Code of Virginia § 51.1-405. Special retirement guarantee.
184 words·~1 min read·
/va/title-51-1/chapter-4/51-1-405·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 or after his normal retirement date shall equal two percent of his average final compensation multiplied by his years of creditable service not in excess of twenty-five years. If a member retires prior to his normal retirement date, his allowance shall be determined in the same manner; however, the allowance shall be reduced on an actuarial equivalent basis for the period by which the actual retirement date precedes the normal retirement date.
For the purposes of this section, the retirement allowance shall be determined on the assumption that it is payable to the member alone and that no optional retirement 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.