2.2-3204 - Retirement program. - Virginia Statutes

§ 2.2-3204. Retirement program.

A. In lieu of the transitional severance benefit provided in § 2.2-3203, anyotherwise eligible employee who, on the date of involuntary separation, isalso (i) a vested member of the Virginia Retirement System, the State PoliceOfficers' Retirement System, or the Virginia Law Officers' Retirement Systemand (ii) at least fifty years of age, may elect to have the Commonwealthpurchase on his behalf years to be credited to either his age or creditableservice or a combination of age and creditable service, except that any yearsof credit purchased on behalf of a member of the Virginia Retirement System,the State Police Officers' Retirement System, or the Virginia Law Officers'Retirement System who is eligible for unreduced retirement shall be added tohis creditable service and not his age. The cost of each year of age orcreditable service purchased by the Commonwealth shall be equal to fifteenpercent of the employee's present annual compensation. The number of years ofage or creditable service to be purchased by the Commonwealth shall be equalto the quotient obtained by dividing (i) the cash value of the benefits towhich the employee would be entitled under subsections A and D of § 2.2-3203by (ii) the cost of each year of age or creditable service. Partial yearsshall be rounded up to the next highest year. Deferred retirement under theprovisions of subsection C of §§ 51.1-153, 51.1-205, and 51.1-216, anddisability retirement under the provisions of § 51.1-156 et seq. and §51.1-209, shall not be available under this section.

B. In lieu of the (i) transitional severance benefit provided in § 2.2-3203and (ii) the retirement program provided in subsection A, any employee who isotherwise eligible may take immediate retirement pursuant to § 51.1-155.1.

C. The retirement allowance for any employee electing to retire under thissection who, by adding years to his age, is between ages fifty-five andsixty-five, shall be reduced on the actuarial basis provided in subdivisionA. 2. of § 51.1-155.

(1995, cc. 152, 811, § 2.1-116.24; 2000, c. 911; 2001, c. 844.)