                                 CODE OF VIRGINIA

SERVICE RETIREMENT ALLOWANCE (§ 51.1-306)

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

   1. Normal retirement.
   				a. For a member appointed or elected to an original term commencing prior
   to January 1, 2013, the allowance shall equal 1.70 percent of his average
   final compensation multiplied by the amount of creditable service.
   				b. For a member appointed or elected to an original term commencing on or
   after January 1, 2013, and prior to January 1, 2014, the allowance shall equal
   the sum of (i) 1.65 percent of his average final compensation multiplied by
   the amount of his creditable service performed or purchased on or after
   January 1, 2013, and (ii) 1.70 percent of his average final compensation
   multiplied by the amount of all other creditable service.
   				c. For a member appointed or elected to an original term commencing on or
   after January 1, 2014, and prior to July 1, 2026, the allowance shall equal
   the sum of (i) one percent of his average final compensation multiplied by the
   amount of creditable service performed or purchased on or after January 1,
   2014, and prior to July 1, 2026; (ii) 1.65 percent of his average final
   compensation multiplied by the amount of creditable service performed or
   purchased on or after July 1, 2026; and (iii) the percentage of his average
   final compensation applicable to any other retirement plan administered by the
   Virginia Retirement System multiplied by the amount of all creditable service
   performed or purchased while participating in such other retirement plan.
   				d. For a member appointed or elected to an original term commencing on or
   after July 1, 2026, the allowance shall equal the sum of (i) 1.65 percent of
   his average final compensation multiplied by the amount of creditable service
   performed or purchased on or after July 1, 2026, and (ii) the percentage of
   his average final compensation applicable to any other retirement plan
   administered by the Virginia Retirement System multiplied by the amount of all
   creditable service performed or purchased while participating in such other
   retirement plan.
   				In no case shall the annual retirement allowance exceed 78 percent of the
   average final compensation of the member.
   				For retirements between October 1, 1994, and December 31, 1998, any judge
   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 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. &#x2014; 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 not attained his sixtieth birthday or has less than 30 years of
   service, 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 sixtieth birthday on which he would have completed a total of
   30 years of creditable service.
   				In no case shall the annual retirement allowance exceed 78 percent of the
   average final compensation of the member.

B. Normal and early retirement guarantees. &#x2014; Any member who was a member
of one of the previous systems immediately prior to July 1, 1970, and who would
have been eligible for retirement benefits thereunder shall be guaranteed a
minimum retirement allowance no less than that for which he would have qualified
had he continued to participate therein.

C. Determination of retirement allowance. &#x2014; For the purposes of
subsection B of this section, the retirement allowance shall be determined on
the assumption that the retirement allowance is payable to the member alone and
that no optional retirement allowance is elected.

D. Beneficiary serving in position covered by this title. &#x2014; If a
beneficiary of a service retirement allowance under this chapter or under any of
the previous systems 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: 1970, c. 779, § 51-168; 1972, c. 568; 1973, c. 523; 1974, c. 353;
1977, c. 620; 1978, c. 841; 1981, c. 393; 1984, c. 430; 1990, c. 832; 1994, Sp.
Sess. I, c. 5; 1998, c. 674; 2012, cc. 701, 823; 2013, c. 463; 2014, c. 776;
2025, c. 508.