§ 51.1-1300 Definitions
§ 51.1-1301 Benefit restoration plan for employees; administration by the Board
§ 51.1-1302 Local benefit restoration plans
§ 51.1-1303 Standards for benefit restoration plans
§ 51.1-1304 Other retirement, pension systems not affected; annual report
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Terms Used In Virginia Code > Title 51.1 > Chapter 13 - Benefit Restoration Plan

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Authority: means an authority created under the provisions of § Virginia Code 15.2-5101
  • Board: means the Board of Trustees of the Virginia Retirement System. See Virginia Code 51.1-1300
  • Contract: A legal written agreement that becomes binding when signed.
  • County: means any existing county or such unit hereafter created. See Virginia Code 15.2-102
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Governing body: means the board of supervisors of a county, council of a city, or council of a town, as the context may require. See Virginia Code 15.2-102
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
  • Member: means any member whose benefits under the Virginia Retirement System (§ Virginia Code 51.1-1300
  • Owner: includes persons, federal agencies, and units of the Commonwealth having any title or interest in any system, or the services or facilities to be rendered thereby. See Virginia Code 15.2-5101
  • Political subdivision: means a locality or any institution or commission of the Commonwealth of Virginia. See Virginia Code 15.2-5101
  • Retirement System: means the Virginia Retirement System. See Virginia Code 51.1-1300
  • Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July one, nineteen hundred seventy-one, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 15.2-102