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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>77374</law_id><section_number>51.1-149</section_number><catch_line>Appointment of custodian; payments</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="51.1">Pensions, Benefits, and Retirement</unit><unit label="chapter" level="2" order_by="1" identifier="1">Virginia Retirement System</unit><unit label="article" level="3" order_by="1" identifier="8">Assets of Retirement System</unit></structure><text>
						<section><p>The <span class="dictionary">Board</span> is authorized to appoint custodians for the safekeeping and payment of <span class="dictionary">retirement system</span> <span class="dictionary">assets</span>. The selection of these investment <span class="dictionary">services</span> shall be governed exclusively by the fiduciary standard set forth in this chapter.
		The <span class="dictionary">Board</span> may request the State Treasurer to <span class="dictionary">issue</span> retirement benefit payments on behalf of the <span class="dictionary">retirement system</span>. At the direction of the <span class="dictionary">Board</span>, retirement payments from the accounts shall be made by the State Treasurer, on warrants of the Comptroller, issued upon vouchers signed by persons designated by the <span class="dictionary">Board</span>. A duly attested copy of a resolution of the <span class="dictionary">Board</span> designating the persons and bearing on its face the specimen signatures of the persons shall be filed with the Comptroller as his authority for issuing warrants upon such vouchers. No voucher shall be drawn unless it has been authorized by <span class="dictionary">Board</span> resolution.</p></section></text><history>1952, c. 157, &#xA7; 51-111.51; 1988, c. 809; 1990, c. 832.</history><metadata></metadata></law>
