                                 CODE OF VIRGINIA

PURCHASE OF ADDITIONAL PRIOR SERVICE CREDIT BY CERTAIN SCHOOL DIVISION
SUPERINTENDENTS (§ 51.1-142.3)

A. In addition to the four years of prior service credit that may be purchased
under clause (iv) of subdivision A 1 of &#xA7; 51.1-142.2, a school division
superintendent appointed by a school board pursuant to &#xA7; 22.1-60, with at
least five years of creditable service in the Retirement System, may purchase up
to a maximum of 10 additional years of prior service credit for creditable
service of another state or of a political subdivision, or public school system
of this or another state, as certified by such state, political subdivision, or
public school system. Except as otherwise required by Chapter 1223 of Title 10
of the United States Code, the service credit made available under this section
may not be purchased if, before being purchased or at the time of such purchase
pursuant to this section, the service to be purchased is service that is
included in the calculation of any retirement allowance received or to be
received by the member from this or any other retirement system.
			The school board that has appointed such school division superintendent may
purchase such prior service credit on behalf of the school division
superintendent.

B. The cost at the time of purchase for each additional year of service credit
(or portion thereof) pursuant to this section, shall be 10 percent of the school
division superintendent&#8217;s creditable compensation or 10 percent of the
school division superintendent&#8217;s average final compensation, whichever is
greater, provided that the service credit to be purchased is paid for in one
lump-sum payment within one year after the school division superintendent first
became eligible to purchase such service credit or by July 1, 2004, whichever is
later.
			A school division superintendent shall first become eligible to purchase
prior service credit under this section as follows:

   1. For members in service on June 30, 2003, and July 1, 2003, upon attaining
   five years of creditable service as a school division superintendent in the
   Retirement System;

   2. For members in service on June 30, 2003, and July 1, 2003, who become a
   school division superintendent on or after July 1, 2003, upon attaining five
   years of creditable service as a school division superintendent in the
   Retirement System; and

   3. For members not in service on June 30, 2003, upon the member earning five
   years of creditable service as a school division superintendent in the
   Retirement System for service performed after June 30, 2003.

C. In any case in which prior service credit pursuant to this section has been
purchased by or on behalf of a school division superintendent, if the school
division superintendent, subsequent to the date of such purchase, does not
remain in such position with the local school board for at least the number of
years purchased: (i) the Retirement System shall reduce the creditable service
credited to the school division superintendent by an amount equivalent to the
number of years of prior service purchased less the number of years served by
the person as a school division superintendent with the local school board
subsequent to the date of such purchase. Such reduction in creditable service
shall be deemed to be forfeited by the school division superintendent for
purposes of this chapter and the contributions representing that forfeited
service shall be refunded to the school division superintendent; and (ii) the
school division superintendent shall be liable to the local school board for the
amount paid by the local school board for purchasing the forfeited prior service
credit.

D. If a school division superintendent does not purchase the prior service
credit described in subsection A within the timeframe provided in subsection B,
such prior service credit may be purchased at the actuarial equivalent cost,
provided that in no case shall any person purchase more than 10 years of such
prior service credit under this section.

HISTORY: 2003, c. 947; 2015, c. 508.