{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/51.1-126.5.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/51.1-126.5.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/51.1-126.5.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/51.1-126.5.html"}],"law_id":70111,"edition_id":1,"section_id":70111,"structure_id":13057,"section_number":"51.1-126.5","catch_line":"Defined contribution plan for eligible members","history":"1998, c. 661; 1999, c. 111; 2001, c. 691; 2002, c. 668; 2004, c. 206; 2006, c. 639; 2012, cc. 701, 823.","full_text":"A\n\nAs used in this section, unless the context requires otherwise:\n\t\t\t“Eligible member” means a member who holds an eligible position.\n\t\t\t“Eligible position” means a position designated in subdivision 3, 4, or 20 of § 2.2-2905 or an officer or employee appointed by the Attorney General or Lieutenant Governor to a position designated as a deputy, counsel or director position.\n\t\t\t“Participating member” means an eligible member who elects to participate in the plan.\n\t\t\t“Plan” means the defined contribution plan established pursuant to this section.B\n\nThe Board shall establish a plan covering any eligible member who elects to participate in the plan. The plan shall be in lieu of the service retirement allowance provided by the retirement system under § 51.1-155. Participating members shall be deemed to be members of the retirement system to the extent consistent with the provisions of this section.C\n\nAny person who becomes an eligible member after July 1, 1998, shall elect upon accepting an eligible position to participate in either (i) the retirement system or (ii) the plan. Such election shall be made in accordance with guidelines established by the Virginia Retirement System.D\n\nUpon ceasing to be employed in an eligible position but continuing to be an employee of the Commonwealth, a participating member may elect to:1\n\nMaintain the accrued contributions and earnings in his defined contribution account; or2\n\nUse the accrued contributions and earnings in his defined contribution account to purchase service credit in the retirement system as provided in subsection F.E\n\nAfter termination of employment, a participating member may withdraw the accrued contributions and earnings from his defined contribution account, subject to applicable state and federal law and regulation.F\n\nUpon an election under subsection D by a participating member who has ceased to be employed in an eligible position, the accrued contributions and earnings in such electing person’s defined contribution account shall be used to purchase service credit in the retirement system at a rate to be established by the Board. Such rate shall cover the actuarial cost of providing the creditable service. If the account is less than the actuarial cost of the total time worked in the eligible position, the employee may use his own funds to purchase the remaining time. In no event shall the amount of service credit purchased in the retirement system exceed the time that was served in an eligible position while participating in the plan. Any amount of accrued contributions and earnings in such electing person’s defined contribution account in excess of the amount required to purchase service credit in the retirement system for the time served in an eligible position while participating in the plan shall be forfeited to the Virginia Retirement System.G\n\nThe contribution by the Commonwealth to a participating member’s defined contribution account shall be determined by the Board of Trustees of the Virginia Retirement System in consultation with its actuary. Contributions to the defined contribution account and all earnings thereon shall be credited to an account to be maintained for each participating member. Contributions by the Commonwealth to a participating member’s defined contribution account shall be in lieu of contributions to the retirement system required pursuant to § 51.1-145.H\n\nIf a member of the optional retirement plan maintained under this section is at any time in service as an employee in a position covered for retirement purposes under the provisions of this chapter, Chapter 2 (§ 51.1-200 et seq.), Chapter 2.1 (§ 51.1-211 et seq.), or Chapter 3 (§ 51.1-300 et seq.) of this title, his benefit payments under the optional retirement plan maintained under this section shall be suspended while so employed; provided, however, reemployment in such position shall have no effect on the payment under the optional retirement plan maintained under this section if the benefits are being paid in an annuity form under a lifetime annuity contract purchased with the member’s account balance.I\n\nEffective January 1, 2014, any reference to “retirement system” in this section shall mean the hybrid retirement program described in § 51.1-169. The Virginia Retirement System shall (i) develop policies and procedures for the administration of the plan and (ii) provide a program of education and support for participating members.","order_by":null,"text":{"0":{"id":253172,"text":"As used in this section, unless the context requires otherwise:\n\t\t\t“Eligible member” means a member who holds an eligible position.\n\t\t\t“Eligible position” means a position designated in subdivision 3, 4, or 20 of § 2.2-2905 or an officer or employee appointed by the Attorney General or Lieutenant Governor to a position designated as a deputy, counsel or director position.\n\t\t\t“Participating member” means an eligible member who elects to participate in the plan.\n\t\t\t“Plan” means the defined contribution plan established pursuant to this section.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":253173,"text":"The Board shall establish a plan covering any eligible member who elects to participate in the plan. The plan shall be in lieu of the service retirement allowance provided by the retirement system under § 51.1-155. Participating members shall be deemed to be members of the retirement system to the extent consistent with the provisions of this section.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":253174,"text":"Any person who becomes an eligible member after July 1, 1998, shall elect upon accepting an eligible position to participate in either (i) the retirement system or (ii) the plan. Such election shall be made in accordance with guidelines established by the Virginia Retirement System.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":253175,"text":"Upon ceasing to be employed in an eligible position but continuing to be an employee of the Commonwealth, a participating member may elect to:","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"D1"},"4":{"id":253176,"text":"Maintain the accrued contributions and earnings in his defined contribution account; or","type":"section","prefixes":["D","1"],"prefix":"1","entire_prefix":"D1","prefix_anchor":"D1","level":2,"prior_prefix":"D","next_prefix":"D2"},"5":{"id":253177,"text":"Use the accrued contributions and earnings in his defined contribution account to purchase service credit in the retirement system as provided in subsection F.","type":"section","prefixes":["D","2"],"prefix":"2","entire_prefix":"D2","prefix_anchor":"D2","level":2,"prior_prefix":"D1","next_prefix":"E"},"6":{"id":253178,"text":"After termination of employment, a participating member may withdraw the accrued contributions and earnings from his defined contribution account, subject to applicable state and federal law and regulation.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D2","next_prefix":"F"},"7":{"id":253179,"text":"Upon an election under subsection D by a participating member who has ceased to be employed in an eligible position, the accrued contributions and earnings in such electing person’s defined contribution account shall be used to purchase service credit in the retirement system at a rate to be established by the Board. Such rate shall cover the actuarial cost of providing the creditable service. If the account is less than the actuarial cost of the total time worked in the eligible position, the employee may use his own funds to purchase the remaining time. In no event shall the amount of service credit purchased in the retirement system exceed the time that was served in an eligible position while participating in the plan. Any amount of accrued contributions and earnings in such electing person’s defined contribution account in excess of the amount required to purchase service credit in the retirement system for the time served in an eligible position while participating in the plan shall be forfeited to the Virginia Retirement System.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"8":{"id":253180,"text":"The contribution by the Commonwealth to a participating member’s defined contribution account shall be determined by the Board of Trustees of the Virginia Retirement System in consultation with its actuary. Contributions to the defined contribution account and all earnings thereon shall be credited to an account to be maintained for each participating member. Contributions by the Commonwealth to a participating member’s defined contribution account shall be in lieu of contributions to the retirement system required pursuant to § 51.1-145.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"9":{"id":253181,"text":"If a member of the optional retirement plan maintained under this section is at any time in service as an employee in a position covered for retirement purposes under the provisions of this chapter, Chapter 2 (§ 51.1-200 et seq.), Chapter 2.1 (§ 51.1-211 et seq.), or Chapter 3 (§ 51.1-300 et seq.) of this title, his benefit payments under the optional retirement plan maintained under this section shall be suspended while so employed; provided, however, reemployment in such position shall have no effect on the payment under the optional retirement plan maintained under this section if the benefits are being paid in an annuity form under a lifetime annuity contract purchased with the member’s account balance.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G","next_prefix":"I"},"10":{"id":253182,"text":"Effective January 1, 2014, any reference to “retirement system” in this section shall mean the hybrid retirement program described in § 51.1-169. The Virginia Retirement System shall (i) develop policies and procedures for the administration of the plan and (ii) provide a program of education and support for participating members.","type":"section","prefixes":["I"],"prefix":"I","entire_prefix":"I","prefix_anchor":"I","level":1,"prior_prefix":"H"}},"ancestry":[{"id":13057,"edition_id":1,"name":"Membership in Retirement System","identifier":"4","label":"article","depth":3,"order_by":1,"parent_id":13056,"metadata":{},"date_created":"2026-06-26 03:44:11","date_modified":"2026-06-26 03:44:11","permalink":{"id":235189,"object_type":"structure","relational_id":13057,"identifier":"4","token":"51.1\/1\/4","url":"\/51.1\/1\/4\/","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":84519,"structure_id":13057,"section_number":"51.1-125","catch_line":"Persons composing membership; persons holding more than one position","url":"\/51.1-125\/","token":"51.1\/1\/4\/51.1-125","metadata":false},{"id":74626,"structure_id":13057,"section_number":"51.1-126","catch_line":"Employees of institutions of higher education","url":"\/51.1-126\/","token":"51.1\/1\/4\/51.1-126","metadata":false},{"id":70940,"structure_id":13057,"section_number":"51.1-126.1","catch_line":"Certain employees of teaching hospitals","url":"\/51.1-126.1\/","token":"51.1\/1\/4\/51.1-126.1","metadata":false},{"id":65797,"structure_id":13057,"section_number":"51.1-126.2","catch_line":"Repealed","url":"\/51.1-126.2\/","token":"51.1\/1\/4\/51.1-126.2","metadata":false},{"id":59098,"structure_id":13057,"section_number":"51.1-126.3","catch_line":"Employees of the University of Virginia Medical Center","url":"\/51.1-126.3\/","token":"51.1\/1\/4\/51.1-126.3","metadata":false},{"id":85814,"structure_id":13057,"section_number":"51.1-126.4","catch_line":"Employees of the Virginia Port Authority","url":"\/51.1-126.4\/","token":"51.1\/1\/4\/51.1-126.4","metadata":false},{"id":70111,"structure_id":13057,"section_number":"51.1-126.5","catch_line":"Defined contribution plan for eligible members","url":"\/51.1-126.5\/","token":"51.1\/1\/4\/51.1-126.5","metadata":false},{"id":86163,"structure_id":13057,"section_number":"51.1-126.6","catch_line":"Certain employees of public school divisions","url":"\/51.1-126.6\/","token":"51.1\/1\/4\/51.1-126.6","metadata":false},{"id":84459,"structure_id":13057,"section_number":"51.1-126.7","catch_line":"Employees of the Virginia Outdoors Foundation","url":"\/51.1-126.7\/","token":"51.1\/1\/4\/51.1-126.7","metadata":false},{"id":65817,"structure_id":13057,"section_number":"51.1-126.8","catch_line":"Maximum contributions to optional plans; coordination of limits","url":"\/51.1-126.8\/","token":"51.1\/1\/4\/51.1-126.8","metadata":false},{"id":54112,"structure_id":13057,"section_number":"51.1-127","catch_line":"Federal Employees' Retirement System","url":"\/51.1-127\/","token":"51.1\/1\/4\/51.1-127","metadata":false},{"id":86067,"structure_id":13057,"section_number":"51.1-128","catch_line":"Cessation of membership","url":"\/51.1-128\/","token":"51.1\/1\/4\/51.1-128","metadata":false},{"id":71232,"structure_id":13057,"section_number":"51.1-129","catch_line":"Limitation on membership","url":"\/51.1-129\/","token":"51.1\/1\/4\/51.1-129","metadata":false}],"previous_section":{"id":85814,"structure_id":13057,"section_number":"51.1-126.4","catch_line":"Employees of the Virginia Port Authority","url":"\/51.1-126.4\/","token":"51.1\/1\/4\/51.1-126.4","metadata":false},"next_section":{"id":86163,"structure_id":13057,"section_number":"51.1-126.6","catch_line":"Certain employees of public school divisions","url":"\/51.1-126.6\/","token":"51.1\/1\/4\/51.1-126.6","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/51.1-126.5\/","history_text":"

This law was first created in 1998. The record of its establishment is cataloged in chapter 661<\/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 6 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 1999, chapter 111<\/a>; in 2001, chapter 691<\/a>; in 2002, chapter 668<\/a>; in 2004, chapter 206<\/a>; in 2006, chapter 639<\/a>; in 2012, chapters 701<\/a> and 823<\/a>.<\/p>","references":[{"id":82207,"section_number":"51.1-1100","catch_line":"Definitions","order_by":null,"url":"\/51.1-1100\/"},{"id":75331,"section_number":"51.1-1400","catch_line":"Health insurance credits for retired state employees","order_by":null,"url":"\/51.1-1400\/"},{"id":63381,"section_number":"51.1-1405","catch_line":"Participation in the state retiree health benefits program","order_by":null,"url":"\/51.1-1405\/"},{"id":65950,"section_number":"51.1-161","catch_line":"Withdrawal of contributions before retirement","order_by":null,"url":"\/51.1-161\/"}],"refers_to":[{"id":64223,"section_number":"2.2-2905","catch_line":"Certain officers and employees exempt from chapter","order_by":null,"url":"\/2.2-2905\/"},{"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\/"},{"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\/"}],"permalink":{"id":235215,"object_type":"law","relational_id":70111,"identifier":"51.1-126.5","token":"51.1\/1\/4\/51.1-126.5","url":"\/51.1-126.5\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/51.1-126.5\/","token":"51.1\/1\/4\/51.1-126.5","dublin_core":{"Title":"Defined contribution plan for eligible members","Type":"Text","Format":"text\/html","Identifier":"\u00a7 51.1-126.5","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> As used in this section, unless the context requires otherwise:\n\t\t\t“Eligible member<\/span>” means a member who holds an eligible position<\/span>.\n\t\t\t“Eligible position<\/span>” means a position designated in subdivision 3, 4, or 20 of § 2.2-2905<\/a> or an officer or employee<\/span> appointed by the Attorney General<\/span> or Lieutenant Governor to a position designated as a deputy, counsel<\/span> or director position.\n\t\t\t“Participating member<\/span>” means an eligible member<\/span> who elects to participate in the plan<\/span>.\n\t\t\t“Plan<\/span>” means the defined contribution plan<\/span> established pursuant to this section. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Board<\/span> shall establish a plan<\/span> covering any eligible member<\/span> who elects to participate in the plan<\/span>. The plan<\/span> shall be in lieu of the service<\/span> retirement allowance<\/span> provided by the retirement system<\/span> under § 51.1-155<\/a>. Participating members<\/span> shall be deemed to be members of the retirement system<\/span> to the extent consistent with the provisions of this section. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Any person who becomes an eligible member<\/span> after July 1, 1998, shall elect upon accepting an eligible position<\/span> to participate in either (i) the retirement system<\/span> or (ii) the plan<\/span>. Such election shall be made in accordance with guidelines established by the Virginia Retirement System<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Upon ceasing to be employed in an eligible position<\/span> but continuing to be an employee<\/span> of the Commonwealth, a participating member<\/span> may elect to: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Maintain the accrued contributions and earnings in his defined contribution account; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Use the accrued contributions and earnings in his defined contribution account to purchase service<\/span> credit in the retirement system<\/span> as provided in subsection F. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> After termination of employment, a participating member<\/span> may withdraw the accrued contributions and earnings from his defined contribution account, subject to applicable state and federal law<\/span> and regulation. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> Upon an election under subsection D by a participating member<\/span> who has ceased to be employed in an eligible position<\/span>, the accrued contributions and earnings in such electing person’s defined contribution account shall be used to purchase service credit in the retirement system<\/span> at a rate to be established by the Board<\/span>. Such rate shall cover the actuarial cost of providing the creditable service<\/span>. If the account is less than the actuarial cost of the total time worked in the eligible position<\/span>, the employee<\/span> may use his own funds to purchase the remaining time. In no event shall the amount of service credit purchased in the retirement system<\/span> exceed the time that was served in an eligible position<\/span> while participating in the plan<\/span>. Any amount of accrued contributions and earnings in such electing person’s defined contribution account in excess of the amount required to purchase service credit in the retirement system<\/span> for the time served in an eligible position<\/span> while participating in the plan<\/span> shall be forfeited to the Virginia Retirement System<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> The contribution by the Commonwealth to a participating member<\/span>’s defined contribution account shall be determined by the Board<\/span> of Trustees of the Virginia Retirement System<\/span> in consultation with its actuary. Contributions to the defined contribution account and all earnings thereon shall be credited to an account to be maintained for each participating member<\/span>. Contributions by the Commonwealth to a participating member<\/span>’s defined contribution account shall be in lieu of contributions to the retirement system<\/span> required pursuant to § 51.1-145<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

H.<\/span> If a member of the optional retirement plan<\/span> maintained under this section is at any time in service as an employee<\/span> in a position covered for retirement purposes under the provisions of this chapter, Chapter 2 (§ 51.1-200<\/a> et seq.), Chapter 2.1 (§ 51.1-211<\/a> et seq.), or Chapter 3 (§ 51.1-300<\/a> et seq.) of this title, his benefit payments under the optional retirement plan<\/span> maintained under this section shall be suspended while so employed; provided, however, reemployment in such position shall have no effect on the payment under the optional retirement plan<\/span> maintained under this section if the benefits are being paid in an annuity form under a lifetime annuity contract<\/span> purchased with the member’s account balance. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

I.<\/span> Effective January 1, 2014, any reference to “retirement system<\/span>” in this section shall mean the hybrid retirement program described in § 51.1-169<\/a>. The Virginia Retirement System<\/span> shall (i) develop policies and procedures for the administration of the plan<\/span> and (ii) provide a program of education and support for participating members<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINED CONTRIBUTION PLAN FOR ELIGIBLE MEMBERS (\u00a7 51.1-126.5)\n\nA. As used in this section, unless the context requires otherwise:\n\t\t\t“Eligible member” means a member who holds an eligible position.\n\t\t\t“Eligible position” means a position designated in subdivision 3,\n4, or 20 of § 2.2-2905 or an officer or employee appointed by the Attorney\nGeneral or Lieutenant Governor to a position designated as a deputy, counsel or\ndirector position.\n\t\t\t“Participating member” means an eligible member who elects to\nparticipate in the plan.\n\t\t\t“Plan” means the defined contribution plan established pursuant\nto this section.\n\nB. The Board shall establish a plan covering any eligible member who elects to\nparticipate in the plan. The plan shall be in lieu of the service retirement\nallowance provided by the retirement system under § 51.1-155. Participating\nmembers shall be deemed to be members of the retirement system to the extent\nconsistent with the provisions of this section.\n\nC. Any person who becomes an eligible member after July 1, 1998, shall elect\nupon accepting an eligible position to participate in either (i) the retirement\nsystem or (ii) the plan. Such election shall be made in accordance with\nguidelines established by the Virginia Retirement System.\n\nD. Upon ceasing to be employed in an eligible position but continuing to be an\nemployee of the Commonwealth, a participating member may elect to:\n\n 1. Maintain the accrued contributions and earnings in his defined contribution\n account; or\n\n 2. Use the accrued contributions and earnings in his defined contribution\n account to purchase service credit in the retirement system as provided in\n subsection F.\n\nE. After termination of employment, a participating member may withdraw the\naccrued contributions and earnings from his defined contribution account,\nsubject to applicable state and federal law and regulation.\n\nF. Upon an election under subsection D by a participating member who has ceased\nto be employed in an eligible position, the accrued contributions and earnings\nin such electing person’s defined contribution account shall be used to\npurchase service credit in the retirement system at a rate to be established by\nthe Board. Such rate shall cover the actuarial cost of providing the creditable\nservice. If the account is less than the actuarial cost of the total time worked\nin the eligible position, the employee may use his own funds to purchase the\nremaining time. In no event shall the amount of service credit purchased in the\nretirement system exceed the time that was served in an eligible position while\nparticipating in the plan. Any amount of accrued contributions and earnings in\nsuch electing person’s defined contribution account in excess of the\namount required to purchase service credit in the retirement system for the time\nserved in an eligible position while participating in the plan shall be\nforfeited to the Virginia Retirement System.\n\nG. The contribution by the Commonwealth to a participating member’s\ndefined contribution account shall be determined by the Board of Trustees of the\nVirginia Retirement System in consultation with its actuary. Contributions to\nthe defined contribution account and all earnings thereon shall be credited to\nan account to be maintained for each participating member. Contributions by the\nCommonwealth to a participating member’s defined contribution account\nshall be in lieu of contributions to the retirement system required pursuant to\n§ 51.1-145.\n\nH. If a member of the optional retirement plan maintained under this section is\nat any time in service as an employee in a position covered for retirement\npurposes under the provisions of this chapter, Chapter 2 (§ 51.1-200 et\nseq.), Chapter 2.1 (§ 51.1-211 et seq.), or Chapter 3 (§ 51.1-300 et\nseq.) of this title, his benefit payments under the optional retirement plan\nmaintained under this section shall be suspended while so employed; provided,\nhowever, reemployment in such position shall have no effect on the payment under\nthe optional retirement plan maintained under this section if the benefits are\nbeing paid in an annuity form under a lifetime annuity contract purchased with\nthe member’s account balance.\n\nI. Effective January 1, 2014, any reference to “retirement system”\nin this section shall mean the hybrid retirement program described in §\n51.1-169. The Virginia Retirement System shall (i) develop policies and\nprocedures for the administration of the plan and (ii) provide a program of\neducation and support for participating members.\n\nHISTORY: 1998, c. 661; 1999, c. 111; 2001, c. 691; 2002, c. 668; 2004, c. 206;\n2006, c. 639; 2012, cc. 701, 823.","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}}