                                 CODE OF VIRGINIA

CERTAIN EMPLOYEES OF TEACHING HOSPITALS (§ 51.1-126.1)

A. Any teaching hospital affiliated with an institution of higher education,
other than the Virginia Commonwealth University Health System Authority or the
University of Virginia Medical Center, may establish a retirement plan covering
in whole or in part its employees who are health care providers, as determined
by the Department of Human Resource Management pursuant to &#xA7; 2.2-2905, and
is authorized to make contributions for the benefit of its employees who elect
to participate in such plan or arrangement rather than in the retirement system
established by this chapter. Any such alternative retirement plan shall not
become effective until July 1, 1991, or any time thereafter, as determined by
such teaching hospital. Any health care provider employed by such teaching
hospital on or after July 1, 1991, may make an irrevocable election to
participate in either the retirement plan established by this chapter or the
plan provided by the teaching hospital, in accordance with guidelines
established by the Virginia Retirement System. The election herein provided
shall, as to any health care provider employed after the alternative retirement
plan implementation date, be exercised not later than thirty-one days from the
time of entry upon the performance of his duties.

B. No health care provider employed by a teaching hospital who is an active
member of a plan established under this section shall also be an active member
of the retirement system or a beneficiary other than a contingent annuitant.

C. The contribution by the Commonwealth to any other retirement plan established
on behalf of health care providers as provided in subsection A shall be the
contribution by the Commonwealth which would be required if the health care
provider were a member of the retirement system or eight percent of creditable
compensation, whichever is less.

D. If the institution of higher education with which the teaching hospital is
affiliated has adopted a retirement plan under &#xA7; 51.1-126 for its employees
who are engaged in the performance of teaching, administrative, or research
duties, the plan established under this section shall offer the same investment
opportunities as are available to the participants of the plan established under
&#xA7; 51.1-126.

E. The Virginia Retirement System shall develop policies and procedures for the
administration of the retirement plan established under this section.

HISTORY: 1991, c. 645; 1993, c. 895; 1996, cc. 905, 933, 995, 1046; 2000, cc.
66, 657, 720.