth, the Board, employees of the Retirement System, the\nInvestment Advisory Committee of the Retirement System, and any other advisory\ncommittee established by the Board shall not incur any liability for any losses\nsuffered by the deferred compensation, the cash match, or the defined\ncontribution retirement plans established or administered under the authority of\nthis title, except as provided in § 51.1-124.30.\n\nHISTORY: 1952, c. 157, \u00a7\u00a7 51-111.17, 51-111.18, 51-111.21 to 51-111.22:1,\n51-111.23, 51-111.68; 1956, c. 363; 1958, c. 419; 1960, c. 400; 1970, c. 476;\n1971, Ex. Sess., c. 88; 1973, c. 523; 1974, c. 353; 1975, c. 610; 1977, c. 620;\n1980, cc. 681, 728; 1982, c. 478; 1989, c. 41; 1990, c. 832, \u00a7 51.1-110; 1994,\ncc. 4, 85; 1995, c. 307; 1997, c. 711; 1998, c. 176; 2003, cc. 11, 626; 2004, c.\n80; 2008, c. 245; 2012, cc. 803, 835; 2014, c. 356.","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}}