{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/51.1-124.33.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/51.1-124.33.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/51.1-124.33.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/51.1-124.33.html"}],"law_id":87307,"edition_id":1,"section_id":87307,"structure_id":14014,"section_number":"51.1-124.33","catch_line":"Deposit of trust funds not an investment; authorized deposits","history":"1980, c. 596, \u00a7 51-111.24:4; 1990, cc. 3, 832, \u00a7 51.1-122; 1994, cc. 4, 85.","full_text":"The Board may authorize the deposit of trust funds in interest-bearing time deposits and certificates of deposit of national banks located within the Commonwealth, of banks organized pursuant to Chapter 8 (\u00a7 6.2-800 et seq.) of Title 6.2, of savings institutions which are under state supervision, and of federal associations located in this Commonwealth and organized under the laws of the United States and under federal supervision and federally insured. Such deposits shall not be considered the investment of trust funds for the purposes of this chapter. Deposit of the funds in demand and time deposits and in certificates of deposit of national banks located within this Commonwealth and of banks organized pursuant to the Virginia Banking Act is hereby authorized, provided that the deposits are secured as provided by law and that no deposit is made for any one period in excess of one year. Deposit of trust funds in savings accounts and certificates of savings institutions which are under state supervision and of federal associations located in this Commonwealth and organized under the laws of the United States and under federal supervision is hereby authorized. Such deposits shall not exceed the amount insured by the Federal Deposit Insurance Corporation or other federal insurance agency, unless deposits in excess of the amount insured are fully collateralized by eligible collateral as defined in \u00a7 2.2-4401. No such deposit shall be made for any one period in excess of one year.","order_by":null,"text":{"0":{"id":312666,"text":"The Board may authorize the deposit of trust funds in interest-bearing time deposits and certificates of deposit of national banks located within the Commonwealth, of banks organized pursuant to Chapter 8 (\u00a7 6.2-800 et seq.) of Title 6.2, of savings institutions which are under state supervision, and of federal associations located in this Commonwealth and organized under the laws of the United States and under federal supervision and federally insured. Such deposits shall not be considered the investment of trust funds for the purposes of this chapter. Deposit of the funds in demand and time deposits and in certificates of deposit of national banks located within this Commonwealth and of banks organized pursuant to the Virginia Banking Act is hereby authorized, provided that the deposits are secured as provided by law and that no deposit is made for any one period in excess of one year. Deposit of trust funds in savings accounts and certificates of savings institutions which are under state supervision and of federal associations located in this Commonwealth and organized under the laws of the United States and under federal supervision is hereby authorized. Such deposits shall not exceed the amount insured by the Federal Deposit Insurance Corporation or other federal insurance agency, unless deposits in excess of the amount insured are fully collateralized by eligible collateral as defined in \u00a7 2.2-4401. No such deposit shall be made for any one period in excess of one year.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14014,"edition_id":1,"name":"Investments","identifier":"3.1","label":"article","depth":3,"order_by":1,"parent_id":13056,"metadata":{},"date_created":"2026-06-26 03:46:36","date_modified":"2026-06-26 03:46:36","permalink":{"id":235139,"object_type":"structure","relational_id":14014,"identifier":"3.1","token":"51.1\/1\/3.1","url":"\/51.1\/1\/3.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13056,"edition_id":1,"name":"Virginia Retirement System","identifier":"1","label":"chapter","depth":2,"order_by":1,"parent_id":12947,"metadata":{},"date_created":"2026-06-26 03:44:11","date_modified":"2026-06-26 03:44:11","permalink":{"id":235031,"object_type":"structure","relational_id":13056,"identifier":"1","token":"51.1\/1","url":"\/51.1\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12947,"edition_id":1,"name":"Pensions, Benefits, and Retirement","identifier":"51.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:04","date_modified":"2026-06-26 03:44:04","permalink":{"id":235029,"object_type":"structure","relational_id":12947,"identifier":"51.1","token":"51.1","url":"\/51.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":84073,"structure_id":14014,"section_number":"51.1-124.30","catch_line":"Board as trustee of funds; investments; standard of care; liability for losses","url":"\/51.1-124.30\/","token":"51.1\/1\/3.1\/51.1-124.30","metadata":false},{"id":83324,"structure_id":14014,"section_number":"51.1-124.30:1","catch_line":"Adoption of stress testing and reporting policies","url":"\/51.1-124.30_1\/","token":"51.1\/1\/3.1\/51.1-124.30_1","metadata":false},{"id":62938,"structure_id":14014,"section_number":"51.1-124.31","catch_line":"Pooling of assets for investment","url":"\/51.1-124.31\/","token":"51.1\/1\/3.1\/51.1-124.31","metadata":false},{"id":55103,"structure_id":14014,"section_number":"51.1-124.32","catch_line":"Exemption from Public Procurement Act","url":"\/51.1-124.32\/","token":"51.1\/1\/3.1\/51.1-124.32","metadata":false},{"id":87307,"structure_id":14014,"section_number":"51.1-124.33","catch_line":"Deposit of trust funds not an investment; authorized deposits","url":"\/51.1-124.33\/","token":"51.1\/1\/3.1\/51.1-124.33","metadata":false},{"id":68643,"structure_id":14014,"section_number":"51.1-124.34","catch_line":"Retention of investments that become ineligible","url":"\/51.1-124.34\/","token":"51.1\/1\/3.1\/51.1-124.34","metadata":false},{"id":74070,"structure_id":14014,"section_number":"51.1-124.35","catch_line":"Investment provisions exclusive","url":"\/51.1-124.35\/","token":"51.1\/1\/3.1\/51.1-124.35","metadata":false},{"id":66913,"structure_id":14014,"section_number":"51.1-124.36","catch_line":"Investment of assets of the Commonwealth Health Research Fund","url":"\/51.1-124.36\/","token":"51.1\/1\/3.1\/51.1-124.36","metadata":false},{"id":72241,"structure_id":14014,"section_number":"51.1-124.37","catch_line":"Investment of assets of the Commonwealth's Attorneys Training Fund","url":"\/51.1-124.37\/","token":"51.1\/1\/3.1\/51.1-124.37","metadata":false},{"id":57703,"structure_id":14014,"section_number":"51.1-124.38","catch_line":"Repealed","url":"\/51.1-124.38\/","token":"51.1\/1\/3.1\/51.1-124.38","metadata":false},{"id":59752,"structure_id":14014,"section_number":"51.1-124.39","catch_line":"Investment of assets of the Line of Duty Death and Health Benefits Trust Fund","url":"\/51.1-124.39\/","token":"51.1\/1\/3.1\/51.1-124.39","metadata":false},{"id":67951,"structure_id":14014,"section_number":"51.1-124.40","catch_line":"Investment of assets of the Opioid Abatement Fund","url":"\/51.1-124.40\/","token":"51.1\/1\/3.1\/51.1-124.40","metadata":false}],"previous_section":{"id":55103,"structure_id":14014,"section_number":"51.1-124.32","catch_line":"Exemption from Public Procurement Act","url":"\/51.1-124.32\/","token":"51.1\/1\/3.1\/51.1-124.32","metadata":false},"next_section":{"id":68643,"structure_id":14014,"section_number":"51.1-124.34","catch_line":"Retention of investments that become ineligible","url":"\/51.1-124.34\/","token":"51.1\/1\/3.1\/51.1-124.34","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/51.1-124.33\/","history_text":"

This law was first created in 1980. The record of its establishment is cataloged in chapter 596 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1980 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1990, chapters 3 and 832; in 1994, chapters 4<\/a> and 85<\/a>.<\/p>","references":[{"id":66913,"section_number":"51.1-124.36","catch_line":"Investment of assets of the Commonwealth Health Research Fund","order_by":null,"url":"\/51.1-124.36\/"},{"id":72241,"section_number":"51.1-124.37","catch_line":"Investment of assets of the Commonwealth's Attorneys Training Fund","order_by":null,"url":"\/51.1-124.37\/"}],"refers_to":[{"id":63362,"section_number":"2.2-4401","catch_line":"Definitions","order_by":null,"url":"\/2.2-4401\/"},{"id":86656,"section_number":"6.2-800","catch_line":"Definitions","order_by":null,"url":"\/6.2-800\/"}],"permalink":{"id":235157,"object_type":"law","relational_id":87307,"identifier":"51.1-124.33","token":"51.1\/1\/3.1\/51.1-124.33","url":"\/51.1-124.33\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/51.1-124.33\/","token":"51.1\/1\/3.1\/51.1-124.33","dublin_core":{"Title":"Deposit of trust funds not an investment; authorized deposits","Type":"Text","Format":"text\/html","Identifier":"\u00a7 51.1-124.33","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Board<\/span> may authorize the deposit of trust funds in interest-bearing time deposits and certificates of deposit of national banks located within the Commonwealth, of banks organized pursuant to Chapter 8 (\u00a7 6.2-800<\/a> et seq.) of Title 6.2, of savings institutions which are under state supervision, and of federal associations located in this Commonwealth and organized under the laws<\/span> of the United States and under federal supervision and federally insured. Such deposits shall not be considered the investment of trust funds for the purposes of this chapter. Deposit of the funds in demand and time deposits and in certificates of deposit of national banks located within this Commonwealth and of banks organized pursuant to the Virginia Banking Act is hereby authorized, provided that the deposits are secured as provided by law<\/span> and that no deposit is made for any one period in excess of one year. Deposit of trust funds in savings accounts and certificates of savings institutions which are under state supervision and of federal associations located in this Commonwealth and organized under the laws<\/span> of the United States and under federal supervision is hereby authorized. Such deposits shall not exceed the amount insured by the Federal Deposit Insurance Corporation or other federal insurance agency, unless deposits in excess of the amount insured are fully collateralized by eligible collateral<\/span> as defined in \u00a7 2.2-4401<\/a>. No such deposit shall be made for any one period in excess of one year.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEPOSIT OF TRUST FUNDS NOT AN INVESTMENT; AUTHORIZED DEPOSITS (\u00a7 51.1-124.33)\n\nThe Board may authorize the deposit of trust funds in interest-bearing time\ndeposits and certificates of deposit of national banks located within the\nCommonwealth, of banks organized pursuant to Chapter 8 (\u00a7 6.2-800 et seq.) of\nTitle 6.2, of savings institutions which are under state supervision, and of\nfederal associations located in this Commonwealth and organized under the laws\nof the United States and under federal supervision and federally insured. Such\ndeposits shall not be considered the investment of trust funds for the purposes\nof this chapter. Deposit of the funds in demand and time deposits and in\ncertificates of deposit of national banks located within this Commonwealth and\nof banks organized pursuant to the Virginia Banking Act is hereby authorized,\nprovided that the deposits are secured as provided by law and that no deposit is\nmade for any one period in excess of one year. Deposit of trust funds in savings\naccounts and certificates of savings institutions which are under state\nsupervision and of federal associations located in this Commonwealth and\norganized under the laws of the United States and under federal supervision is\nhereby authorized. Such deposits shall not exceed the amount insured by the\nFederal Deposit Insurance Corporation or other federal insurance agency, unless\ndeposits in excess of the amount insured are fully collateralized by eligible\ncollateral as defined in \u00a7 2.2-4401. No such deposit shall be made for any one\nperiod in excess of one year.\n\nHISTORY: 1980, c. 596, \u00a7 51-111.24:4; 1990, cc. 3, 832, \u00a7 51.1-122; 1994, cc.\n4, 85.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}