Virginia Statutes

§ 23.1-1026 — Covered institutions; operational authority; human resources; severance policies

Virginia § 23.1-1026
JurisdictionVirginia
Title 23.1INSTITUTIONS OF HIGHER EDUCATION; OTHER EDUCATIONAL AND CULTURAL INSTITUTIONS
Subtitle IIIMANAGEMENT AND FINANCING
Ch. 10RESTRUCTURED HIGHER EDUCATION FINANCIAL AND ADMINISTRATIVE OPERATIONS ACT
Art. 4RESTRUCTURED FINANCIAL AND ADMINISTRATIVE AUTHORITY; COVERED INSTITUTIONS; MANAGEMENT AGREEMENTS

This text of Virginia § 23.1-1026 (Covered institutions; operational authority; human resources; severance policies) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Va. Code Ann. § 23.1-1026 (2026).

Text

A.Each covered institution shall adopt a severance policy for its eligible participating covered employees that is applicable to voluntary and involuntary separations, including reductions in workforce. The provisions of the Workforce Transition Act (§ 2.2-3200 et seq.) shall not apply to participating covered employees.
B.The terms and conditions of a covered institution's severance policy for eligible participating covered employees shall be determined by the institution's governing board. The covered institution and the Board of the Virginia Retirement System shall negotiate a formula according to which cash severance benefits may be converted to years of age or creditable service for participating covered employees who participate in the Virginia Retirement System.
C.Covered emplo

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Legislative History

2005, cc. 933, 945, § 23-38.120; 2016, c. 588; 2017, c. 314.

Nearby Sections

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Bluebook (online)
Virginia § 23.1-1026, Counsel Stack Legal Research, https://law.counselstack.com/statute/va/23.1/23.1-1026.