{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/51.1-147.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/51.1-147.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/51.1-147.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/51.1-147.html"}],"law_id":66002,"edition_id":1,"section_id":66002,"structure_id":15367,"section_number":"51.1-147","catch_line":"Members’ contribution account","history":"1952, c. 157, \u00a7 51-111.49; 1966, c. 174; 1970, c. 476; 1976, c. 540; 1982, c. 467; 1986, c. 474; 1990, c. 832.","full_text":"A\n\nAll members’ contributions and interest allowances shall be credited to the member’s contribution account. Accumulated contributions required to be returned to a member or required to be paid in the event of a member’s death before retirement shall be paid from the member’s contribution account.B\n\nAt the end of each payroll period, the Comptroller shall transfer to the members’ contribution account an amount equal to the aggregate amount of the deductions which would have been made for the preceding payroll period from the salaries of all members from the appropriate fund in the state treasury. The Comptroller shall forward a record of all such transfers to the Board. In all other cases, the employer shall transmit its warrant to the State Treasurer for the payment of an amount equal to the aggregate amount of the deductions made for each payroll period from the salaries of all members paid by the employer for the preceding payroll period. The funds collected by the State Treasurer shall be credited to the members’ contribution account. The State Treasurer shall transmit a record of all moneys collected to the Comptroller and the Board.C\n\nEach individual account of the members’ contribution account shall be credited annually with interest at the rate of four percent annually on the accumulated contributions of the member. Interest shall accrue on any contribution beginning at the end of the fiscal year in which the contribution was made. The Board shall have the authority to determine the manner in which the interest is to be credited to the members’ contribution account.D\n\nUpon the retirement of a member, his accumulated contributions shall be transferred from the members’ contribution account to the retirement allowance account.","order_by":null,"text":{"0":{"id":239820,"text":"All members’ contributions and interest allowances shall be credited to the member’s contribution account. Accumulated contributions required to be returned to a member or required to be paid in the event of a member’s death before retirement shall be paid from the member’s contribution account.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":239821,"text":"At the end of each payroll period, the Comptroller shall transfer to the members’ contribution account an amount equal to the aggregate amount of the deductions which would have been made for the preceding payroll period from the salaries of all members from the appropriate fund in the state treasury. The Comptroller shall forward a record of all such transfers to the Board. In all other cases, the employer shall transmit its warrant to the State Treasurer for the payment of an amount equal to the aggregate amount of the deductions made for each payroll period from the salaries of all members paid by the employer for the preceding payroll period. The funds collected by the State Treasurer shall be credited to the members’ contribution account. The State Treasurer shall transmit a record of all moneys collected to the Comptroller and the Board.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":239822,"text":"Each individual account of the members’ contribution account shall be credited annually with interest at the rate of four percent annually on the accumulated contributions of the member. Interest shall accrue on any contribution beginning at the end of the fiscal year in which the contribution was made. The Board shall have the authority to determine the manner in which the interest is to be credited to the members’ contribution account.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":239823,"text":"Upon the retirement of a member, his accumulated contributions shall be transferred from the members’ contribution account to the retirement allowance account.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":15367,"edition_id":1,"name":"Assets of Retirement System","identifier":"8","label":"article","depth":3,"order_by":1,"parent_id":13056,"metadata":{},"date_created":"2026-06-26 03:54:20","date_modified":"2026-06-26 03:54:20","permalink":{"id":235333,"object_type":"structure","relational_id":15367,"identifier":"8","token":"51.1\/1\/8","url":"\/51.1\/1\/8\/","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":66002,"structure_id":15367,"section_number":"51.1-147","catch_line":"Members' contribution account","url":"\/51.1-147\/","token":"51.1\/1\/8\/51.1-147","metadata":false},{"id":77841,"structure_id":15367,"section_number":"51.1-148","catch_line":"Retirement allowance account","url":"\/51.1-148\/","token":"51.1\/1\/8\/51.1-148","metadata":false},{"id":77374,"structure_id":15367,"section_number":"51.1-149","catch_line":"Appointment of custodian; payments","url":"\/51.1-149\/","token":"51.1\/1\/8\/51.1-149","metadata":false},{"id":58505,"structure_id":15367,"section_number":"51.1-150","catch_line":"Deposits","url":"\/51.1-150\/","token":"51.1\/1\/8\/51.1-150","metadata":false},{"id":59534,"structure_id":15367,"section_number":"51.1-151","catch_line":"Repealed","url":"\/51.1-151\/","token":"51.1\/1\/8\/51.1-151","metadata":false}],"next_section":{"id":77841,"structure_id":15367,"section_number":"51.1-148","catch_line":"Retirement allowance account","url":"\/51.1-148\/","token":"51.1\/1\/8\/51.1-148","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/51.1-147\/","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 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 1966, chapter 174; in 1970, chapter 476; in 1976, chapter 540; in 1982, chapter 467; in 1986, chapter 474; in 1990, chapter 832.<\/p>","references":[{"id":75770,"section_number":"51.1-124.12","catch_line":"Procedure when employer required to withdraw funds","order_by":null,"url":"\/51.1-124.12\/"}],"refers_to":false,"permalink":{"id":235335,"object_type":"law","relational_id":66002,"identifier":"51.1-147","token":"51.1\/1\/8\/51.1-147","url":"\/51.1-147\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/51.1-147\/","token":"51.1\/1\/8\/51.1-147","dublin_core":{"Title":"Members’ contribution account","Type":"Text","Format":"text\/html","Identifier":"\u00a7 51.1-147","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> All members<\/span>’ contributions and interest allowances shall be credited to the member<\/span>’s contribution account. Accumulated contributions<\/span> required to be returned to a member<\/span> or required to be paid in the event of a member<\/span>’s death before retirement shall be paid from the member<\/span>’s contribution account. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> At the end of each payroll period, the Comptroller shall transfer to the members<\/span>’ contribution account an amount equal to the aggregate amount of the deductions which would have been made for the preceding payroll period from the salaries of all members<\/span> from the appropriate fund in the state treasury. The Comptroller shall forward a record of all such transfers to the Board<\/span>. In all other cases, the employer<\/span> shall transmit its warrant to the State Treasurer for the payment of an amount equal to the aggregate amount of the deductions made for each payroll period from the salaries of all members<\/span> paid by the employer<\/span> for the preceding payroll period. The funds collected by the State Treasurer shall be credited to the members<\/span>’ contribution account. The State Treasurer shall transmit a record of all moneys collected to the Comptroller and the Board<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Each individual account of the members<\/span>’ contribution account shall be credited annually with interest at the rate of four percent annually on the accumulated contributions<\/span> of the member<\/span>. Interest shall accrue on any contribution beginning at the end of the fiscal year in which the contribution was made. The Board<\/span> shall have the authority to determine the manner in which the interest is to be credited to the members<\/span>’ contribution account. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Upon the retirement of a member<\/span>, his accumulated contributions<\/span> shall be transferred from the members<\/span>’ contribution account to the retirement allowance<\/span> account. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nMEMBERS’ CONTRIBUTION ACCOUNT (\u00a7 51.1-147)\n\nA. All members’ contributions and interest allowances shall be credited to\nthe member’s contribution account. Accumulated contributions required to\nbe returned to a member or required to be paid in the event of a member’s\ndeath before retirement shall be paid from the member’s contribution\naccount.\n\nB. At the end of each payroll period, the Comptroller shall transfer to the\nmembers’ contribution account an amount equal to the aggregate amount of\nthe deductions which would have been made for the preceding payroll period from\nthe salaries of all members from the appropriate fund in the state treasury. The\nComptroller shall forward a record of all such transfers to the Board. In all\nother cases, the employer shall transmit its warrant to the State Treasurer for\nthe payment of an amount equal to the aggregate amount of the deductions made\nfor each payroll period from the salaries of all members paid by the employer\nfor the preceding payroll period. The funds collected by the State Treasurer\nshall be credited to the members’ contribution account. The State\nTreasurer shall transmit a record of all moneys collected to the Comptroller and\nthe Board.\n\nC. Each individual account of the members’ contribution account shall be\ncredited annually with interest at the rate of four percent annually on the\naccumulated contributions of the member. Interest shall accrue on any\ncontribution beginning at the end of the fiscal year in which the contribution\nwas made. The Board shall have the authority to determine the manner in which\nthe interest is to be credited to the members’ contribution account.\n\nD. Upon the retirement of a member, his accumulated contributions shall be\ntransferred from the members’ contribution account to the retirement\nallowance account.\n\nHISTORY: 1952, c. 157, \u00a7 51-111.49; 1966, c. 174; 1970, c. 476; 1976, c. 540;\n1982, c. 467; 1986, c. 474; 1990, c. 832.","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}}