Virginia Code 51.1-611: Participation by employees of political subdivisions in cash match plan of Virginia Retirement System
Current as of: 2023 | Check for updates
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The Virginia Retirement System may enter into an agreement with any political subdivision of the Commonwealth to permit participation by the political subdivision’s employees in the cash match plan established and administered by the Board pursuant to § 51.1-607, except that political subdivisions of the Commonwealth otherwise participating in the retirement system pursuant to Article 5 (§ 51.1-130 et seq.) of Chapter 1 shall participate in the cash match plan established and administered by the Board pursuant to § 51.1-608 to the extent necessary to provide benefits under the hybrid retirement program described in § 51.1-169.
Terms Used In Virginia Code 51.1-611
- Board: means the Board of Trustees of the Virginia Retirement System. See Virginia Code 51.1-607
- Cash match plan: means a plan established pursuant to the provisions of § 401 (a) of the Internal Revenue Code of 1986, as amended, to which a participating employer contributes based on contributions made by an employee to a deferred compensation plan or to a plan established pursuant to § 403 (b) of the Internal Revenue Code of 1986, as amended. See Virginia Code 51.1-607