51.1-149 - Appointment of custodian; payments. - Virginia Statutes

§ 51.1-149. Appointment of custodian; payments.

The Board is authorized to appoint custodians for the safekeeping and paymentof retirement system assets. The selection of these investment servicesshall be governed exclusively by the fiduciary standard set forth in thischapter.

The Board may request the State Treasurer to issue retirement benefitpayments on behalf of the retirement system. At the direction of the Board,retirement payments from the accounts shall be made by the State Treasurer,on warrants of the Comptroller, issued upon vouchers signed by personsdesignated by the Board. A duly attested copy of a resolution of the Boarddesignating the persons and bearing on its face the specimen signatures ofthe persons shall be filed with the Comptroller as his authority for issuingwarrants upon such vouchers. No voucher shall be drawn unless it has beenauthorized by Board resolution.

(1952, c. 157, § 51-111.51; 1988, c. 809; 1990, c. 832.)