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1997 SESSION

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HB 1683 Retirement System; deferred compensation plans.

Introduced by: W. Tayloe Murphy, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Retirement System; deferred compensation plans. Amends language implementing the deferred compensation plan to reflect current practices in administering the plan at VRS and the Department of Accounts, including the recent privatization of some of DOA's functions to a third-party administrator. To permit compliance with new Internal Revenue Code § 457 (g), the bill also authorizes any county, municipality, authority, or other political subdivision of the Commonwealth which adopts and establishes its own deferred compensation plan to create a trust or other special fund for segregating the funds or assets resulting from compensation deferred at the request of its employees for the implementation of such plan. The bill also authorizes VRS to enter into an agreement with any political subdivision of the Commonwealth to permit participation by the political subdivision's employees in the deferred compensation plan established and administered by the VRS Board.


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