(a) A second tier retirement benefits program is established for officials and employees of the Government of the Virgin Islands and for their dependents and beneficiaries, for the payment of retirement annuities, disability annuities, and other benefits as provided herein to the officials and employees, and to their dependents and beneficiaries. (b) The second tier […]
(a) In this chapter: (1) “Tier II Retirement Benefits Program” mean the second tier system, as established in section 750 of this chapter, to be administered by the Employees Retirement System of the Government of the Virgin Islands. (2) “Member” means any employee included in the membership of the System and participating in the Tier […]
The following persons shall be included as members: (a) Any person who enters the service of the Government of the Virgin Islands on and after October 1, 2005. (b) Any person who becomes an employee on or after the date of establishment shall become a member as a condition of employment on the date of […]
(a) Any employee who has left the service of the government after the date of establishment, and re-enters service thereafter, shall be entitled to receive credit for prior service rendered prior to predecessor systems. Additionally, the member shall pay to the System the withdrawn contributions, the interest paid on those contributions prior to withdrawal, and […]
(a) An application for an annuity shall be in writing, addressed to the Administrator. The annuity when granted shall begin as of the first day of the month next following the date of withdrawal from service. In no case shall an annuity become effective prior to the aforesaid date nor more than 60 days prior […]
No retiree of the federal government, the Government of the Virgin Islands, or of the private sector shall be employed by the Government of the Virgin Islands on a contractual basis the compensation of which exceeds the highest rate of salary received by that employee before retirement, and in any case such rate of compensation […]
(a) In lieu of the retirement allowance for his life alone, a member, but not a retired member, may elect, to revoke or change a previous election, to have the actuarial equivalent of his retirement allowance as of the date of retirement applied to provide a lesser retirement allowance, in accordance with one of the […]
(a) Any member who becomes totally and permanently incapacitated for service as the proximate result of bodily injuries sustained or a hazard undergone while in the performance and within the scope of his duties, shall receive a duty disability retirement annuity if the injuries or hazard were not the consequences of the willful negligence of […]
(a) When the proximate cause of death of a member is as a result of bodily injuries sustained or a hazard undergone while in the performance and within the scope of his duties, if the injuries or hazard were not the consequence of the willful misconduct of the member, the surviving widow of the member […]
(a) Any member under age sixty having at least nine years of credited service who becomes totally and permanently disabled for service, either mentally or physically, from any cause other than duty disability shall be entitled to a non-duty disability retirement annuity. (b) The annuity shall begin to accrue upon termination of payments to the […]
(a) At least once each year during the first five years following the allowance of disability retirement annuity to any member, and at least once in every three-year period thereafter, until a member’s attainment of age 65, the System shall require any disability beneficiary to undergo a medical examination to be made at the place […]
(a) Upon the death of a member while in service, if no duty-connected death annuity is payable, a payment of the accumulated contributions of the deceased member is payable to a beneficiary whom he has designated. (b) Upon the death of a retired member, unless an optional benefit has been elected as provided in section […]
(a) Upon withdrawal from service, any member who does not have ten years of credited service and is not then eligible for a service retirement annuity is entitled to receive a refund of the accumulated contributions, plus regular interest as defined in section 751, including contributions made by the member to any superceded retirement system. […]
(a) There is hereby created a new retirement program for members of the Legislature of the Virgin Islands. Membership in the System for members of the Legislature currently in service shall be optional. Each member currently in service on the date of enactment of this section shall have the opportunity to elect in writing to […]
(a) [Reserved for future use.] (b) The Board is vested with the discretionary investment strategy authority to vary the investment criteria set out in this section by no greater than 25% of the aggregate amounts specified. The Board is prohibited from changing the securities ratings specified in this section, however the Board may invest a […]
(a) The various obligations of the system must be financed in accordance with actuarial reserve requirements from contributions by members, contributions by the employer, interest income, and other income accruing to the system. From time to time, the Board may actuarially calculate the rate of contribution for members and employers of the system. After October […]
Any person eligible who elects to participate in the early retirement program shall contribute any additional amounts to the retirement system as required by rules and regulations adopted by the Board with respect to retroactive payments. The Board shall adopt rules and regulations regarding a schedule of additional contributions to be paid by such persons. […]
A retiree who is paid retroactive wages is not subject to payment of any contribution to the System from such retroactive wages. The System shall refund to the retiree any such contribution withheld from the payment of the retroactive wages.
Notwithstanding any provision of this chapter, participation in any early retirement program is voluntary for eligible employees, as defined in this chapter. Any person eligible for early retirement may elect within one year of eligibility to participate in the regular retirement program with contributions as a percentage of compensation established by law or the Board. […]
(a) A member who is participating in the early retirement program and subsequently transfers to a position that generally would not qualify him to participate in the early retirement program, he may, if he already has accrued ten years of credited service in the eligible position, continue to contribute at the rates charged to members […]
