{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/51.1-124.26.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/51.1-124.26.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/51.1-124.26.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/51.1-124.26.html"}],"law_id":58716,"edition_id":1,"section_id":58716,"structure_id":14912,"section_number":"51.1-124.26","catch_line":"Advisory Committees to the Board of Trustees; membership; terms; qualifications; duties","history":"1994, cc. 4, 85; 1995, c. 788; 1997, c. 641; 1998, c. 196.","full_text":"To further assist the Board of Trustees in fulfilling its fiduciary duty as trustee of the funds of the Retirement System, the Board shall appoint an Investment Advisory Committee to provide the Board with sophisticated, objective, and prudent investment advice. The Investment Advisory Committee shall consist of seven to nine members and each member appointment shall require a two-thirds vote of the Board.\n\nA\n\nIn addition, the Board of Trustees may appoint such other advisory committees as it deems necessary. Each member appointment shall require a two-thirds vote of the Board.B\n\nEach advisory committee shall include no more than two Board members and no individual Board member shall serve on more than one advisory committee. Advisory committee members shall serve at the pleasure of the Board and may be removed by a majority vote of the Board.C\n\nExcept for any Board member who serves on an advisory committee, no elected or appointed official shall serve on an advisory committee.D\n\nExcept for any trustee appointed to the Board between February 28, 1994, and July 1, 1995, no former trustee of the Virginia Retirement System or its predecessors in interest shall, during the five-year period after the termination of his service as a Board member, serve on any advisory committee.E\n\nExcept for Board members, members of any advisory committee shall receive an initial stipend of $1,875 for each calendar quarter they may serve and a per diem of $300 for each meeting attended not to exceed one meeting per day. Commencing July 1, 1995, the stipend shall be increased annually by a percentage equal to the most recent salary structure adjustment as provided in the general appropriation act. Government employees shall receive no stipend for their service but shall be entitled to receive a per diem of $300 for each advisory committee meeting attended not to exceed one meeting per day. Each advisory committee member shall be entitled to receive reimbursement for his actual reasonable and necessary expenses incurred for attending committee meetings. Any member of any advisory committee who also serves as an officer, director, or member of the board of any corporation organized by the Virginia Retirement System shall be entitled to receive compensation and expenses pursuant to this subsection in addition to any remuneration to which he is entitled by virtue of his service as an officer, director, or member of the board of any corporation organized by the Virginia Retirement System.F\n\nAny Board member who serves on an advisory committee shall not receive the quarterly stipend for advisory committee members provided for in subsection E above, but shall receive the per diem applicable to advisory committee meetings attended in that quarter plus reasonable and necessary expenses incurred.G\n\nThe disclosure requirements of subsection B of § 2.2-3114 of the State and Local Government Conflict of Interests Act shall apply to any member of any advisory committee who is not also a Board member.H\n\nMembers of the Investment Advisory Committee shall demonstrate extensive experience in any one or more of the following areas: domestic or international equity or fixed-income securities, cash management, alternative investments, substantial real estate investments, or managed futures. By resolution of the Board, qualifications for members of any other advisory committee may be set.\n\t\t\tThe Investment Advisory Committee shall (i) review, evaluate, and monitor investments and investment opportunities, (ii) make appropriate recommendations to the Board about such investments and investment opportunities, and (iii) make recommendations to the Board about overall asset allocation. By resolution of the Board, responsibilities of any other advisory committee may be set.I\n\nThe recommendations of an advisory committee are not binding upon the Board of Trustees.","order_by":null,"text":{"0":{"id":215161,"text":"To further assist the Board of Trustees in fulfilling its fiduciary duty as trustee of the funds of the Retirement System, the Board shall appoint an Investment Advisory Committee to provide the Board with sophisticated, objective, and prudent investment advice. The Investment Advisory Committee shall consist of seven to nine members and each member appointment shall require a two-thirds vote of the Board.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"A"},"1":{"id":215162,"text":"In addition, the Board of Trustees may appoint such other advisory committees as it deems necessary. Each member appointment shall require a two-thirds vote of the Board.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"prior_prefix":"","next_prefix":"B"},"2":{"id":215163,"text":"Each advisory committee shall include no more than two Board members and no individual Board member shall serve on more than one advisory committee. Advisory committee members shall serve at the pleasure of the Board and may be removed by a majority vote of the Board.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"3":{"id":215164,"text":"Except for any Board member who serves on an advisory committee, no elected or appointed official shall serve on an advisory committee.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"4":{"id":215165,"text":"Except for any trustee appointed to the Board between February 28, 1994, and July 1, 1995, no former trustee of the Virginia Retirement System or its predecessors in interest shall, during the five-year period after the termination of his service as a Board member, serve on any advisory committee.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"5":{"id":215166,"text":"Except for Board members, members of any advisory committee shall receive an initial stipend of $1,875 for each calendar quarter they may serve and a per diem of $300 for each meeting attended not to exceed one meeting per day. Commencing July 1, 1995, the stipend shall be increased annually by a percentage equal to the most recent salary structure adjustment as provided in the general appropriation act. Government employees shall receive no stipend for their service but shall be entitled to receive a per diem of $300 for each advisory committee meeting attended not to exceed one meeting per day. Each advisory committee member shall be entitled to receive reimbursement for his actual reasonable and necessary expenses incurred for attending committee meetings. Any member of any advisory committee who also serves as an officer, director, or member of the board of any corporation organized by the Virginia Retirement System shall be entitled to receive compensation and expenses pursuant to this subsection in addition to any remuneration to which he is entitled by virtue of his service as an officer, director, or member of the board of any corporation organized by the Virginia Retirement System.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"6":{"id":215167,"text":"Any Board member who serves on an advisory committee shall not receive the quarterly stipend for advisory committee members provided for in subsection E above, but shall receive the per diem applicable to advisory committee meetings attended in that quarter plus reasonable and necessary expenses incurred.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"7":{"id":215168,"text":"The disclosure requirements of subsection B of § 2.2-3114 of the State and Local Government Conflict of Interests Act shall apply to any member of any advisory committee who is not also a Board member.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"8":{"id":215169,"text":"Members of the Investment Advisory Committee shall demonstrate extensive experience in any one or more of the following areas: domestic or international equity or fixed-income securities, cash management, alternative investments, substantial real estate investments, or managed futures. By resolution of the Board, qualifications for members of any other advisory committee may be set.\n\t\t\tThe Investment Advisory Committee shall (i) review, evaluate, and monitor investments and investment opportunities, (ii) make appropriate recommendations to the Board about such investments and investment opportunities, and (iii) make recommendations to the Board about overall asset allocation. By resolution of the Board, responsibilities of any other advisory committee may be set.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G","next_prefix":"I"},"9":{"id":215170,"text":"The recommendations of an advisory committee are not binding upon the Board of Trustees.","type":"section","prefixes":["I"],"prefix":"I","entire_prefix":"I","prefix_anchor":"I","level":1,"prior_prefix":"H"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/51.1-124.26\/","history_text":"

This law was first created in 1994. The record of its establishment is cataloged in chapters 4<\/a> and 85<\/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 3 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 1995, chapter 788<\/a>; in 1997, chapter 641<\/a>; in 1998, chapter 196<\/a>.<\/p>","references":[{"id":72789,"section_number":"2.2-3711","catch_line":"(Effective July 1, 2026) Closed meetings authorized for certain limited purposes","order_by":null,"url":"\/2.2-3711\/"}],"refers_to":[{"id":66885,"section_number":"2.2-3114","catch_line":"Disclosure by state officers and employees","order_by":null,"url":"\/2.2-3114\/"}],"permalink":{"id":235123,"object_type":"law","relational_id":58716,"identifier":"51.1-124.26","token":"51.1\/1\/2.1\/51.1-124.26","url":"\/51.1-124.26\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/51.1-124.26\/","token":"51.1\/1\/2.1\/51.1-124.26","dublin_core":{"Title":"Advisory Committees to the Board of Trustees; membership; terms; qualifications; duties","Type":"Text","Format":"text\/html","Identifier":"\u00a7 51.1-124.26","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

To further assist the Board<\/span> of Trustees in fulfilling its fiduciary duty as trustee of the funds of the Retirement System<\/span>, the Board<\/span> shall appoint an Investment Advisory Committee to provide the Board<\/span> with sophisticated, objective, and prudent investment advice. The Investment Advisory Committee shall consist of seven to nine members<\/span> and each member<\/span> appointment shall require a two-thirds vote of the Board<\/span>.<\/p><\/section>\n\t\t\t\t\t\t

A.<\/span> In addition, the Board<\/span> of Trustees may appoint such other advisory committees as it deems necessary. Each member<\/span> appointment shall require a two-thirds vote of the Board<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Each advisory committee shall include no more than two Board<\/span> members<\/span> and no individual Board<\/span> member<\/span> shall serve on more than one advisory committee. Advisory committee members<\/span> shall serve at the pleasure of the Board<\/span> and may be removed by a majority vote of the Board<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Except for any Board<\/span> member<\/span> who serves on an advisory committee, no elected or appointed official shall serve on an advisory committee. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Except for any trustee appointed to the Board<\/span> between February 28, 1994, and July 1, 1995, no former trustee of the Virginia Retirement System<\/span> or its predecessors in interest shall, during the five-year period after the termination of his service<\/span> as a Board<\/span> member<\/span>, serve on any advisory committee. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Except for Board<\/span> members<\/span>, members<\/span> of any advisory committee shall receive an initial stipend of $1,875 for each calendar quarter they may serve and a per diem of $300 for each meeting attended not to exceed one meeting per day. Commencing July 1, 1995, the stipend shall be increased annually by a percentage equal to the most recent salary structure adjustment as provided in the general appropriation act. Government employees<\/span> shall receive no stipend for their service<\/span> but shall be entitled to receive a per diem of $300 for each advisory committee meeting attended not to exceed one meeting per day. Each advisory committee member<\/span> shall be entitled to receive reimbursement for his actual reasonable and necessary expenses incurred for attending committee meetings. Any member<\/span> of any advisory committee who also serves as an officer, director, or member<\/span> of the board<\/span> of any corporation organized by the Virginia Retirement System<\/span> shall be entitled to receive compensation and expenses pursuant to this subsection in addition to any remuneration to which he is entitled by virtue of his service<\/span> as an officer, director, or member<\/span> of the board<\/span> of any corporation organized by the Virginia Retirement System<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> Any Board<\/span> member<\/span> who serves on an advisory committee shall not receive the quarterly stipend for advisory committee members<\/span> provided for in subsection E above, but shall receive the per diem applicable to advisory committee meetings attended in that quarter plus reasonable and necessary expenses incurred. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> The disclosure requirements of subsection B of § 2.2-3114<\/a> of the State and Local Government Conflict of Interests<\/span> Act shall apply to any member<\/span> of any advisory committee who is not also a Board<\/span> member<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

H.<\/span> Members<\/span> of the Investment Advisory Committee shall demonstrate extensive experience in any one or more of the following areas: domestic or international equity<\/span> or fixed-income securities, cash management, alternative investments, substantial real estate investments, or managed futures. By resolution of the Board<\/span>, qualifications for members<\/span> of any other advisory committee may be set.\n\t\t\tThe Investment Advisory Committee shall (i) review, evaluate, and monitor investments and investment opportunities, (ii) make appropriate recommendations to the Board<\/span> about such investments and investment opportunities, and (iii) make recommendations to the Board<\/span> about overall asset allocation. By resolution of the Board<\/span>, responsibilities of any other advisory committee may be set. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

I.<\/span> The recommendations of an advisory committee are not binding upon the Board<\/span> of Trustees. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nADVISORY COMMITTEES TO THE BOARD OF TRUSTEES; MEMBERSHIP; TERMS; QUALIFICATIONS;\nDUTIES (\u00a7 51.1-124.26)\n\nTo further assist the Board of Trustees in fulfilling its fiduciary duty as\ntrustee of the funds of the Retirement System, the Board shall appoint an\nInvestment Advisory Committee to provide the Board with sophisticated,\nobjective, and prudent investment advice. The Investment Advisory Committee\nshall consist of seven to nine members and each member appointment shall require\na two-thirds vote of the Board.\n\nA. In addition, the Board of Trustees may appoint such other advisory committees\nas it deems necessary. Each member appointment shall require a two-thirds vote\nof the Board.\n\nB. Each advisory committee shall include no more than two Board members and no\nindividual Board member shall serve on more than one advisory committee.\nAdvisory committee members shall serve at the pleasure of the Board and may be\nremoved by a majority vote of the Board.\n\nC. Except for any Board member who serves on an advisory committee, no elected\nor appointed official shall serve on an advisory committee.\n\nD. Except for any trustee appointed to the Board between February 28, 1994, and\nJuly 1, 1995, no former trustee of the Virginia Retirement System or its\npredecessors in interest shall, during the five-year period after the\ntermination of his service as a Board member, serve on any advisory committee.\n\nE. Except for Board members, members of any advisory committee shall receive an\ninitial stipend of $1,875 for each calendar quarter they may serve and a per\ndiem of $300 for each meeting attended not to exceed one meeting per day.\nCommencing July 1, 1995, the stipend shall be increased annually by a percentage\nequal to the most recent salary structure adjustment as provided in the general\nappropriation act. Government employees shall receive no stipend for their\nservice but shall be entitled to receive a per diem of $300 for each advisory\ncommittee meeting attended not to exceed one meeting per day. Each advisory\ncommittee member shall be entitled to receive reimbursement for his actual\nreasonable and necessary expenses incurred for attending committee meetings. Any\nmember of any advisory committee who also serves as an officer, director, or\nmember of the board of any corporation organized by the Virginia Retirement\nSystem shall be entitled to receive compensation and expenses pursuant to this\nsubsection in addition to any remuneration to which he is entitled by virtue of\nhis service as an officer, director, or member of the board of any corporation\norganized by the Virginia Retirement System.\n\nF. Any Board member who serves on an advisory committee shall not receive the\nquarterly stipend for advisory committee members provided for in subsection E\nabove, but shall receive the per diem applicable to advisory committee meetings\nattended in that quarter plus reasonable and necessary expenses incurred.\n\nG. The disclosure requirements of subsection B of § 2.2-3114 of the State\nand Local Government Conflict of Interests Act shall apply to any member of any\nadvisory committee who is not also a Board member.\n\nH. Members of the Investment Advisory Committee shall demonstrate extensive\nexperience in any one or more of the following areas: domestic or international\nequity or fixed-income securities, cash management, alternative investments,\nsubstantial real estate investments, or managed futures. By resolution of the\nBoard, qualifications for members of any other advisory committee may be set.\n\t\t\tThe Investment Advisory Committee shall (i) review, evaluate, and monitor\ninvestments and investment opportunities, (ii) make appropriate recommendations\nto the Board about such investments and investment opportunities, and (iii) make\nrecommendations to the Board about overall asset allocation. By resolution of\nthe Board, responsibilities of any other advisory committee may be set.\n\nI. The recommendations of an advisory committee are not binding upon the Board\nof Trustees.\n\nHISTORY: 1994, cc. 4, 85; 1995, c. 788; 1997, c. 641; 1998, c. 196.","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}}