VIRGINIA LAW PORTAL

• Code of Virginia
• Virginia Administrative Code
• Constitution of Virginia
• Charters
• Authorities
• Compacts
• Uncodified Acts
• RIS Users (account required)

SEARCHABLE DATABASES

• Bills & Resolutions
  session legislation
• Bill Summaries
  session summaries
• Reports to the General Assembly
  House and Senate documents
• Legislative Liaisons
  State agency contacts

ACROSS SESSIONS

• Subject Index: Since 1995
• Bills & Resolutions: Since 1994
• Summaries: Since 1994

Developed and maintained by the Division of Legislative Automated Systems.

2000 SESSION

• history | hilite | pdf | print version

008697660
HOUSE BILL NO. 256 Offered January 12, 2000 A BILL to amend and reenact § 51.1-606 of the Code of Virginia, relating to the deferred compensation plan for government employees. ----------
Patrons-- Callahan, Barlow, Baskerville, Cox, Darner, Dickinson, Dillard, Hamilton, Ingram, Orrock, Phillips, Thomas and Watts; Senators: Edwards, Miller, Y.B., Norment and Puckett
---------- Referred to Committee on Appropriations ----------

Be it enacted by the General Assembly of Virginia:

1. That § 51.1-606 of the Code of Virginia is amended and reenacted as follows:

§ 51.1-606. Contribution to qualified participants.

A. A participating employer or, on behalf of the Commonwealth, the Department of Accounts or any agency of the Commonwealth not covered under the central payroll system, shall transfer funds from its appropriations to the private corporation or institution designated to hold investments under the plan or plans adopted or established by the participating employer pursuant to § 401 (a) or § 403 (b) of the Internal Revenue Code of 1986, as amended. The funds shall be held, administered and invested as provided for in the applicable document adopted for the administration of such contributions.

B. The amount credited on behalf of a qualified participant pursuant to this section shall not exceed, on a semimonthly basis, the lesser of fifty dollars or fifty percent of the amount that the qualified participant voluntarily contributes to the deferred compensation plan established under this chapter or to a plan established pursuant to § 403 (b) of the Internal Revenue Code of 1986, as amended.

C. The Board or any participating employer shall have the authority to establish a plan pursuant to § 401 (a) or § 403 (b) of the Internal Revenue Code of 1986, as amended, for the purpose of implementation of this section.

D. With respect to teachers as defined in § 51.1-124.3, the Commonwealth shall make transfers and credits authorized under subsections A and B of this section from its appropriations on the same basis as is appropriated, from time to time, for employees of the Commonwealth.

2. That this act shall become effective on January 1, 2001.