{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/51.1-124.7.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/51.1-124.7.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/51.1-124.7.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/51.1-124.7.html"}],"law_id":85658,"edition_id":1,"section_id":85658,"structure_id":14725,"section_number":"51.1-124.7","catch_line":"Distribution of assets upon repeal of system","history":"1952, c. 157, \u00a7 51-111.16; 1960, c. 604; 1977, c. 620; 1978, c. 841; 1980, cc. 637, 638, 646; 1982, cc. 467, 478; 1990, c. 832, \u00a7 51.1-105; 1994, cc. 4, 85; 2014, c. 356.","full_text":"A\n\nIf the General Assembly repeals the provisions of this chapter or terminates its application to any person, the Board shall continue to administer the Retirement System in accordance with the provisions of this chapter for the sole benefit of the then members, any beneficiaries then receiving retirement allowances, and any future persons entitled to receive benefits under a joint and last-survivor option who are designated by a member.B\n\nUpon repeal or termination of the Retirement System, the assets of the Retirement System shall be allocated by the Board in an equitable manner to provide benefits for the persons stated in subsection A of this section in accordance with the provisions of this chapter but based on creditable service and average final compensation as of the date of repeal or termination and in the following order:1\n\nFor the benefit of the then members to the extent of their individual account in the members’ contribution account.2\n\nIf any funds remain, then for the benefit of the then beneficiaries and persons already designated by former members who are then beneficiaries under a joint and last-survivor option, to the extent of the then actuarial value of their retirement allowances.3\n\nIf any funds remain, then for the benefit of members, and persons, if any, designated by them under a joint and last-survivor option, to the extent, not provided under subdivision 1 of this subsection, of the then actuarial value of their accrued future retirement allowances. The allocation under this subdivision shall be the basis of the oldest-ages-first method.\n\t\t\t\tThe employer is required to contribute the amount necessary to make up any insufficiency of assets needed to provide all benefits payable under subdivisions 1 and 2 of this subsection.C\n\nThe allocation of assets of the Retirement System shall be carried out by the Board as the benefits become due or by the transfer of such assets to any retirement system replacing this Retirement System. The vesting of benefits shall be fully maintained under the new retirement system. Any funds remaining in the assets of this retirement system after all of the vested benefits have been paid shall revert to the general fund.D\n\nAny allocation of assets shall be final and binding on all persons entitled to benefits.E\n\nUpon the termination or partial termination of the Retirement System, each affected member shall become fully vested, as of the termination date or partial termination date, in his service retirement allowance to the extent funded, regardless of the length of service or amount of creditable service.","order_by":null,"text":{"0":{"id":306788,"text":"If the General Assembly repeals the provisions of this chapter or terminates its application to any person, the Board shall continue to administer the Retirement System in accordance with the provisions of this chapter for the sole benefit of the then members, any beneficiaries then receiving retirement allowances, and any future persons entitled to receive benefits under a joint and last-survivor option who are designated by a member.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":306789,"text":"Upon repeal or termination of the Retirement System, the assets of the Retirement System shall be allocated by the Board in an equitable manner to provide benefits for the persons stated in subsection A of this section in accordance with the provisions of this chapter but based on creditable service and average final compensation as of the date of repeal or termination and in the following order:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":306790,"text":"For the benefit of the then members to the extent of their individual account in the members’ contribution account.","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":306791,"text":"If any funds remain, then for the benefit of the then beneficiaries and persons already designated by former members who are then beneficiaries under a joint and last-survivor option, to the extent of the then actuarial value of their retirement allowances.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":306792,"text":"If any funds remain, then for the benefit of members, and persons, if any, designated by them under a joint and last-survivor option, to the extent, not provided under subdivision 1 of this subsection, of the then actuarial value of their accrued future retirement allowances. The allocation under this subdivision shall be the basis of the oldest-ages-first method.\n\t\t\t\tThe employer is required to contribute the amount necessary to make up any insufficiency of assets needed to provide all benefits payable under subdivisions 1 and 2 of this subsection.","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"C"},"5":{"id":306793,"text":"The allocation of assets of the Retirement System shall be carried out by the Board as the benefits become due or by the transfer of such assets to any retirement system replacing this Retirement System. The vesting of benefits shall be fully maintained under the new retirement system. Any funds remaining in the assets of this retirement system after all of the vested benefits have been paid shall revert to the general fund.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B3","next_prefix":"D"},"6":{"id":306794,"text":"Any allocation of assets shall be final and binding on all persons entitled to benefits.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"7":{"id":306795,"text":"Upon the termination or partial termination of the Retirement System, each affected member shall become fully vested, as of the termination date or partial termination date, in his service retirement allowance to the extent funded, regardless of the length of service or amount of creditable service.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/51.1-124.7\/","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 8 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 1960, chapter 604; in 1977, chapter 620; in 1978, chapter 841; in 1980, chapters 637, 638, and 646; in 1982, chapters 467 and 478; in 1990, chapter 832; in 1994, chapters 4<\/a> and 85<\/a>; in 2014, chapter 356<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":235085,"object_type":"law","relational_id":85658,"identifier":"51.1-124.7","token":"51.1\/1\/1.1\/51.1-124.7","url":"\/51.1-124.7\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/51.1-124.7\/","token":"51.1\/1\/1.1\/51.1-124.7","dublin_core":{"Title":"Distribution of assets upon repeal of system","Type":"Text","Format":"text\/html","Identifier":"\u00a7 51.1-124.7","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> If the General Assembly repeals the provisions of this chapter or terminates its application to any person, the Board<\/span> shall continue to administer the Retirement System<\/span> in accordance with the provisions of this chapter for the sole benefit of the then members<\/span>, any beneficiaries then receiving retirement allowances<\/span>, and any future persons entitled to receive benefits under a joint and last-survivor option who are designated by a member<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Upon repeal or termination of the Retirement System<\/span>, the assets<\/span> of the Retirement System<\/span> shall be allocated by the Board<\/span> in an equitable<\/span> manner to provide benefits for the persons stated in subsection A of this section in accordance with the provisions of this chapter but based on creditable service<\/span> and average final compensation<\/span> as of the date of repeal or termination and in the following order<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> For the benefit of the then members<\/span> to the extent of their individual account in the members<\/span>’ contribution account. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> If any funds remain, then for the benefit of the then beneficiaries and persons already designated by former members<\/span> who are then beneficiaries under a joint and last-survivor option, to the extent of the then actuarial value of their retirement allowances<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> If any funds remain, then for the benefit of members<\/span>, and persons, if any, designated by them under a joint and last-survivor option, to the extent, not provided under subdivision 1 of this subsection, of the then actuarial value of their accrued future retirement allowances<\/span>. The allocation under this subdivision shall be the basis of the oldest-ages-first method.\n\t\t\t\tThe employer<\/span> is required to contribute the amount necessary to make up any insufficiency of assets<\/span> needed to provide all benefits payable under subdivisions 1 and 2 of this subsection. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The allocation of assets<\/span> of the Retirement System<\/span> shall be carried out by the Board<\/span> as the benefits become due or by the transfer of such assets<\/span> to any retirement system<\/span> replacing this Retirement System<\/span>. The vesting of benefits shall be fully maintained under the new retirement system<\/span>. Any funds remaining in the assets<\/span> of this retirement system<\/span> after all of the vested benefits have been paid shall revert to the general fund. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Any allocation of assets<\/span> shall be final and binding on all persons entitled to benefits. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Upon the termination or partial termination of the Retirement System<\/span>, each affected member<\/span> shall become fully vested, as of the termination date or partial termination date, in his service retirement allowance<\/span> to the extent funded, regardless of the length of service or amount of creditable service<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDISTRIBUTION OF ASSETS UPON REPEAL OF SYSTEM (\u00a7 51.1-124.7)\n\nA. If the General Assembly repeals the provisions of this chapter or terminates\nits application to any person, the Board shall continue to administer the\nRetirement System in accordance with the provisions of this chapter for the sole\nbenefit of the then members, any beneficiaries then receiving retirement\nallowances, and any future persons entitled to receive benefits under a joint\nand last-survivor option who are designated by a member.\n\nB. Upon repeal or termination of the Retirement System, the assets of the\nRetirement System shall be allocated by the Board in an equitable manner to\nprovide benefits for the persons stated in subsection A of this section in\naccordance with the provisions of this chapter but based on creditable service\nand average final compensation as of the date of repeal or termination and in\nthe following order:\n\n 1. For the benefit of the then members to the extent of their individual\n account in the members’ contribution account.\n\n 2. If any funds remain, then for the benefit of the then beneficiaries and\n persons already designated by former members who are then beneficiaries under\n a joint and last-survivor option, to the extent of the then actuarial value of\n their retirement allowances.\n\n 3. If any funds remain, then for the benefit of members, and persons, if any,\n designated by them under a joint and last-survivor option, to the extent, not\n provided under subdivision 1 of this subsection, of the then actuarial value\n of their accrued future retirement allowances. The allocation under this\n subdivision shall be the basis of the oldest-ages-first method.\n \t\t\t\tThe employer is required to contribute the amount necessary to make up any\n insufficiency of assets needed to provide all benefits payable under\n subdivisions 1 and 2 of this subsection.\n\nC. The allocation of assets of the Retirement System shall be carried out by the\nBoard as the benefits become due or by the transfer of such assets to any\nretirement system replacing this Retirement System. The vesting of benefits\nshall be fully maintained under the new retirement system. Any funds remaining\nin the assets of this retirement system after all of the vested benefits have\nbeen paid shall revert to the general fund.\n\nD. Any allocation of assets shall be final and binding on all persons entitled\nto benefits.\n\nE. Upon the termination or partial termination of the Retirement System, each\naffected member shall become fully vested, as of the termination date or partial\ntermination date, in his service retirement allowance to the extent funded,\nregardless of the length of service or amount of creditable service.\n\nHISTORY: 1952, c. 157, \u00a7 51-111.16; 1960, c. 604; 1977, c. 620; 1978, c. 841;\n1980, cc. 637, 638, 646; 1982, cc. 467, 478; 1990, c. 832, \u00a7 51.1-105; 1994,\ncc. 4, 85; 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}}