§ 51.1-147 Members’ contribution account.
§ 51.1-148 Retirement allowance account.
§ 51.1-149 Appointment of custodian; payments.
§ 51.1-150 Deposits.
§ 51.1-151 Repealed.
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Terms Used In Virginia Code > Title 51.1 > Chapter 1 > Article 8 - Assets of Retirement System.

  • Accumulated contributions: means the sum of all amounts deducted from the compensation of a member and credited to his individual account in the member's contribution account, all amounts the member may contribute to purchase creditable service, all member contributions contributed by the employer on behalf of the employee, on or after July 1, 1980, except those amounts contributed on behalf of members of the General Assembly who are otherwise retired under the provisions of this chapter, and all interest accruing to these funds. See Virginia Code 51.1-124.3
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Board: means the Board of Trustees of the Virginia Retirement System. See Virginia Code 51.1-124.3
  • 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
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Member: means any person included in the membership of the Retirement System. See Virginia Code 51.1-124.3
  • Retirement allowance: means the retirement payments to which a member is entitled. See Virginia Code 51.1-124.3
  • Retirement System: means the Virginia Retirement System. See Virginia Code 51.1-124.3
  • State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
  • United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255