(a) There is hereby created a new retirement program for members of the Legislature of the Virgin Islands. Membership in the System for members of the Legislature currently in service shall be optional. Each member currently in service on the date of enactment of this section shall have the opportunity to elect in writing to participate in this retirement program. Any such member currently in service who desires credit for prior service as a member of the Legislature shall contribute to the System 15% of his annual compensation effective on the date of enactment.
(b) Participation in this new program on the part of any current member of the Legislature shall continue until the date he becomes an annuitant, dies or accepts a refund of his contributions thereto.
(c) The rate of contribution to the System on the part of a member of the Legislature who becomes a member of the System after the date of enactment of this new program shall be 15% of his annual compensation. This rate shall apply to service rendered beginning from the first date said member takes the oath of office as a member of the Legislature of the Virgin Islands. For purposes of this chapter, service as a member of the Legislature during any part of a calendar year shall be deemed to be a year of credited service; provided that contributions are made for the full calendar year.
(d) Members of the Legislature shall make arrangement with the System to pay the entire amount due as contributions including any interest paid, and the income the System would have earned had those contributions remained in the system for the benefits provided, and the interest on the unpaid balance, and if the member elects to deposit on an installment basis, the member shall have a maximum of 48 months before any retirement benefits are received to pay the contributions and the applicable interest.
(e) The conditions governing eligibility for service retirement for any member of the Legislature and the amount of the annuity shall be as stated in this section, provided, that the Legislature shall contribute, in addition to employer's contribution, any amounts that would increase the actuarial liability as determined by the Actuary.
1. For each year while in office during the first 6 years – 3.5% of compensation.
2. For each year while in office from 7 to 12 years – 4.0% of compensation.
3. For each year while in office from 13 to 20 years – 4.5% of compensation.
4. For each year after 20 years in office – 5.0% of compensation.
(f) In the case of any member of the Legislature who shall become separated from the service before he completes [an] aggregate of three (3) terms as a member of the Legislature, the total amount paid by such member of the Legislature shall, upon his application, be returned to him or such legislative service shall be credited to the member's service as provided, that such service is not applied to legislative service retirement. No such member of the Legislature shall thereafter receive credit for such service unless he again becomes a member of the Legislature and redeposit the amount so returned.
1. No such member of the Legislature shall thereafter receive credit for such service unless he again becomes a member of the Legislature and redeposit if the amount so returned, including any interest paid. Additionally, said member shall pay to the system the withdrawn contributions, the interest paid on those contributions prior to withdrawal, and the income the system would have earned had those contributions remained in the System, and the interest on the unpaid balance if the member elects to redeposit on an installment basis.
2. Deleted.
(g) Nothing contained in this chapter shall be construed to prevent any person eligible therefore from simultaneously receiving an annuity computed on the basis of years of service other than as a member of the Legislature and an annuity computed in accordance with this section; nor shall anything contained in this chapter be construed to prevent a member of the Legislature from receiving, while serving in the Legislature, an annuity for non-legislative service.
(h) No provision of this chapter or any other act relating to automatic separation from the service shall be applicable to a member of the Legislature.
(i) As used in this section, the term “Legislature” means the 26th Legislature of the Virgin Islands and all succeeding legislatures.
(j) In no case shall service other than as a member of the Legislature be considered service for purposes of this section, nor shall service as a member of the Legislature be considered service for any purpose other than as specified in this section.
(k) The provisions of this section with respect to conditions governing membership in the system, rates of contribution, conditions of retirement and rates of annuity, as prescribed by this Act, shall apply fully to all members of the Legislature in service on the date of enactment of this Act, and to those who become members of the Legislature thereafter. All other sections of this chapter to the extent that they confer additional rights or benefits in the System to participants therein, apply with equal force to members of the Legislature who are members of the System, as of the date of enactment of this Act, to the same extent as in the case of all other employee participants and their beneficiaries, and other provisions of this chapter to the contrary notwithstanding.
(l) In the computation of total credit for prior service or membership service, nine months or more of service constitute one year of service; six to eight months inclusive, constitute three quarters of a year; three to five months inclusive, constitute one half of a year; less than three months constitute one quarter of a year. Not more than one year service credit may be granted for all service rendered during a fiscal year. Fifteen days or more of service during any month constitute a month of service; five to fourteen days inclusive constitute one half of a month; less than five days inclusive constitute one quarter of a month.