Virginia Code 51.1-137.1: Certain local data to be provided.
In addition to the annual actuarial evaluation currently provided to participating localities by the Virginia Retirement System, VRS annually shall provide each participating locality the locality-specific data on which the annual actuarial evaluation is based, and such other information as may be necessary for each locality to determine the specific assumptions that are driving its VRS-related costs, and to understand the retirement costs of different classes of covered employees. The Virginia Retirement System is authorized to assess fees for data collection, reporting, actuarial analysis, and other requested services beyond those required for the annual actuarial valuation provided to each participating employer. Such fees may be collected from funds maintained and invested by the Virginia Retirement System on behalf of each requesting employer.
Terms Used In Virginia Code 51.1-137.1
- Employer: means the Commonwealth in the case of a state employee, the local public school board in the case of a teacher, or the political subdivision participating in the Retirement System. See Virginia Code 51.1-124.3
- Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
- Retirement System: means the Virginia Retirement System. See Virginia Code 51.1-124.3
2007, c. 466.