51.1-130 - Resolution of governing body; approval by Board. - Virginia Statutes

§ 51.1-130. Resolution of governing body; approval by Board.

A. The governing body of a political subdivision may adopt a resolutionrequesting that its eligible employees become members of the retirementsystem. The governing body's resolution shall be submitted to the Board forapproval, and acceptance of the employees in the retirement system shall beat the option of the Board. If the Board approves the resolution, eligibleemployees may become members of the retirement system. The Board shall notapprove the resolution unless the political subdivision has first enteredinto a plan of agreement, as defined in § 51.1-700, to extend benefits underthe Social Security Act to its employees approved under the provisions of §51.1-705.

B. The governing body of any political subdivision approved for participationin the retirement system pursuant to subsection A may adopt a resolution thatprovides, on or after October 1, 1994, an additional retirement allowance notto exceed three percent of the applicable service or disability retirementallowances payable under § 51.1-155, 51.1-157, 51.1-206, 51.1-306, or51.1-308.

(1952, c. 157, § 51-111.31; 1954, c. 241; 1958, c. 367; 1960, c. 400; 1973,c. 523; 1974, c. 353; 1975, c. 296; 1976, c. 581; 1977, c. 620; 1990, c. 832;1994, 1st Sp. Sess., c. 5; 2005, c. 902.)