                                 CODE OF VIRGINIA

PORTABILITY OF SERVICE CREDIT BETWEEN CERTAIN POLITICAL SUBDIVISIONS OF THE
COMMONWEALTH AND THE VIRGINIA RETIREMENT SYSTEM OR CERTAIN OTHER POLITICAL
SUBDIVISIONS OF THE COMMONWEALTH (§ 51.1-801.1)

A. Any political subdivision of the Commonwealth which has a defined benefit
plan that is not supplemental to the Virginia Retirement System may enter into
an agreement with the Virginia Retirement System to permit any vested member of
the Virginia Retirement System, upon entering service in a covered position and
filing a written application with the political subdivision&#8217;s plan, to
purchase service credit, of an amount to be determined by the governing
authority of the political subdivision&#8217;s plan, in the political
subdivision&#8217;s plan. The purchase shall be accomplished by and upon the
transfer of assets to the political subdivision&#8217;s plan from the Virginia
Retirement System as provided in the agreement.

B. Any political subdivision of the Commonwealth which has a defined benefit
plan that is not supplemental to the Virginia Retirement System (the
&#8220;transferor&#8217;s plan&#8221;) may enter into an agreement with any
other political subdivision of the Commonwealth which has a defined benefit plan
that is not supplemental to the Virginia Retirement System (the
&#8220;transferee&#8217;s plan&#8221;) to permit any vested member of the
transferor&#8217;s plan, upon entering service in a covered position and filing
a written application with the transferee&#8217;s plan, to purchase service
credit, of an amount to be determined by the governing authority of the
transferee&#8217;s plan, in the transferee&#8217;s plan. The purchase shall be
accomplished by and upon the transfer of assets to the transferee&#8217;s plan
from the transferor&#8217;s plan as provided in the agreement.

HISTORY: 1996, cc. 939, 990.