{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/51.1-124.40.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/51.1-124.40.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/51.1-124.40.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/51.1-124.40.html"}],"law_id":67951,"edition_id":1,"section_id":67951,"structure_id":14014,"section_number":"51.1-124.40","catch_line":"Investment of assets of the Opioid Abatement Fund","history":"2021, Sp. Sess. I, cc. 306, 307.","full_text":"A\n\nIn addition to such other powers as shall be vested in the Board, the Board shall have the full power to invest, reinvest, and manage any assets of the Opioid Abatement Fund (the Fund) designated by the Opioid Abatement Authority for investment, reinvestment, or management by the Board. The Board shall maintain a separate accounting for the assets of the Fund. The Opioid Abatement Authority shall request a distribution of funds from the Board no more frequently than annually, and the Opioid Abatement Authority shall designate funds for investment by the Board no more frequently than annually.B\n\nThe Board shall invest the assets of the Fund with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. The Board shall also diversify such investments so as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so.C\n\nNo officer, director, or member of the Board or of any advisory committee of the Retirement System or any of its tax exempt subsidiary corporations whose actions are within the standard of care in subsection B shall be held personally liable for losses suffered by the Retirement System on investments made under the authority of this section.D\n\nThe provisions of §§ 51.1-124.32 through 51.1-124.35 shall apply to the Board’s activities with respect to funds in the Fund.E\n\nThe Board may assess the Opioid Abatement Authority a reasonable administrative fee for its services.","order_by":null,"text":{"0":{"id":246066,"text":"In addition to such other powers as shall be vested in the Board, the Board shall have the full power to invest, reinvest, and manage any assets of the Opioid Abatement Fund (the Fund) designated by the Opioid Abatement Authority for investment, reinvestment, or management by the Board. The Board shall maintain a separate accounting for the assets of the Fund. The Opioid Abatement Authority shall request a distribution of funds from the Board no more frequently than annually, and the Opioid Abatement Authority shall designate funds for investment by the Board no more frequently than annually.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":246067,"text":"The Board shall invest the assets of the Fund with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. The Board shall also diversify such investments so as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":246068,"text":"No officer, director, or member of the Board or of any advisory committee of the Retirement System or any of its tax exempt subsidiary corporations whose actions are within the standard of care in subsection B shall be held personally liable for losses suffered by the Retirement System on investments made under the authority of this section.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":246069,"text":"The provisions of §§ 51.1-124.32 through 51.1-124.35 shall apply to the Board’s activities with respect to funds in the Fund.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":246070,"text":"The Board may assess the Opioid Abatement Authority a reasonable administrative fee for its services.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":14014,"edition_id":1,"name":"Investments","identifier":"3.1","label":"article","depth":3,"order_by":1,"parent_id":13056,"metadata":{},"date_created":"2026-06-26 03:46:36","date_modified":"2026-06-26 03:46:36","permalink":{"id":235139,"object_type":"structure","relational_id":14014,"identifier":"3.1","token":"51.1\/1\/3.1","url":"\/51.1\/1\/3.1\/","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":84073,"structure_id":14014,"section_number":"51.1-124.30","catch_line":"Board as trustee of funds; investments; standard of care; liability for losses","url":"\/51.1-124.30\/","token":"51.1\/1\/3.1\/51.1-124.30","metadata":false},{"id":83324,"structure_id":14014,"section_number":"51.1-124.30:1","catch_line":"Adoption of stress testing and reporting policies","url":"\/51.1-124.30_1\/","token":"51.1\/1\/3.1\/51.1-124.30_1","metadata":false},{"id":62938,"structure_id":14014,"section_number":"51.1-124.31","catch_line":"Pooling of assets for investment","url":"\/51.1-124.31\/","token":"51.1\/1\/3.1\/51.1-124.31","metadata":false},{"id":55103,"structure_id":14014,"section_number":"51.1-124.32","catch_line":"Exemption from Public Procurement Act","url":"\/51.1-124.32\/","token":"51.1\/1\/3.1\/51.1-124.32","metadata":false},{"id":87307,"structure_id":14014,"section_number":"51.1-124.33","catch_line":"Deposit of trust funds not an investment; authorized deposits","url":"\/51.1-124.33\/","token":"51.1\/1\/3.1\/51.1-124.33","metadata":false},{"id":68643,"structure_id":14014,"section_number":"51.1-124.34","catch_line":"Retention of investments that become ineligible","url":"\/51.1-124.34\/","token":"51.1\/1\/3.1\/51.1-124.34","metadata":false},{"id":74070,"structure_id":14014,"section_number":"51.1-124.35","catch_line":"Investment provisions exclusive","url":"\/51.1-124.35\/","token":"51.1\/1\/3.1\/51.1-124.35","metadata":false},{"id":66913,"structure_id":14014,"section_number":"51.1-124.36","catch_line":"Investment of assets of the Commonwealth Health Research Fund","url":"\/51.1-124.36\/","token":"51.1\/1\/3.1\/51.1-124.36","metadata":false},{"id":72241,"structure_id":14014,"section_number":"51.1-124.37","catch_line":"Investment of assets of the Commonwealth's Attorneys Training Fund","url":"\/51.1-124.37\/","token":"51.1\/1\/3.1\/51.1-124.37","metadata":false},{"id":57703,"structure_id":14014,"section_number":"51.1-124.38","catch_line":"Repealed","url":"\/51.1-124.38\/","token":"51.1\/1\/3.1\/51.1-124.38","metadata":false},{"id":59752,"structure_id":14014,"section_number":"51.1-124.39","catch_line":"Investment of assets of the Line of Duty Death and Health Benefits Trust Fund","url":"\/51.1-124.39\/","token":"51.1\/1\/3.1\/51.1-124.39","metadata":false},{"id":67951,"structure_id":14014,"section_number":"51.1-124.40","catch_line":"Investment of assets of the Opioid Abatement Fund","url":"\/51.1-124.40\/","token":"51.1\/1\/3.1\/51.1-124.40","metadata":false}],"previous_section":{"id":59752,"structure_id":14014,"section_number":"51.1-124.39","catch_line":"Investment of assets of the Line of Duty Death and Health Benefits Trust Fund","url":"\/51.1-124.39\/","token":"51.1\/1\/3.1\/51.1-124.39","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/51.1-124.40\/","history_text":false,"references":[{"id":87408,"section_number":"2.2-2374","catch_line":"Opioid Abatement Fund","order_by":null,"url":"\/2.2-2374\/"}],"refers_to":[{"id":55103,"section_number":"51.1-124.32","catch_line":"Exemption from Public Procurement Act","order_by":null,"url":"\/51.1-124.32\/"},{"id":74070,"section_number":"51.1-124.35","catch_line":"Investment provisions exclusive","order_by":null,"url":"\/51.1-124.35\/"}],"permalink":{"id":235185,"object_type":"law","relational_id":67951,"identifier":"51.1-124.40","token":"51.1\/1\/3.1\/51.1-124.40","url":"\/51.1-124.40\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/51.1-124.40\/","token":"51.1\/1\/3.1\/51.1-124.40","dublin_core":{"Title":"Investment of assets of the Opioid Abatement Fund","Type":"Text","Format":"text\/html","Identifier":"\u00a7 51.1-124.40","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> In addition to such other powers as shall be vested in the Board<\/span>, the Board<\/span> shall have the full power to invest, reinvest, and manage any assets<\/span> of the Opioid Abatement Fund (the Fund) designated by the Opioid Abatement Authority for investment, reinvestment, or management by the Board<\/span>. The Board<\/span> shall maintain a separate accounting for the assets<\/span> of the Fund. The Opioid Abatement Authority shall request a distribution of funds from the Board<\/span> no more frequently than annually, and the Opioid Abatement Authority shall designate funds for investment by the Board<\/span> no more frequently than annually. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Board<\/span> shall invest the assets<\/span> of the Fund with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. The Board<\/span> shall also diversify such investments so as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> No officer, director, or member<\/span> of the Board<\/span> or of any advisory committee of the Retirement System<\/span> or any of its tax exempt subsidiary corporations whose actions are within the standard of care in subsection B shall be held personally liable for losses suffered by the Retirement System<\/span> on investments made under the authority of this section. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The provisions of §§ 51.1-124.32<\/a> through 51.1-124.35<\/a> shall apply to the Board<\/span>’s activities with respect to funds in the Fund. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The Board<\/span> may assess the Opioid Abatement Authority a reasonable administrative fee for its services<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINVESTMENT OF ASSETS OF THE OPIOID ABATEMENT FUND (\u00a7 51.1-124.40)\n\nA. In addition to such other powers as shall be vested in the Board, the Board\nshall have the full power to invest, reinvest, and manage any assets of the\nOpioid Abatement Fund (the Fund) designated by the Opioid Abatement Authority\nfor investment, reinvestment, or management by the Board. The Board shall\nmaintain a separate accounting for the assets of the Fund. The Opioid Abatement\nAuthority shall request a distribution of funds from the Board no more\nfrequently than annually, and the Opioid Abatement Authority shall designate\nfunds for investment by the Board no more frequently than annually.\n\nB. The Board shall invest the assets of the Fund with the care, skill, prudence,\nand diligence under the circumstances then prevailing that a prudent person\nacting in a like capacity and familiar with such matters would use in the\nconduct of an enterprise of a like character and with like aims. The Board shall\nalso diversify such investments so as to minimize the risk of large losses\nunless under the circumstances it is clearly prudent not to do so.\n\nC. No officer, director, or member of the Board or of any advisory committee of\nthe Retirement System or any of its tax exempt subsidiary corporations whose\nactions are within the standard of care in subsection B shall be held personally\nliable for losses suffered by the Retirement System on investments made under\nthe authority of this section.\n\nD. The provisions of §§ 51.1-124.32 through 51.1-124.35 shall apply to\nthe Board’s activities with respect to funds in the Fund.\n\nE. The Board may assess the Opioid Abatement Authority a reasonable\nadministrative fee for its services.\n\nHISTORY: 2021, Sp. Sess. I, cc. 306, 307.","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}}