(a) There is established a separate and distinct fund within the Treasury of the Virgin Islands to be designated the “Elected Governors and Lieutenant Governors Retirement Fund” (hereinafter, the “Fund”). The Commissioner of Finance shall maintain and provide for the administration of the Fund and no amounts therein shall be available for expenditures or disbursement except as provided in this section.
(b) The Fund shall consist of all sums appropriated thereto from time to time by the Legislature of the Virgin Islands, contributions made by elected Governors and Lieutenant Governors to the Employees Retirement System pursuant to Title 3, section 701, et seq., Virgin Islands Code, funds appropriated to the Fund pursuant to subsection (c) of this section and contributions transferred from the Employees Retirement System pursuant to subsection (d) of this section. Monies shall be disbursed from the Fund by the Commissioner of Finance to retired elected Governors and Lieutenant Governors in accordance with subsection (f) of this section.
(c) There is hereby appropriated from the Interest Revenue Fund of the Treasury of the Virgin Islands to the Elected Governors and Lieutenant Governors Retirement Fund, established in subsection (a) of this section, such sums as may be necessary to carry out subsection (f) of this section in the fiscal year ending September 30, 1991.
(d) The Board of Trustees of the Government Employees Retirement System is authorized and directed to audit its accounts to determine the total amount of monies which has been heretofore contributed by Governors and Lieutenant Governors to the Employees Retirement System and to report its findings to the Commissioner of Finance within 60 days of enactment hereof. The Commissioner of Finance is authorized and directed to transfer to the Fund, the sum indicated by the Board of Trustees as the total amount heretofore contributed by elected Governors and Lieutenant Governors to the Employees Retirement System.
(e) Eligibility for receipt of disbursements pursuant to this section shall be upon the resignation due to illness during the term of office or at the expiration of the term of office.
(f) Notwithstanding his age, any elected Governor and Lieutenant Governor retiring pursuant to the provisions of this section shall receive, beginning on the date he leaves office, a service retirement annuity, as follows:
(a) after one (1) term in office, 40% of the Governor's and Lieutenant Governor's the average salary of last term in office;
(b) after two (2) terms in office, 80% of the Governor's and Lieutenant Governor's the average salary of last term in office;
(c) after three (3) terms in office, 100% of the Governor's and Lieutenant Governor's the average salary of last term in office; provided, however, that in the event a former elected Governor and Lieutenant Governor is reelected to the Office of Governor, Lieutenant Governor, Senator, Delegate to Congress, or holds any other appointed or salaried position in the Government of the Virgin Islands after retirement, disbursements pursuant to this section shall cease until such time as eligibility pursuant to subsection (e) of this section is attained; and provided, further, that if a former Lieutenant Governor serves two (2) terms and is elected to the office of Governor and serves therein, such term or terms may be credited for the purposes of receiving the maximum service annuity as Lieutenant Governor provided, however, that if the Lieutenant Governor is elected to two (2) or more terms as Governor, he will be limited to the benefits provided for either the Governor or Lieutenant Governor.
In the event an elected Governor and Lieutenant Governor resigns from office due to illness with one-half or less of his term remaining, for purposes of this section only, he shall be considered to have completed the term.(g) Deleted.
(h) Deleted.