West Virginia Code 5-10B-11 – Deferred Compensation Administrative Account
Current as of: 2023 | Check for updates
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The Deferred Compensation Administrative Account is created in the accounts of the Treasurer for the purposes of implementing, operating and maintaining the trust and plan. The account shall receive all fees charged and collected by the Treasurer under this article.
Terms Used In West Virginia Code 5-10B-11
- Deferred compensation: means the income and earnings on that income an employee may legally defer for personal income tax purposes pursuant to the Internal Revenue Code until distribution. See West Virginia Code 5-10B-2
- plan: means a trust whereby the state employer or a public employer agrees with an employee for the voluntary reduction in employee compensation for the payment of benefits by the state employer or the public employer to the employee at a later date pursuant to this article and the federal laws and regulations relating to eligible state deferred compensation plans as described in Section 457 of the Internal Revenue Code. See West Virginia Code 5-10B-2
- Treasurer: means the state Treasurer. See West Virginia Code 5-10B-2
- trust: means the fund in which deferred amounts and investment income of participating employees are held. See West Virginia Code 5-10B-2