                                 CODE OF VIRGINIA

RETIREMENT ALLOWANCE ACCOUNT (§ 51.1-148)

A. All employer contributions, all amounts transferred from the members&#8217;
contribution account, and all income from the invested assets of the retirement
system shall be credited to the retirement allowance account. All benefits under
the retirement system, other than refunds of members&#8217; accumulated
contributions, and all administrative expenses of the retirement system, except
to the extent that such expenses are otherwise paid, shall be paid from the
retirement allowance account. At the discretion of the Board, contributions,
penalties, and interest assessments may be deducted from the retirement
allowance account of the employer.

B. The amount of the interest allowances provided for in this chapter shall be
transferred from the retirement allowance account to the members&#8217;
contribution account annually.

C. The records of the retirement allowance account shall be maintained so that
the portion that is applicable to each respective employer may be ascertained at
all times.

HISTORY: 1952, c. 157, § 51-111.50; 1956, c. 560; 1978, c. 841; 1980, c. 137;
1984, c. 430; 1990, c. 832.