                                 CODE OF VIRGINIA

LOCAL PENSION SYSTEMS; TRANSFER TO RETIREMENT SYSTEM (§ 51.1-131)

The members of any annuity fund, benevolent association, or retirement system of
any political subdivision, hereafter referred to as a local pension system, may
elect to become members of the retirement system by submitting to the Board a
petition duly signed by a majority of the members. The Board may approve the
participation of such members in the retirement system as though the local
pension system was not in operation, and the provisions of this article shall
thereupon apply. Existing pensioners or annuitants of the local pension system
who are being paid pensions on the effective date of coverage and former
employees whose rights are vested may retain their rights under the local
pension system and be paid at their existing rates by the retirement system.
After the local pension system is discontinued, the rates may be increased by
all future percentage increases which are granted to beneficiaries retired under
the provisions of this chapter.
		If deemed practicable by the Board, any cash and securities credited to the
local pension system shall be transferred to the retirement system as of the
effective date of coverage. The administrative head of the local pension system
shall certify the proportion of the funds of the system that represents the
accumulated contributions and the relative shares of the members. If
appropriate, the accumulated contributions and shares shall be credited to the
individual accounts of the members in the members&#8217; contribution account.
The operation of the local pension system shall be discontinued as of the
effective date of coverage.
		If the Board determines that the transfer of funds is not practicable, the
Board may enter into an agreement with the employer to coordinate any benefits
payable under this chapter with any vested benefits payable under the
discontinued local system.

HISTORY: 1952, c. 157, § 51-111.34; 1960, c. 604; 1973, c. 523; 1976, c. 654;
1978, c. 841; 1990, c. 832.