A. There is hereby established a permanent and perpetual fund to be known as the Line of Duty Death and Health Benefits Trust Fund, consisting of such moneys as may be appropriated by the General Assembly; contributions or reimbursements from participating and nonparticipating employers, from contributing nonprofit private institutions of higher education, and from contributing private police departments; gifts, bequests, endowments, or grants from the United States government or its agencies or instrumentalities; net income from the investment of moneys held in the Fund; and any other available sources of funds, public and private. Any moneys remaining in the Fund at the end of a biennium shall not revert to the general fund but shall remain in the Fund. Interest and income earned from the investment of such moneys shall remain in the Fund and be credited to it. The moneys in the Fund shall be (i) deemed separate and independent trust funds, (ii) segregated and accounted for separately from all other funds of the Commonwealth, and (iii) administered solely in the interests of the persons who are covered under the benefits provided pursuant to this chapter. Deposits to and assets of the Fund shall not be subject to the claims of creditors.
B. The Virginia Retirement System shall invest, reinvest, and manage the assets of the Fund as provided in § 51.1-124.39 and shall be reimbursed from the Fund for such activities as provided in that section.
C. The Fund shall be used to provide the benefits under this chapter related to disabled persons, deceased persons, eligible dependents, and eligible spouses on behalf of participating employers, contributing nonprofit private institutions of higher education, and contributing private police departments and to pay related administrative costs.
D. Each participating employer, contributing nonprofit private institution of higher education, and contributing private police department shall make annual contributions to the Fund and provide information as determined by VRS. The amount of the contribution for each participating employer, contributing nonprofit private institution of higher education, and contributing private police department shall be determined on a current disbursement basis in accordance with the provisions of this section. For purposes of establishing contribution amounts for participating employers, a member of any fire company or department or rescue squad that has been recognized by an ordinance or a resolution of the governing body of any locality of the Commonwealth as an integral part of the official safety program of such locality shall be considered part of the locality served by the company, department, or rescue squad. If a company, department, or rescue squad serves more than one locality, the affected localities shall determine the basis and apportionment of the required covered payroll and contributions for each company, department, or rescue squad. If any participating employer, contributing nonprofit private institution of higher education, or contributing private police department fails to remit contributions or other fees or costs associated with the Fund, VRS shall inform the State Comptroller and the affected participating employer, contributing nonprofit private institution of higher education, or contributing private police department of the delinquent amount. In calculating the delinquent amount, VRS may impose an interest rate of one percent per month of delinquency. The State Comptroller shall forthwith transfer such delinquent amount, plus interest, from any moneys otherwise distributable to such participating employer. In the case of a contributing nonprofit private institution of higher education or a contributing private police department, VRS may employ reasonable methods to collect the delinquent amount, including the procedures set forth in the Virginia Debt Collection Act (§ 2.2-4800 et seq.).