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
15
§ 23.1-100
Definitions§ 23.1-1000
Definitions§ 23.1-1001
Financial and administrative management standards for public institutions of higher education§ 23.1-1003
Memoranda of understanding§ 23.1-1005
Approval of a management agreement§ 23.1-1006
Management agreement; contents and scope§ 23.1-1007
Management agreement; duration and oversightCite This Page — Counsel Stack
Bluebook (online)
Virginia § 23.1-1026, Counsel Stack Legal Research, https://law.counselstack.com/statute/va/23.1/23.1-1026.