{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/51.1-124.4.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/51.1-124.4.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/51.1-124.4.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/51.1-124.4.html"}],"law_id":62870,"edition_id":1,"section_id":62870,"structure_id":14725,"section_number":"51.1-124.4","catch_line":"Exemption of assets from taxation; exemption of benefits and assets from execution and assignment; trust funds; unclaimed property; eligible rollover distribution","history":"1952, c. 157, \u00a7\u00a7 51-111.15, 51-111.24; 1954, c. 633; 1959, Ex. Sess., c. 47; 1962, c. 50; 1972, c. 151; 1973, c. 523; 1976, c. 545; 1977, c. 620; 1978, c. 841; 1980, cc. 559, 596; 1983, c. 308, \u00a7 51-111.26:1; 1984, c. 430; 1986, c. 474; 1989, Sp. Sess., c. 3; 1990, c. 832, \u00a7 51.1-102; 1991, c. 433; 1992, cc. 716, 811; 1993, c. 135; 1994, cc. 4, 85, 883; 2003, c. 15; 2006, c. 637; 2015, c. 660.","full_text":"A\n\nThe assets of the retirement systems created under this title are hereby exempted from any state, county, or municipal tax. Retirement allowances and other benefits accrued or accruing to any person under this title and the assets of the retirement systems created under this title shall not be subject to execution, attachment, garnishment, or any other process whatsoever, except any process for a debt to any employer who has employed such person, and except for administrative actions pursuant to Chapter 19 (§ 63.2-1900 et seq.) of Title 63.2 or any court process to enforce a child or child and spousal support obligation, nor shall any assignment thereof, other than a voluntary, irrevocable assignment of group life insurance pursuant to § 51.1-510, be enforceable in any court. However, retirement benefits and assets created under this title which are deemed to be marital property pursuant to Chapter 6 (§ 20-89.1 et seq.) of Title 20 may be divided or transferred by the court by direct assignment to a spouse or former spouse pursuant to § 20-107.3. The assets of the retirement systems administered by the Board are trust funds and shall be used solely for the benefit of members and beneficiaries and to administer the retirement systems. The Board shall establish procedures whereby persons entitled to property held by the Board, which would be presumed abandoned under the Virginia Disposition of Unclaimed Property Act (§ 55.1-2500 et seq.), may recover it.B\n\nNotwithstanding any provision of this chapter to the contrary that would otherwise limit a distributee’s election, a distributee may elect, at the time and in the manner prescribed by the Board, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover. The terms “eligible rollover distribution,” “eligible retirement plan” and “distributee” have the meanings prescribed by § 401(a)(31) of the Internal Revenue Code (including as such section is amended or renumbered, or any successor provision thereto) and the regulations thereunder, as may be amended. Such terms shall include non-spouse designated beneficiaries and inherited individual retirement accounts in accordance with § 402(c)(11) of the Internal Revenue Code, as amended or renumbered, and the regulations thereunder applicable to governmental plans. In the event of a mandatory cash-out, as that term is defined under the Internal Revenue Code and the regulations thereunder applicable to governmental plans, greater than $1,000, if the member does not elect to have such distribution paid directly to an eligible retirement plan specified by the member in a direct rollover or to receive the distribution directly in accordance with this section, then the Board shall pay the distribution in a direct rollover to an individual retirement plan designated by the Board in accordance with subsection F of § 51.1-124.30.C\n\nThe provisions of this chapter and Chapters 2 (§ 51.1-200 et seq.), 2.1 (§ 51.1-211 et seq.) and 3 (§ 51.1-300 et seq.) are intended to meet the requirements of § 401(a) of the Internal Revenue Code, as amended or renumbered, and the regulations thereunder applicable to governmental plans.","order_by":null,"text":{"0":{"id":229166,"text":"The assets of the retirement systems created under this title are hereby exempted from any state, county, or municipal tax. Retirement allowances and other benefits accrued or accruing to any person under this title and the assets of the retirement systems created under this title shall not be subject to execution, attachment, garnishment, or any other process whatsoever, except any process for a debt to any employer who has employed such person, and except for administrative actions pursuant to Chapter 19 (§ 63.2-1900 et seq.) of Title 63.2 or any court process to enforce a child or child and spousal support obligation, nor shall any assignment thereof, other than a voluntary, irrevocable assignment of group life insurance pursuant to § 51.1-510, be enforceable in any court. However, retirement benefits and assets created under this title which are deemed to be marital property pursuant to Chapter 6 (§ 20-89.1 et seq.) of Title 20 may be divided or transferred by the court by direct assignment to a spouse or former spouse pursuant to § 20-107.3. The assets of the retirement systems administered by the Board are trust funds and shall be used solely for the benefit of members and beneficiaries and to administer the retirement systems. The Board shall establish procedures whereby persons entitled to property held by the Board, which would be presumed abandoned under the Virginia Disposition of Unclaimed Property Act (§ 55.1-2500 et seq.), may recover it.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":229167,"text":"Notwithstanding any provision of this chapter to the contrary that would otherwise limit a distributee’s election, a distributee may elect, at the time and in the manner prescribed by the Board, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover. The terms “eligible rollover distribution,” “eligible retirement plan” and “distributee” have the meanings prescribed by § 401(a)(31) of the Internal Revenue Code (including as such section is amended or renumbered, or any successor provision thereto) and the regulations thereunder, as may be amended. Such terms shall include non-spouse designated beneficiaries and inherited individual retirement accounts in accordance with § 402(c)(11) of the Internal Revenue Code, as amended or renumbered, and the regulations thereunder applicable to governmental plans. In the event of a mandatory cash-out, as that term is defined under the Internal Revenue Code and the regulations thereunder applicable to governmental plans, greater than $1,000, if the member does not elect to have such distribution paid directly to an eligible retirement plan specified by the member in a direct rollover or to receive the distribution directly in accordance with this section, then the Board shall pay the distribution in a direct rollover to an individual retirement plan designated by the Board in accordance with subsection F of § 51.1-124.30.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":229168,"text":"The provisions of this chapter and Chapters 2 (§ 51.1-200 et seq.), 2.1 (§ 51.1-211 et seq.) and 3 (§ 51.1-300 et seq.) are intended to meet the requirements of § 401(a) of the Internal Revenue Code, as amended or renumbered, and the regulations thereunder applicable to governmental plans.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14725,"edition_id":1,"name":"General Provisions","identifier":"1.1","label":"article","depth":3,"order_by":1,"parent_id":13056,"metadata":{},"date_created":"2026-06-26 03:49:34","date_modified":"2026-06-26 03:49:34","permalink":{"id":235039,"object_type":"structure","relational_id":14725,"identifier":"1.1","token":"51.1\/1\/1.1","url":"\/51.1\/1\/1.1\/","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":68506,"structure_id":14725,"section_number":"51.1-124.1","catch_line":"Virginia Retirement System established","url":"\/51.1-124.1\/","token":"51.1\/1\/1.1\/51.1-124.1","metadata":false},{"id":64690,"structure_id":14725,"section_number":"51.1-124.10","catch_line":"Falsification of records; penalty","url":"\/51.1-124.10\/","token":"51.1\/1\/1.1\/51.1-124.10","metadata":false},{"id":56421,"structure_id":14725,"section_number":"51.1-124.11","catch_line":"Recovery of payments procured by fraud, false statement, etc","url":"\/51.1-124.11\/","token":"51.1\/1\/1.1\/51.1-124.11","metadata":false},{"id":75770,"structure_id":14725,"section_number":"51.1-124.12","catch_line":"Procedure when employer required to withdraw funds","url":"\/51.1-124.12\/","token":"51.1\/1\/1.1\/51.1-124.12","metadata":false},{"id":62876,"structure_id":14725,"section_number":"51.1-124.13","catch_line":"Loss of benefits; certain felony convictions","url":"\/51.1-124.13\/","token":"51.1\/1\/1.1\/51.1-124.13","metadata":false},{"id":83835,"structure_id":14725,"section_number":"51.1-124.14","catch_line":"Reserved","url":"\/51.1-124.14\/","token":"51.1\/1\/1.1\/51.1-124.14","metadata":false},{"id":62021,"structure_id":14725,"section_number":"51.1-124.2","catch_line":"Virginia Supplemental Retirement System continued as Virginia Retirement System","url":"\/51.1-124.2\/","token":"51.1\/1\/1.1\/51.1-124.2","metadata":false},{"id":70634,"structure_id":14725,"section_number":"51.1-124.3","catch_line":"Definitions","url":"\/51.1-124.3\/","token":"51.1\/1\/1.1\/51.1-124.3","metadata":false},{"id":62870,"structure_id":14725,"section_number":"51.1-124.4","catch_line":"Exemption of assets from taxation; exemption of benefits and assets from execution and assignment; trust funds; unclaimed property; eligible rollover distribution","url":"\/51.1-124.4\/","token":"51.1\/1\/1.1\/51.1-124.4","metadata":false},{"id":76306,"structure_id":14725,"section_number":"51.1-124.5","catch_line":"Disclosure of social security account numbers","url":"\/51.1-124.5\/","token":"51.1\/1\/1.1\/51.1-124.5","metadata":false},{"id":78948,"structure_id":14725,"section_number":"51.1-124.6","catch_line":"Benefits to be paid monthly","url":"\/51.1-124.6\/","token":"51.1\/1\/1.1\/51.1-124.6","metadata":false},{"id":85658,"structure_id":14725,"section_number":"51.1-124.7","catch_line":"Distribution of assets upon repeal of system","url":"\/51.1-124.7\/","token":"51.1\/1\/1.1\/51.1-124.7","metadata":false},{"id":83914,"structure_id":14725,"section_number":"51.1-124.8","catch_line":"Persons affected by changes in retirement benefits","url":"\/51.1-124.8\/","token":"51.1\/1\/1.1\/51.1-124.8","metadata":false},{"id":66980,"structure_id":14725,"section_number":"51.1-124.9","catch_line":"Changes or errors in records resulting in erroneous payments; employer liability","url":"\/51.1-124.9\/","token":"51.1\/1\/1.1\/51.1-124.9","metadata":false}],"previous_section":{"id":70634,"structure_id":14725,"section_number":"51.1-124.3","catch_line":"Definitions","url":"\/51.1-124.3\/","token":"51.1\/1\/1.1\/51.1-124.3","metadata":false},"next_section":{"id":76306,"structure_id":14725,"section_number":"51.1-124.5","catch_line":"Disclosure of social security account numbers","url":"\/51.1-124.5\/","token":"51.1\/1\/1.1\/51.1-124.5","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/51.1-124.4\/","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 19 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 1954, chapter 633; in 1962, chapter 50; in 1972, chapter 151; in 1973, chapter 523; in 1976, chapter 545; in 1977, chapter 620; in 1978, chapter 841; in 1980, chapters 559 and 596; in 1983, chapter 308; in 1984, chapter 430; in 1986, chapter 474; in 1990, chapter 832; in 1991, chapter 433; in 1992, chapters 716 and 811; in 1993, chapter 135; in 1994, chapters 4<\/a>, 85<\/a>, and 883<\/a>; in 2003, chapter 15<\/a>; in 2006, chapter 637<\/a>; in 2015, chapter 660<\/a>.<\/p>","references":false,"refers_to":[{"id":69531,"section_number":"20-107.3","catch_line":"Court may decree as to property and debts of the parties","order_by":null,"url":"\/20-107.3\/"},{"id":78456,"section_number":"20-89.1","catch_line":"Suit to annul marriage","order_by":null,"url":"\/20-89.1\/"},{"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":81121,"section_number":"51.1-510","catch_line":"Insurance exempt from process","order_by":null,"url":"\/51.1-510\/"},{"id":58539,"section_number":"55.1-2500","catch_line":"Definitions","order_by":null,"url":"\/55.1-2500\/"},{"id":54048,"section_number":"63.2-1900","catch_line":"Definitions","order_by":null,"url":"\/63.2-1900\/"}],"permalink":{"id":235073,"object_type":"law","relational_id":62870,"identifier":"51.1-124.4","token":"51.1\/1\/1.1\/51.1-124.4","url":"\/51.1-124.4\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/51.1-124.4\/","token":"51.1\/1\/1.1\/51.1-124.4","dublin_core":{"Title":"Exemption of assets from taxation; exemption of benefits and assets from execution and assignment; trust funds; unclaimed property; eligible rollover distribution","Type":"Text","Format":"text\/html","Identifier":"\u00a7 51.1-124.4","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The assets<\/span> of the retirement systems<\/span> created under this title are hereby exempted from any state, county, or municipal tax. Retirement allowances<\/span> and other benefits accrued or accruing to any person under this title and the assets<\/span> of the retirement systems<\/span> created under this title shall not be subject to execution, attachment<\/span>, garnishment<\/span>, or any other process whatsoever, except any process for a debt to any employer<\/span> who has employed such person, and except for administrative actions pursuant to Chapter 19 (§ 63.2-1900<\/a> et seq.) of Title 63.2 or any court<\/span> process to enforce a child or child and spousal support obligation, nor shall any assignment thereof, other than a voluntary, irrevocable assignment of group life insurance pursuant to § 51.1-510<\/a>, be enforceable in any court<\/span>. However, retirement benefits and assets<\/span> created under this title which are deemed to be marital property pursuant to Chapter 6 (§ 20-89.1<\/a> et seq.) of Title 20 may be divided or transferred by the court<\/span> by direct assignment to a spouse or former spouse pursuant to § 20-107.3<\/a>. The assets<\/span> of the retirement systems<\/span> administered by the Board<\/span> are trust funds and shall be used solely for the benefit of members<\/span> and beneficiaries and to administer the retirement systems<\/span>. The Board<\/span> shall establish procedures whereby persons entitled to property held by the Board<\/span>, which would be presumed abandoned under the Virginia Disposition<\/span> of Unclaimed Property Act (§ 55.1-2500<\/a> et seq.), may recover it. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Notwithstanding any provision of this chapter to the contrary that would otherwise limit a distributee<\/span>’s election, a distributee<\/span> may elect, at the time and in the manner prescribed by the Board<\/span>, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan<\/span> specified by the distributee<\/span> in a direct rollover. The terms “eligible rollover distribution,” “eligible retirement plan<\/span>” and “distributee<\/span>” have the meanings prescribed by § 401(a)(31) of the Internal Revenue Code (including as such section is amended or renumbered, or any successor provision thereto) and the regulations thereunder, as may be amended. Such terms shall include non-spouse designated beneficiaries and inherited individual retirement accounts in accordance with § 402(c)(11) of the Internal Revenue Code, as amended or renumbered, and the regulations thereunder applicable to governmental plans. In the event of a mandatory cash-out, as that term is defined under the Internal Revenue Code and the regulations thereunder applicable to governmental plans, greater than $1,000, if the member<\/span> does not elect to have such distribution paid directly to an eligible retirement plan<\/span> specified by the member<\/span> in a direct rollover or to receive the distribution directly in accordance with this section, then the Board<\/span> shall pay the distribution in a direct rollover to an individual retirement plan designated by the Board<\/span> in accordance with subsection F of § 51.1-124.30<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The provisions of this chapter and Chapters 2 (§ 51.1-200<\/a> et seq.), 2.1 (§ 51.1-211<\/a> et seq.) and 3 (§ 51.1-300<\/a> et seq.) are intended to meet the requirements of § 401(a) of the Internal Revenue Code, as amended or renumbered, and the regulations thereunder applicable to governmental plans. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nEXEMPTION OF ASSETS FROM TAXATION; EXEMPTION OF BENEFITS AND ASSETS FROM\nEXECUTION AND ASSIGNMENT; TRUST FUNDS; UNCLAIMED PROPERTY; ELIGIBLE ROLLOVER\nDISTRIBUTION (\u00a7 51.1-124.4)\n\nA. The assets of the retirement systems created under this title are hereby\nexempted from any state, county, or municipal tax. Retirement allowances and\nother benefits accrued or accruing to any person under this title and the assets\nof the retirement systems created under this title shall not be subject to\nexecution, attachment, garnishment, or any other process whatsoever, except any\nprocess for a debt to any employer who has employed such person, and except for\nadministrative actions pursuant to Chapter 19 (§ 63.2-1900 et seq.) of\nTitle 63.2 or any court process to enforce a child or child and spousal support\nobligation, nor shall any assignment thereof, other than a voluntary,\nirrevocable assignment of group life insurance pursuant to § 51.1-510, be\nenforceable in any court. However, retirement benefits and assets created under\nthis title which are deemed to be marital property pursuant to Chapter 6 (§\n20-89.1 et seq.) of Title 20 may be divided or transferred by the court by\ndirect assignment to a spouse or former spouse pursuant to § 20-107.3. The\nassets of the retirement systems administered by the Board are trust funds and\nshall be used solely for the benefit of members and beneficiaries and to\nadminister the retirement systems. The Board shall establish procedures whereby\npersons entitled to property held by the Board, which would be presumed\nabandoned under the Virginia Disposition of Unclaimed Property Act (§\n55.1-2500 et seq.), may recover it.\n\nB. Notwithstanding any provision of this chapter to the contrary that would\notherwise limit a distributee’s election, a distributee may elect, at the\ntime and in the manner prescribed by the Board, to have any portion of an\neligible rollover distribution paid directly to an eligible retirement plan\nspecified by the distributee in a direct rollover. The terms “eligible\nrollover distribution,” “eligible retirement plan” and\n“distributee” have the meanings prescribed by § 401(a)(31) of\nthe Internal Revenue Code (including as such section is amended or renumbered,\nor any successor provision thereto) and the regulations thereunder, as may be\namended. Such terms shall include non-spouse designated beneficiaries and\ninherited individual retirement accounts in accordance with § 402(c)(11) of\nthe Internal Revenue Code, as amended or renumbered, and the regulations\nthereunder applicable to governmental plans. In the event of a mandatory\ncash-out, as that term is defined under the Internal Revenue Code and the\nregulations thereunder applicable to governmental plans, greater than $1,000, if\nthe member does not elect to have such distribution paid directly to an eligible\nretirement plan specified by the member in a direct rollover or to receive the\ndistribution directly in accordance with this section, then the Board shall pay\nthe distribution in a direct rollover to an individual retirement plan\ndesignated by the Board in accordance with subsection F of § 51.1-124.30.\n\nC. The provisions of this chapter and Chapters 2 (§ 51.1-200 et seq.), 2.1\n(§ 51.1-211 et seq.) and 3 (§ 51.1-300 et seq.) are intended to meet\nthe requirements of § 401(a) of the Internal Revenue Code, as amended or\nrenumbered, and the regulations thereunder applicable to governmental plans.\n\nHISTORY: 1952, c. 157, \u00a7\u00a7 51-111.15, 51-111.24; 1954, c. 633; 1959, Ex. Sess.,\nc. 47; 1962, c. 50; 1972, c. 151; 1973, c. 523; 1976, c. 545; 1977, c. 620;\n1978, c. 841; 1980, cc. 559, 596; 1983, c. 308, \u00a7 51-111.26:1; 1984, c. 430;\n1986, c. 474; 1989, Sp. Sess., c. 3; 1990, c. 832, \u00a7 51.1-102; 1991, c. 433;\n1992, cc. 716, 811; 1993, c. 135; 1994, cc. 4, 85, 883; 2003, c. 15; 2006, c.\n637; 2015, c. 660.","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}}