                                 CODE OF VIRGINIA

SERVICE RETIREMENT ALLOWANCE (§ 51.1-206)

A. A member shall receive an annual retirement allowance, payable for life, as
follows:

   1. Normal retirement. &#8212; The allowance shall equal the amount of
   creditable service multiplied by (i) 1.70 percent of his average final
   compensation for retirements prior to July 1, 2007, and (ii) 1.85 percent of
   his average final compensation for retirements on or after July 1, 2007.
   				For retirements between October 1, 1994, and December 31, 1998, any state
   police officer who is a member or beneficiary of a retirement system
   administered by the Board shall receive an additional retirement allowance
   equal to three percent of the service or disability retirement allowance
   payable under this section. Average final compensation attributable to service
   as Governor, Lieutenant Governor, Attorney General, or member of the General
   Assembly shall not be included in computing this additional retirement
   allowance.

   2. Early retirement. &#8212; The allowance shall be determined in the same
   manner as for normal retirement with creditable service and average final
   compensation being determined as of the date of actual retirement. If the
   member has less than 25 years of service at retirement, the amount of the
   retirement allowance shall be reduced on an actuarial equivalent basis for the
   period by which the actual retirement date precedes the earlier of (i) his
   normal retirement date or (ii) the first date on or after his fiftieth
   birthday on which he would have completed a total of 25 years of creditable
   service.

B. In addition to the allowance payable under subsection A, a member shall
receive annually from the date of his retirement until his retirement age, as
such term is defined under the Social Security Act (42 U.S.C. &#xA7; 416 et
seq., as now or hereafter amended), an allowance equal to $9,264. Beginning July
1, 2001, and biennially thereafter, such allowance shall be reviewed and
adjusted by the Board to an amount recommended by the actuary of the Virginia
Retirement System based upon increases in social security benefits in the
interim.
			This subsection shall not apply to the following: (i) any member who
qualifies for retirement under subsection C of &#xA7; 51.1-205 and is credited
with less than 20 years&#8217; service rendered in a hazardous position or (ii)
any member employed initially on or after July 1, 1974, who is credited with
less than 20 years&#8217; service rendered in a hazardous position. However, any
service rendered as an employee, as such term is defined in &#xA7; 51.1-212,
shall be deemed as service in a hazardous position for purposes of the
additional retirement allowance herein.

C. If a beneficiary of a service retirement allowance under this chapter is at
any time in service as an employee in a position covered for retirement purposes
under the provisions of this or any chapter other than Chapter 7 (&#xA7;
51.1-700 et seq.) of this title, his retirement allowance shall cease while so
employed.

HISTORY: Code 1950, §§ 51-135, 51-151; 1950, p. 885; 1954, c. 139; 1956, c.
562; 1966, c. 628; 1968, c. 647; 1970, c. 657; 1972, c. 568; 1973, cc. 290, 523;
1974, c. 353; 1976, cc. 525, 538; 1978, c. 841; 1981, c. 393; 1984, c. 430;
1986, c. 73; 1989, c. 484; 1990, c. 832; 1992, c. 815; 1993, cc. 408, 568; 1994,
1st Sp. Sess., c. 5; 1995, cc. 152, 692, 811; 1998, cc. 674, 676; 2000, c. 911;
2001, c. 804; 2004, c. 687; 2005, c. 146; 2007, c. 819.