A.Allowance payable on retirement.
1.Upon retirement for disability, a member who has five or more years of creditable service shall receive an annual retirement allowance payable during his lifetime and continued disability equal to 1.70 percent of average final compensation when multiplied by the smaller of (i) twice the amount of creditable service or (ii) the amount of creditable service he would have completed at age 60 if he had remained in service to that age. If a member has already attained age 60, the amount of creditable service at his date of retirement shall be used.
2.For a member appointed or elected to an original term commencing on or after January 1, 2013, and prior to January 1, 2014, the applicable percentage used to calculate the disability retirement allowance pu
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A. Allowance payable on retirement.
1. Upon retirement for disability, a member who has five or more years of creditable service shall receive an annual retirement allowance payable during his lifetime and continued disability equal to 1.70 percent of average final compensation when multiplied by the smaller of (i) twice the amount of creditable service or (ii) the amount of creditable service he would have completed at age 60 if he had remained in service to that age. If a member has already attained age 60, the amount of creditable service at his date of retirement shall be used.
2. For a member appointed or elected to an original term commencing on or after January 1, 2013, and prior to January 1, 2014, the applicable percentage used to calculate the disability retirement allowance pursuant to subdivision 1 shall be 1.65 percent.
3. For a member appointed or elected to an original term commencing on or after January 1, 2014, and prior to July 1, 2026, the applicable percentage used to calculate the disability retirement allowance pursuant to subdivision 1 shall be (i) one percent for service rendered between January 1, 2014, and July 1, 2026, and (ii) 1.65 percent for service rendered on or after July 1, 2026.
4. For a member appointed or elected to an original term commencing on or after July 1, 2026, the applicable percentage used to calculate the disability retirement allowance pursuant to subdivision 1 shall be 1.65 percent.
In no case shall the annual retirement allowance exceed 78 percent of the average final compensation of the member.
B. Workers' compensation guarantee. If a member retires for disability from a cause which is compensable under the Virginia Workers' Compensation Act (§ 65.2-100 et seq.), the amount of the annual retirement allowance shall, subject to the provisions of subsection D, equal 66 and two-thirds percent of the member's average final compensation if the member does not qualify for social security disability benefits under the provisions of the Social Security Act in effect on the date of his retirement. If the member qualifies for social security disability benefits or has attained his normal retirement age under the provisions of the Social Security Act in effect on the date of his retirement, the allowance payable from the retirement system shall equal 50 percent of his average final compensation. A member shall be entitled to the larger of the retirement allowance as determined under the provisions of subsection A or under the provisions of this subsection.
C. General disability retirement guarantee. The disability retirement allowance payable to a member who immediately prior to July 1, 1970, was a member of one of the previous systems shall be at least an amount equal to the disability retirement allowance to which he would have been entitled under the provisions of the previous system.
D. Determination of retirement allowance. For the purposes of this section, the retirement allowance shall be determined on the assumption that the retirement allowance is payable to the member alone and that no optional retirement allowance is elected.
E. Reduction of allowance. Any allowance payable to a member who retires for disability from a cause compensable under the Virginia Workers' Compensation Act shall be reduced by the amount of any payments under the provisions of the Act in effect on the date of retirement of the member and the excess of the allowance shall be paid to such member. When the time for compensation payments under the Act has elapsed, the member shall receive the full amount of the allowance payable during his lifetime and continued disability. If the member's payments under the Virginia Workers' Compensation Act are adjusted or terminated for refusal to work or to comply with the requirements of § 65.2-603, his allowance shall be computed as if he were receiving the compensation to which he would otherwise be entitled.
F. Special retirement allowance guarantee. Any member retired from a cause which is not compensable under the Virginia Workers' Compensation Act shall be guaranteed an annual retirement allowance during his lifetime and continued disability which equals 50 percent of the member's average final compensation if the member does not qualify for social security disability benefits under the provisions of the Social Security Act in effect on the date of his retirement. If the member qualifies for social security disability benefits or has attained his normal retirement age under the provisions of the Social Security Act in effect on the date of retirement, the allowance payable from the retirement system shall equal 33 and one-third percent of his average final compensation.