                                 CODE OF VIRGINIA

RETIREMENT PROGRAM (§ 2.2-3204)

A. In lieu of the transitional severance benefit provided in &#xA7; 2.2-3203,
any otherwise eligible employee who, on the date of involuntary separation, is
also (i) a vested member of the Virginia Retirement System, the State Police
Officers&#8217; Retirement System, or the Virginia Law Officers&#8217;
Retirement System and (ii) at least 50 years of age, may elect to have the
Commonwealth purchase on his behalf years to be credited to either his age or
creditable service or a combination of age and creditable service, except that
any years of credit purchased on behalf of a member of the Virginia Retirement
System, the State Police Officers&#8217; Retirement System, or the Virginia Law
Officers&#8217; Retirement System who is eligible for unreduced retirement shall
be added to his creditable service and not his age. If the otherwise eligible
employee is (a) a person who becomes a member on or after July 1, 2010, a person
who does not have 60 months of creditable service as of January 1, 2013, or a
person who is enrolled in the hybrid retirement program described in &#xA7;
51.1-169; (b) not a member of the State Police Officers&#8217; Retirement System
or the Virginia Law Officers&#8217; Retirement System; and (c) a person to whom
the provisions of subdivision B 3 of &#xA7; 51.1-153 do not apply, then he must
be at least 60 years of age on the date of involuntary separation to be eligible
for the retirement program provided in this subsection. The cost of each year of
age or creditable service purchased by the Commonwealth shall be equal to 15
percent of the employee&#8217;s present annual compensation. The number of years
of age or creditable service to be purchased by the Commonwealth shall be equal
to the quotient obtained by dividing (1) the cash value of the benefits to which
the employee would be entitled under subsections A and D of &#xA7; 2.2-3203 by
(2) the cost of each year of age or creditable service. Partial years shall be
rounded up to the next highest year. Deferred retirement under the provisions of
subsection C of &#xA7;&#xA7; 51.1-153, 51.1-205, and 51.1-216, and disability
retirement under the provisions of &#xA7; 51.1-156 et seq. and &#xA7; 51.1-209,
shall not be available under this section.

B. In lieu of the (i) transitional severance benefit provided in &#xA7; 2.2-3203
and (ii) the retirement program provided in subsection A, any employee who is
otherwise eligible may take immediate retirement pursuant to &#xA7; 51.1-155.1.

C. 1. The retirement allowance for a person who (i) is not a member of the State
Police Officers&#8217; Retirement System or the Virginia Law Officers&#8217;
Retirement System; (ii) becomes a member on or after July 1, 2010, does not have
60 months of creditable service as of January 1, 2013, or is enrolled in the
hybrid retirement program described in § 51.1-169; (iii) elects to retire under
this section; and (iv) by adding years to his age is between ages 60 and the age
at his &#8220;normal retirement date&#8221; as defined in § 51.1-124.3 shall be
reduced on the actuarial basis provided in subdivision A 3 of § 51.1-155,
unless the provisions of subdivision B 3 of § 51.1-153 apply to him.

   2. The retirement allowance for any other employee electing to retire under
   this section who, by adding years to his age, is between ages 55 and 65 shall
   be reduced on the actuarial basis provided in subdivision A 2 of &#xA7;
   51.1-155.

HISTORY: 1995, cc. 152, 811, § 2.1-116.24; 2000, c. 911; 2001, c. 844; 2011, c.
880; 2014, c. 356.