Virginia Code Title 51.1. Pensions, Benefits, and Retirement § 51.1-505.01. Additional accidental death and dismemberment benefits

1. If an insured employee dies or suffers a dismemberment as a result of an accident caused by a felonious assault committed by other than an immediate family member, there shall be paid an additional accidental death or dismemberment benefit equal to the lesser of 25 percent of the amount otherwise payable due to such accidental death or dismemberment or $50,000.

2. In addition, if (i) an insured employee dies as a result of an accident caused by a felonious assault committed by other than an immediate family member, and (ii) such insured employee has a qualifying child at the time of such accident, a college savings trust account under the Commonwealth Savers Plan (§ 23.1-700 et seq.) shall be opened for each qualifying child. The Retirement System shall be the contributor of any such account and shall contribute into the account of each such qualifying child an amount approximately equal to the current average cost, as published by the State Council of Higher Education for Virginia, of four years of tuition and mandatory fees at baccalaureate public institutions of higher education in the Commonwealth. The qualified beneficiary, as defined in § 23.1-700, shall be the qualifying child on whose behalf such account was opened. Specific benefits of the college savings trust account shall be as defined by the Commonwealth Savers Plan.

Disbursements from a college savings trust account opened under this section shall be governed by procedures adopted by the Board of Trustees of the Virginia Retirement System in accordance with § 529 of the Internal Revenue Code of 1986, as amended, or other applicable federal law, and any other additional procedures as determined by the Board of the Commonwealth Savers Plan. College savings trust account funds shall be payable only for qualified higher education expenses to a post-secondary eligible educational institution. Any funds in a college savings trust account that are not used by a qualifying child before the expiration of the time period for the use of such funds, as determined by the Commonwealth Savers Plan, shall be paid to the Retirement System promptly after the expiration of such period.