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2005 SESSION
SB 786 Retirement System; liability of Board of Trustees.
Introduced by: Walter A. Stosch | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Virginia Retirement System; liability of Board of Trustees. Provides that, in the case of an automatic rollover of a mandatory cash-out pursuant to § 401 of the Internal Revenue Code, the Board of Trustees shall not be liable for any loss resulting from the Board's selection of an individual retirement plan provider and investment product where the selection is made in accordance with guidelines to be adopted by the Board that are similar to the safe harbor guidelines adopted by the United States Department of Labor for such purpose.
SUMMARY AS INTRODUCED:
Virginia Retirement System, liability of Board of Trustees. Provides that, in the case of an automatic rollover of a mandatory cash-out pursuant to § 401 of the Internal Revenue Code, the Board of Trustees shall not be liable for any loss resulting from the Board's selection of an individual retirement plan provider and investment product where the selection is made in accordance with guidelines to be adopted by the Board that are similar to the safe harbor guidelines adopted by the United States Department of Labor for such purpose.