Virginia Code 51.1-1302: Local benefit restoration plans
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The governing body of any county, municipality, authority or other political subdivision of the Commonwealth that does not participate in the retirement system or that maintains a plan that provides supplemental benefits to employees covered by the retirement system may, by ordinance or by resolution adopted by a recorded majority of the members of such governing body, establish for itself and its employees a benefit restoration plan established under § 415 (m) of the Internal Revenue Code and, if it deems it advisable, may create a trust or other special fund for segregation of funds or assets relating to such plan.
Terms Used In Virginia Code 51.1-1302
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Retirement System: means the Virginia Retirement System. See Virginia Code 51.1-1300