51.1-147 - Members' contribution account.
§ 51.1-147. Members' contribution account.
A. All members' contributions and interest allowances shall be credited tothe member's contribution account. Accumulated contributions required to bereturned to a member or required to be paid in the event of a member's deathbefore retirement shall be paid from the member's contribution account.
B. At the end of each payroll period, the Comptroller shall transfer to themembers' contribution account an amount equal to the aggregate amount of thedeductions which would have been made for the preceding payroll period fromthe salaries of all members from the appropriate fund in the state treasury.The Comptroller shall forward a record of all such transfers to the Board.In all other cases, the employer shall transmit its warrant to the StateTreasurer for the payment of an amount equal to the aggregate amount of thedeductions made for each payroll period from the salaries of all members paidby the employer for the preceding payroll period. The funds collected by theState Treasurer shall be credited to the members' contribution account. TheState Treasurer shall transmit a record of all moneys collected to theComptroller and the Board.
C. Each individual account of the members' contribution account shall becredited annually with interest at the rate of four percent annually on theaccumulated contributions of the member. Interest shall accrue on anycontribution beginning at the end of the fiscal year in which thecontribution was made. The Board shall have the authority to determine themanner in which the interest is to be credited to the members' contributionaccount.
D. Upon the retirement of a member, his accumulated contributions shall betransferred from the members' contribution account to the retirementallowance account.
(1952, c. 157, § 51-111.49; 1966, c. 174; 1970, c. 476; 1976, c. 540; 1982,c. 467; 1986, c. 474; 1990, c. 832.)