(a) A second tier retirement benefits program is established for officials and employees of the Government of the Virgin Islands and for their dependents and beneficiaries, for the payment of retirement annuities, disability annuities, and other benefits as provided herein to the officials and employees, and to their dependents and beneficiaries.
(b) The second tier program is established to establish retirement benefits for the same purpose as stated in section 701(b) for employees who become members of the System on or after October 1, 2005.
(c) The second tier program established under this chapter shall be subject to the control of the GERS Board of Trustees, and shall be known and designated as the Tier II Retirement Benefits Program.
(d) The Tier II Retirement Benefits Program is effective thirty days after the enactment of this chapter at which time employees and employers contributions shall begin. The date shall be known as the “date of establishment”. Retirement, disability, death benefit, and all other payments by the system shall begin to accrue from the date of establishment.
(e) All provisions of chapter 27 are applicable to this chapter, except to the extent provided otherwise in this chapter.
(f) No judgment may be rendered against the System in excess of $75,000 in any suit or action against the System with respect to any injury to or loss of property or personal injury or death that:(1) is caused by the negligent or wrongful act or omission of an employee of the System while acting within the scope of the employee’s employment under circumstances where the System, if a private person, would be liable to the claimant in accordance with the law of the place where the act or omission occurred; or(2) occurs in connection with the use of the System’s facilities.
(1) is caused by the negligent or wrongful act or omission of an employee of the System while acting within the scope of the employee’s employment under circumstances where the System, if a private person, would be liable to the claimant in accordance with the law of the place where the act or omission occurred; or
(2) occurs in connection with the use of the System’s facilities.