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1999 SESSION

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992653416
HOUSE BILL NO. 1756 Offered January 13, 1999 A BILL to amend and reenact § 51.1-600 of the Code of Virginia and to amend the Code of Virginia by adding in Chapter 6 of Title 51.1 a section numbered 51.1-606, relating to deferred compensation plans. ---------- Patron-- Putney ---------- Referred to Committee on Appropriations ----------

Be it enacted by the General Assembly of Virginia:

1. That § 51.1-600 of the Code of Virginia is amended and reenacted, and that the Code of Virginia is amended by adding in Chapter 6 of Title 51.1 a section numbered 51.1-606 as follows:

§ 51.1-600. Definitions.

As used in this chapter, unless the context requires a different meaning:

"Act" means the Government Employees Deferred Compensation Plan Act.

"Board" means the Board of Trustees of the Virginia Retirement System.

“Deferred compensation plan” means a plan which allows an employee to elect to defer some portion of income until some stated time in the future; provides that the federal income tax on such income will be deferred until the actual receipt of such income; and is established pursuant to the provisions of § 401(a) of the Internal Revenue Code.

"Employee" means any salaried person, including appointed or elected officials, providing services for the Commonwealth, state agencies, counties, municipalities, or other political subdivisions.

“Qualified participant” means an employee of the Commonwealth with at least twelve consecutive months of service who is making continuous deferrals of at least five dollars per pay period in a deferred compensation plan.

§ 51.1-606. Contribution to qualified participants.

The State Treasurer shall credit to the account of each qualified participant an amount equal to five dollars per pay period, or such other amount as appropriated by the General Assembly. In no event shall that amount deposited to the account of a qualified participant exceed the contributions of such qualified participant.

2. That the provisions of this act shall become effective on January 1, 2000.