51.1-1000 - All state and local plans included. - Virginia Statutes

§ 51.1-1000. All state and local plans included.

All automated retirement systems administered by the Board of Trustees of theVirginia Retirement System and all automated retirement systems administeredby the localities (hereinafter referred to as retirement systems) have a dutyto report and disclose certain material information and data to theretirement systems' members and beneficiaries. Such retirement systems shallcause to be furnished to each member covered under the retirement systems'plans and to each beneficiary who is receiving benefits under the retirementsystems' plans the following:

1. A summary plan description (SPD) that contains all or substantially allthe information an average member would deem crucial to possess aknowledgeable understanding of his benefits under the plan;

2. A statement of benefits that indicates, on the basis of the latestavailable information: (i) his total accrued benefits and (ii) hisnonforfeitable accrued retirement benefits, if any, or the earliest date onwhich benefits will become nonforfeitable; and

3. A document disclosing material soft dollar transactions (arrangements notnegotiated at arm's length or dealings between the retirement systems' fundmanagers and persons providing services to the systems for noncashconsiderations) in which the fund managers have engaged. "Material" meanstransactions wherein it could be asserted that a conflict of interests or anappearance of impropriety was a factor in making the determination of whichoutside provider of services would be contracted and which involved atransaction or course of dealings involving $10,000 or more. This disclosuredocument shall not be a part of the retirement system's annual report, butshall be prepared as an annual supplement and made available to the publicupon request. Local retirement systems may publish such disclosure documentwith their annual reports.

(1990, c. 706; 1991, c. 612; 2004, c. 209.)