51.1-137 - Computation of employer contribution rates; reimbursement by Commonwealth. - Virginia Statutes

§ 51.1-137. Computation of employer contribution rates; reimbursement byCommonwealth.

A. At least once in each two-year period, the actuary of the retirementsystem shall compute the annual rates of contributions payable by theemployer on behalf of employees who are members. The rates shall bedetermined by an actuarial valuation of the retirement allowances and otherbenefits which will be payable on behalf of the employees who are members.The contributions shall be payable in lieu of contributions payable on behalfof other members in the system. The expense of making initial and subsequentvaluations shall be assessed against and paid by the employer.

B. In the case of contributions payable by the employer on behalf of anylocal officer, the Commonwealth shall reimburse the employer on the basis onwhich the Commonwealth pays the salaries of the officer or shares or wouldshare in the excess fees from the office. Payment shall be made from fundsappropriated for this purpose.

(1952, c. 157, § 51-111.36; 1956, c. 560; 1958, c. 367; 1974, c. 353; 1982,c. 443; 1984, c. 430; 1990, c. 832.)