Virginia Code 51.1-601: Contract for deferred compensation
In accordance with a plan of deferred compensation, the Commonwealth, or any state agency, county, municipality, authority, or other political subdivision may contract with any employee to defer all or any portion of that employee’s otherwise payable compensation and, pursuant to the terms of the plan and in such proportions as may be designated or directed under the plan, place such deferred compensation in investment products selected by the Commonwealth and its agencies, county, municipality, authority, or other political subdivision. All investment products shall be offered in compliance with applicable federal and state laws and regulations by persons who are duly authorized by applicable state and federal authorities.
Terms Used In Virginia Code 51.1-601
- Contract: A legal written agreement that becomes binding when signed.
- Employee: means , in the case of the plan described in § 51. See Virginia Code 51.1-600
- state agency: means the same as that term is defined in § 2. See Virginia Code 1-206
1974, c. 461, § 51-111.67:16; 1987, c. 619; 1990, c. 832; 1992, c. 276; 2002, c. 311; 2007, c. 253.