                                 CODE OF VIRGINIA

MEMBERS&#8217; CONTRIBUTION ACCOUNT (§ 51.1-147)

A. All members&#8217; contributions and interest allowances shall be credited to
the member&#8217;s contribution account. Accumulated contributions required to
be returned to a member or required to be paid in the event of a member&#8217;s
death before retirement shall be paid from the member&#8217;s contribution
account.

B. At the end of each payroll period, the Comptroller shall transfer to the
members&#8217; contribution account an amount equal to the aggregate amount of
the deductions which would have been made for the preceding payroll period from
the salaries of all members from the appropriate fund in the state treasury. The
Comptroller shall forward a record of all such transfers to the Board. In all
other cases, the employer shall transmit its warrant to the State Treasurer for
the payment of an amount equal to the aggregate amount of the deductions made
for each payroll period from the salaries of all members paid by the employer
for the preceding payroll period. The funds collected by the State Treasurer
shall be credited to the members&#8217; contribution account. The State
Treasurer shall transmit a record of all moneys collected to the Comptroller and
the Board.

C. Each individual account of the members&#8217; contribution account shall be
credited annually with interest at the rate of four percent annually on the
accumulated contributions of the member. Interest shall accrue on any
contribution beginning at the end of the fiscal year in which the contribution
was made. The Board shall have the authority to determine the manner in which
the interest is to be credited to the members&#8217; contribution account.

D. Upon the retirement of a member, his accumulated contributions shall be
transferred from the members&#8217; contribution account to the retirement
allowance account.

HISTORY: 1952, c. 157, § 51-111.49; 1966, c. 174; 1970, c. 476; 1976, c. 540;
1982, c. 467; 1986, c. 474; 1990, c. 832.