Virginia Law

Code of Virginia

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Code of Virginia
Title 51.1. Pensions, Benefits, and Retirement
Chapter 8. Local Retirement Systems
3/22/2023

§ 51.1-818. Funds for payment of pensions and benefits.

Any and all cash assets and funds not necessary for immediate payment of pensions or benefits shall be invested in securities that are legal investments under the laws of the Commonwealth for public sinking funds. Any funds raised by any police officers' pension and retirement board for the payment of pensions and benefits shall be paid over to the treasurer of such board who shall deposit and pay the funds as provided in this section to the credit of the board.

1940, p. 739; Michie Code 1942, § 3035n; Code 1950, § 51-125; 1956, c. 184; 1990, c. 832.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.