51.1-405 - Special retirement guarantee. - Virginia Statutes

§ 51.1-405. Special retirement guarantee.

The retirement allowance payable to any member of the State Police Officers'Retirement System who was in service on June 30, 1966, and who retires on orafter his normal retirement date shall equal two percent of his average finalcompensation multiplied by his years of creditable service not in excess oftwenty-five years. If a member retires prior to his normal retirement date,his allowance shall be determined in the same manner; however, the allowanceshall be reduced on an actuarial equivalent basis for the period by which theactual retirement date precedes the normal retirement date. For the purposesof this section, the retirement allowance shall be determined on theassumption that it is payable to the member alone and that no optionalretirement allowance is elected.

(Code 1950, §§ 51-135, 51-151; 1950, p. 885; 1954, c. 139; 1956, c. 562;1966, c. 628; 1968, c. 647; 1970, c. 657; 1972, c. 568; 1973, cc. 290, 523;1974, c. 353; 1976, cc. 525, 538; 1978, c. 841; 1981, c. 393; 1984, c. 430;1986, c. 73; 1989, c. 484; 1990, c. 832.)