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2001 SESSION

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015456744
HOUSE BILL NO. 2822 Offered January 19, 2001 A BILL to amend and reenact § 22.1-116 of the Code of Virginia, relating to school board transfer of funds designated by teachers for tax-sheltered annuities. ---------- Patrons-- Grayson; Senator: Norment ---------- Referred to Committee on Education ----------

Be it enacted by the General Assembly of Virginia:

1. That § 22.1-116 of the Code of Virginia is amended and reenacted as follows:

§ 22.1-116. How and by whom funds for school division kept and disbursed.

A. The treasurer or comparable officer of each county, city or part thereof constituting a school division or town, if the town constitutes the school division, shall be charged with the responsibility for the receipt, custody and disbursement of the funds of the school board and shall keep such funds in an account or accounts separate and distinct from all other funds.

B. Such treasurer or comparable officer shall provide for the transfer of funds designated by licensed instructional and administrative employees for tax-sheltered annuities, including, but not limited to, any local deferred compensation plan created pursuant to § 51.1-603, to occur within twenty-four hours of the established employee salary payment date.