                                 CODE OF VIRGINIA

BOARD OF TRUSTEES; MEMBERSHIP; TERMS; QUORUM; COMPENSATION AND EXPENSES (§
51.1-124.20)

A. The Board of Trustees of the Virginia Retirement System is established as an
independent board in state government and shall consist of nine members as
follows: five members appointed by the Governor and confirmed by the affirmative
vote of a majority of those voting in each house of the General Assembly and
four members appointed by the Joint Rules Committee and confirmed by the
affirmative vote of a majority of those voting in each house of the General
Assembly.

B. Members shall be appointed for five-year terms with such members leaving the
Board on a staggered basis as initially provided. Appointments to fill vacancies
shall be for the unexpired terms. A vacancy of a legislatively appointed trustee
shall be filled by the Joint Rules Committee, and any such appointee shall enter
upon and continue in office, subject to confirmation at the next session of the
General Assembly. If the General Assembly refuses or fails to confirm his
appointment, such person shall not be eligible for reappointment.

C. No member shall be eligible to serve for more than two successive five-year
terms. After the expiration of an unexpired term to which appointed, or for an
initial staggered appointment of less than five years, a member may serve one
additional five-year term.

D. Subject to confirmation by the affirmative vote of a majority of those voting
in each house of the General Assembly, the Governor shall designate the chairman
of the Board from among the Board members described in subsection A above. A
chairman may be reappointed and confirmed for additional two-year terms, not to
exceed a total of two. However, the initial chairman&#8217;s one-year term shall
not be counted against the two-term limitation, and such person may serve as
chairman for five successive years if appointed and confirmed as aforesaid. The
chairman shall (i) preside over meetings of the Board; (ii) communicate on
behalf of the Board to outside entities interested in the Retirement System; and
(iii) perform additional duties as may be set by resolution of the Board. The
Board shall elect one of its members as vice-chairman and appoint a secretary
who may or may not be a member of the Board. A majority of the members of the
Board shall constitute a quorum. The meetings of the Board shall be held at the
call of the chairman or whenever the majority of the members so request.

E. Trustees shall receive an initial stipend of $3,000 for each calendar quarter
they may serve and a per diem of $300 for each Board meeting attended not to
exceed one meeting per day. Commencing July 1, 1995, the stipend shall be
increased annually by a percentage equal to the most recent salary structure
adjustment as provided in the general appropriation act. The chairman shall
receive an additional $1,500 for each calendar quarter served in such capacity.
Government employees, still actively employed by any governmental entity, shall
receive a per diem of $300 for each Board meeting attended, not to exceed one
meeting per day, but shall receive no stipend for their service. Retired
government employees shall be entitled to receive a stipend of $3,000 for each
calendar quarter they may serve and a per diem of $300 for each Board meeting
attended not to exceed one meeting per day. Each Board member shall be entitled
to receive reimbursement for all reasonable and necessary expenses incurred for
attending Board meetings as provided in &#xA7;&#xA7; 2.2-2813 and 2.2-2825. Any
member of the Board who also serves as an officer, director, or member of the
board of any corporation organized by the Virginia Retirement System shall be
entitled to receive compensation and expenses pursuant to this subsection in
addition to any remuneration to which he is entitled by virtue of his service as
an officer, director, or member of the board of any corporation organized by the
Virginia Retirement System. Funding for the costs of compensation and expenses
of the members shall be provided by the Virginia Retirement System.

F. No elected or appointed official shall serve on the Board of Trustees. Except
for the faculty member or employee of a public institution of higher education,
none of the gubernatorial appointees shall be an employee of state government.

G. The gubernatorial appointees shall be as follows: two shall have a minimum of
five years of experience in the direct management, analysis, supervision, or
investment of assets; one shall have at least five years of direct experience in
the management and administration of employee benefit plans; one shall be a
local employee; and one shall be a faculty member or employee of a public
institution of higher education.

H. The legislative appointees shall be as follows: two shall have a minimum of
five years of experience in the direct management, analysis, supervision, or
investment of assets; and one shall be a state employee and one shall be a
teacher, as such terms are defined in &#xA7; 51.1-124.3.

I. State and local government employees appointed to the Board pursuant to this
section shall be members of the Retirement System at the time of their
appointment, may be actively employed or retired, and if actively employed,
shall be given administrative leave from their employment to attend Board and
advisory committee meetings.

J. Members of the Board shall be subject to removal from office only as set
forth in Article 7 (&#xA7;&#xA7; 24.2-230 through 24.2-238) of Chapter 2 of
Title 24.2. The Circuit Court of the City of Richmond shall have exclusive
jurisdiction over all proceedings for such removal.

K. Faculty members of public institutions of higher education shall be eligible
to serve on the Board pursuant to this section if they are members of the
Retirement System at the time of their confirmation to the Board or become
members of the Retirement System within 18 months after their confirmation to
the Board.

L. All members of the Board shall be citizens of the Commonwealth.

HISTORY: 1952, c. 157, §§ 51-111.18 to 51-111.20; 1956, c. 363; 1958, c. 419;
1970, c. 476; 1971, Ex. Sess., c. 88; 1973, c. 523; 1974, c. 353; 1977, c. 620;
1980, cc. 681, 728; 1989, c. 41; 1990, c. 832, § 51.1-109; 1994, cc. 4, 85;
1995, c. 788; 1997, c. 641; 1998, c. 196; 2004, c. 1000.