                                 CODE OF VIRGINIA

ALL STATE AND LOCAL PLANS INCLUDED (§ 51.1-1000)

All automated retirement systems administered by the Board of Trustees of the
Virginia Retirement System and all automated retirement systems administered by
the localities (hereinafter referred to as retirement systems) have a duty to
report and disclose certain material information and data to the retirement
systems&#8217; members and beneficiaries. Such retirement systems shall cause to
be furnished to each member covered under the retirement systems&#8217; plans
and to each beneficiary who is receiving benefits under the retirement
systems&#8217; plans the following:

1. A summary plan description (SPD) that contains all or substantially all the
information an average member would deem crucial to possess a knowledgeable
understanding of his benefits under the plan;

2. A statement of benefits that indicates, on the basis of the latest available
information: (i) his total accrued benefits and (ii) his nonforfeitable accrued
retirement benefits, if any, or the earliest date on which benefits will become
nonforfeitable; and

3. A document disclosing material soft dollar transactions (arrangements not
negotiated at arm&#8217;s length or dealings between the retirement
systems&#8217; fund managers and persons providing services to the systems for
noncash considerations) in which the fund managers have engaged.
&#8220;Material&#8221; means transactions wherein it could be asserted that a
conflict of interests or an appearance of impropriety was a factor in making the
determination of which outside provider of services would be contracted and
which involved a transaction or course of dealings involving $10,000 or more.
This disclosure document shall not be a part of the retirement system&#8217;s
annual report, but shall be prepared as an annual supplement and made available
to the public upon request. Local retirement systems may publish such disclosure
document with their annual reports.

HISTORY: 1990, c. 706; 1991, c. 612; 2004, c. 209.