51.1-801.1 - Portability of service credit between certain political subdivisions of the Commonwealth and the Virginia Retirement System or certain other political subdivisions of the Commonwealth. - Virginia Statutes

§ 51.1-801.1. Portability of service credit between certain politicalsubdivisions of the Commonwealth and the Virginia Retirement System orcertain other political subdivisions of the Commonwealth.

A. Any political subdivision of the Commonwealth which has a defined benefitplan that is not supplemental to the Virginia Retirement System may enterinto an agreement with the Virginia Retirement System to permit any vestedmember of the Virginia Retirement System, upon entering service in a coveredposition and filing a written application with the political subdivision'splan, to purchase service credit, of an amount to be determined by thegoverning authority of the political subdivision's plan, in the politicalsubdivision's plan. The purchase shall be accomplished by and upon thetransfer of assets to the political subdivision's plan from the VirginiaRetirement System as provided in the agreement.

B. Any political subdivision of the Commonwealth which has a defined benefitplan that is not supplemental to the Virginia Retirement System (the"transferor's plan") may enter into an agreement with any other politicalsubdivision of the Commonwealth which has a defined benefit plan that is notsupplemental to the Virginia Retirement System (the "transferee's plan") topermit any vested member of the transferor's plan, upon entering service in acovered position and filing a written application with the transferee's plan,to purchase service credit, of an amount to be determined by the governingauthority of the transferee's plan, in the transferee's plan. The purchaseshall be accomplished by and upon the transfer of assets to the transferee'splan from the transferor's plan as provided in the agreement.

(1996, cc. 939, 990.)