Supplementary annuity to employee annuitants

  1. Law
  2. US Virgin Islands Code
  3. Executive
  4. Retirement of Personnel; Federal Benefits
  5. Supplementary annuity to employee annuitants

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  • (a) Employees who retired on service retirement annuity prior to July 1, 1970, who were at least 55 years of age at date of retirement shall be entitled to receive a supplementary annuity under this section.

  • (b) The Board may set cost-of-living increases for annuitants and pensioners and determine when the annuity should be paid on the basis of the most recent actuarial valuation, the Consumer Price Index, or other economic studies or evaluations that the Board may determine are relevant.

  • (c) In the case of a member on retirement who is receiving, in addition to the retirement annuity from this system, a special pension grant from the government not paid by the retirement system, the following conditions shall govern:

    • In the case of such retired member, payments on the supplementary annuity herein provided shall be deferred until the date when the retirement annuity payment being made by the system plus the total accumulation of supplementary annuity additions thereon become equal to the sum of (1) the retirement annuity payable by the system and (2) the amount of the special pension. Thereafter, the supplementary annuity additions shall become payable to such retired member at the rate herein stated based upon the original grant of the retirement annuity by the system as in the case of other retired members who receive no special pension.

  • (d) In the case of members on disability retirement, the increase shall be 1 percent of the disability annuity times the number of full years that he has been in receipt of such annuity prior to his attainment of age 60, and 1 ½ percent of the disability annuity for each year after attainment of such age.

  • (e) The supplementary annuity payable under this section shall be charged to a retired employee’s supplementary annuity reserve. This reserve shall be credited with investment earnings above 4 percent per annum, as established and earned by the system in each fiscal year to fund these annuities.


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