Code of Virginia § 51.1-1302. Local benefit restoration plans.
111 words·~1 min read·
/va/title-51-1/chapter-13/51-1-1302A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.
2001, cc. 681 , 692 ; 2006, c. 307 .