51.1-806 - Reimbursement by Commonwealth for portion of employer contribution on account of certain officers and employees. - Virginia Statutes

§ 51.1-806. Reimbursement by Commonwealth for portion of employercontribution on account of certain officers and employees.

Any county or city operating a local retirement system which does notparticipate in the Virginia Retirement System and which defines as"compensation" the full compensation payable or fees earnable by its countyand city treasurer, attorney for the Commonwealth, commissioner of therevenue, clerk of court, sheriff, and a deputy or employee of any suchofficer may be reimbursed for a portion of the employer contribution paid onbehalf of any such officer, deputy, or employee. In such cases, thepolitical subdivision shall, at least biennially, submit to the CompensationBoard information required by the Board's actuary for computing, at theexpense of the employing political subdivision, the employer contributionrate that would be applicable if all such officers, deputies, or employeesthereof were members of the Virginia Retirement System. The Retirement Boardshall compute the employer contribution rate on the assumption that noservice prior to the computation date was creditable, and no assets wereallocable to such members. The political subdivision shall be reimbursed bythe Compensation Board on the basis on which the Commonwealth pays thesalaries of such officer, deputy, or employee or shares, or would share, inthe excess fees from the office.

(1958, c. 368, § 51-114.2; 1960, c. 486; 1966, c. 174; 1990, c. 832.)