{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/51.1-602.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/51.1-602.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/51.1-602.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/51.1-602.html"}],"law_id":71102,"edition_id":1,"section_id":71102,"structure_id":14431,"section_number":"51.1-602","catch_line":"Deferred compensation plan for employees of the Commonwealth; administered by the Board","history":"1974, c. 461, \u00a7 51-111.67:17; 1984, cc. 662, 746; 1985, c. 448; 1987, c. 619; 1990, c. 832; 1992, c. 276; 1997, c. 174; 1998, c. 658; 2000, c. 395; 2004, c. 86; 2008, c. 245.","full_text":"A\n\nThe Board shall establish and administer a deferred compensation plan for employees of the Commonwealth and its agencies. The Virginia Retirement System Director shall be the chief administrative officer of the plan. The Board may contract with private corporations or institutions subject to the standards set forth in § 51.1-124.30 to provide investment products as well as any other goods and services related to the administration of the deferred compensation plan. The Virginia Retirement System is hereby authorized to perform related services including, but not limited to, providing consolidated billing, individual and collective record keeping and accountings, and asset purchase, control, and safekeeping. In accordance with such plan, and upon contract or agreement with an eligible employee, deferrals of compensation may be accomplished by payroll deductions made by the appropriate officer of the Commonwealth, with such funds being thereafter held and administered in accordance with the plan. Administrative fees related to the VRS program oversight that otherwise would be charged to an employee participating in the plan shall be paid by the participating employer under procedures established by the Board. Any political subdivision participating in the plan pursuant to § 51.1-603.1 may collect the administrative fee imposed by the Virginia Retirement System from employees participating in the plan.B\n\nIf it deems it advisable, the Board may create a trust or other special fund for the segregation of the funds or assets resulting from compensation deferred at the request of employees of the Commonwealth or its agencies and for the implementation of such program.C\n\nThe Department of Accounts shall be responsible for the (i) accounting and reconciliations associated with state employees’ contributions to the plan through payroll deductions and (ii) timely transfer of withheld funds to the private corporation or institution designated by the Board pursuant to subsection A. However, any state agency that has decentralized its payroll function and any political subdivision of the Commonwealth participating in the plan pursuant to § 51.1-603.1 shall be responsible for the (i) accounting and reconciliations associated with their employees’ contributions to the plan through payroll deductions and (ii) timely transfer of withheld funds to the private corporation or institution designated by the Board pursuant to subsection A.","order_by":null,"text":{"0":{"id":256377,"text":"The Board shall establish and administer a deferred compensation plan for employees of the Commonwealth and its agencies. The Virginia Retirement System Director shall be the chief administrative officer of the plan. The Board may contract with private corporations or institutions subject to the standards set forth in § 51.1-124.30 to provide investment products as well as any other goods and services related to the administration of the deferred compensation plan. The Virginia Retirement System is hereby authorized to perform related services including, but not limited to, providing consolidated billing, individual and collective record keeping and accountings, and asset purchase, control, and safekeeping. In accordance with such plan, and upon contract or agreement with an eligible employee, deferrals of compensation may be accomplished by payroll deductions made by the appropriate officer of the Commonwealth, with such funds being thereafter held and administered in accordance with the plan. Administrative fees related to the VRS program oversight that otherwise would be charged to an employee participating in the plan shall be paid by the participating employer under procedures established by the Board. Any political subdivision participating in the plan pursuant to § 51.1-603.1 may collect the administrative fee imposed by the Virginia Retirement System from employees participating in the plan.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":256378,"text":"If it deems it advisable, the Board may create a trust or other special fund for the segregation of the funds or assets resulting from compensation deferred at the request of employees of the Commonwealth or its agencies and for the implementation of such program.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":256379,"text":"The Department of Accounts shall be responsible for the (i) accounting and reconciliations associated with state employees’ contributions to the plan through payroll deductions and (ii) timely transfer of withheld funds to the private corporation or institution designated by the Board pursuant to subsection A. However, any state agency that has decentralized its payroll function and any political subdivision of the Commonwealth participating in the plan pursuant to § 51.1-603.1 shall be responsible for the (i) accounting and reconciliations associated with their employees’ contributions to the plan through payroll deductions and (ii) timely transfer of withheld funds to the private corporation or institution designated by the Board pursuant to subsection A.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14431,"edition_id":1,"name":"Government Employees Deferred Compensation Plan Act","identifier":"6","label":"chapter","depth":2,"order_by":1,"parent_id":12947,"metadata":{},"date_created":"2026-06-26 03:48:07","date_modified":"2026-06-26 03:48:07","permalink":{"id":236167,"object_type":"structure","relational_id":14431,"identifier":"6","token":"51.1\/6","url":"\/51.1\/6\/","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":68128,"structure_id":14431,"section_number":"51.1-600","catch_line":"Definitions","url":"\/51.1-600\/","token":"51.1\/6\/51.1-600","metadata":false},{"id":56583,"structure_id":14431,"section_number":"51.1-601","catch_line":"Contract for deferred compensation","url":"\/51.1-601\/","token":"51.1\/6\/51.1-601","metadata":false},{"id":79557,"structure_id":14431,"section_number":"51.1-601.1","catch_line":"Participation in plan by certain employees","url":"\/51.1-601.1\/","token":"51.1\/6\/51.1-601.1","metadata":false},{"id":71102,"structure_id":14431,"section_number":"51.1-602","catch_line":"Deferred compensation plan for employees of the Commonwealth; administered by the Board","url":"\/51.1-602\/","token":"51.1\/6\/51.1-602","metadata":false},{"id":57693,"structure_id":14431,"section_number":"51.1-603","catch_line":"Local deferred compensation plans","url":"\/51.1-603\/","token":"51.1\/6\/51.1-603","metadata":false},{"id":68801,"structure_id":14431,"section_number":"51.1-603.1","catch_line":"Participation by employees of political subdivisions in deferred compensation plan of Virginia Retirement System","url":"\/51.1-603.1\/","token":"51.1\/6\/51.1-603.1","metadata":false},{"id":55794,"structure_id":14431,"section_number":"51.1-604","catch_line":"Standards for deferred compensation plans","url":"\/51.1-604\/","token":"51.1\/6\/51.1-604","metadata":false},{"id":82779,"structure_id":14431,"section_number":"51.1-605","catch_line":"Other retirement, pension, etc., systems not affected; annual report","url":"\/51.1-605\/","token":"51.1\/6\/51.1-605","metadata":false},{"id":61761,"structure_id":14431,"section_number":"51.1-606","catch_line":"Repealed","url":"\/51.1-606\/","token":"51.1\/6\/51.1-606","metadata":false}],"previous_section":{"id":79557,"structure_id":14431,"section_number":"51.1-601.1","catch_line":"Participation in plan by certain employees","url":"\/51.1-601.1\/","token":"51.1\/6\/51.1-601.1","metadata":false},"next_section":{"id":57693,"structure_id":14431,"section_number":"51.1-603","catch_line":"Local deferred compensation plans","url":"\/51.1-603\/","token":"51.1\/6\/51.1-603","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/51.1-602\/","history_text":"

This law was first created in 1974. The record of its establishment is cataloged in chapter 461 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 1974 \u201cActs\u201d aren\u2019t available online. It has been modified 10 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 1984, chapters 662 and 746; in 1985, chapter 448; in 1987, chapter 619; in 1990, chapter 832; in 1992, chapter 276; in 1997, chapter 174<\/a>; in 1998, chapter 658<\/a>; in 2000, chapter 395<\/a>; in 2004, chapter 86<\/a>; in 2008, chapter 245<\/a>.<\/p>","references":[{"id":62951,"section_number":"51.1-145","catch_line":"Employer contributions","order_by":null,"url":"\/51.1-145\/"},{"id":83100,"section_number":"51.1-169","catch_line":"Hybrid retirement program","order_by":null,"url":"\/51.1-169\/"},{"id":68128,"section_number":"51.1-600","catch_line":"Definitions","order_by":null,"url":"\/51.1-600\/"},{"id":79557,"section_number":"51.1-601.1","catch_line":"Participation in plan by certain employees","order_by":null,"url":"\/51.1-601.1\/"},{"id":68801,"section_number":"51.1-603.1","catch_line":"Participation by employees of political subdivisions in deferred compensation plan of Virginia Retirement System","order_by":null,"url":"\/51.1-603.1\/"}],"refers_to":[{"id":84073,"section_number":"51.1-124.30","catch_line":"Board as trustee of funds; investments; standard of care; liability for losses","order_by":null,"url":"\/51.1-124.30\/"},{"id":68801,"section_number":"51.1-603.1","catch_line":"Participation by employees of political subdivisions in deferred compensation plan of Virginia Retirement System","order_by":null,"url":"\/51.1-603.1\/"}],"permalink":{"id":236181,"object_type":"law","relational_id":71102,"identifier":"51.1-602","token":"51.1\/6\/51.1-602","url":"\/51.1-602\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/51.1-602\/","token":"51.1\/6\/51.1-602","dublin_core":{"Title":"Deferred compensation plan for employees of the Commonwealth; administered by the Board","Type":"Text","Format":"text\/html","Identifier":"\u00a7 51.1-602","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Board<\/span> shall establish and administer a deferred compensation plan<\/span> for employees of the Commonwealth and its agencies. The Virginia Retirement System Director shall be the chief administrative officer of the plan. The Board<\/span> may contract<\/span> with private corporations or institutions subject to the standards set forth in § 51.1-124.30<\/a> to provide investment products as well as any other goods and services related to the administration of the deferred compensation plan<\/span>. The Virginia Retirement System is hereby authorized to perform related services including, but not limited to, providing consolidated billing, individual and collective record keeping and accountings, and asset purchase, control, and safekeeping. In accordance with such plan, and upon contract<\/span> or agreement with an eligible employee, deferrals of compensation may be accomplished by payroll deductions made by the appropriate officer of the Commonwealth, with such funds being thereafter held and administered in accordance with the plan. Administrative fees related to the VRS program oversight that otherwise would be charged to an employee participating in the plan shall be paid by the participating employer<\/span> under procedures established by the Board<\/span>. Any political subdivision participating in the plan pursuant to § 51.1-603.1<\/a> may collect the administrative fee imposed by the Virginia Retirement System from employees participating in the plan. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If it deems it advisable, the Board<\/span> may create a trust or other special fund for the segregation of the funds or assets<\/span> resulting from compensation deferred at the request of employees of the Commonwealth or its agencies and for the implementation of such program. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Department of Accounts shall be responsible for the (i) accounting and reconciliations associated with state employees’ contributions to the plan through payroll deductions and (ii) timely transfer of withheld funds to the private corporation or institution designated by the Board<\/span> pursuant to subsection A. However, any state agency that has decentralized its payroll function and any political subdivision of the Commonwealth participating in the plan pursuant to § 51.1-603.1<\/a> shall be responsible for the (i) accounting and reconciliations associated with their employees’ contributions to the plan through payroll deductions and (ii) timely transfer of withheld funds to the private corporation or institution designated by the Board<\/span> pursuant to subsection A. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFERRED COMPENSATION PLAN FOR EMPLOYEES OF THE COMMONWEALTH; ADMINISTERED BY\nTHE BOARD (\u00a7 51.1-602)\n\nA. The Board shall establish and administer a deferred compensation plan for\nemployees of the Commonwealth and its agencies. The Virginia Retirement System\nDirector shall be the chief administrative officer of the plan. The Board may\ncontract with private corporations or institutions subject to the standards set\nforth in § 51.1-124.30 to provide investment products as well as any other\ngoods and services related to the administration of the deferred compensation\nplan. The Virginia Retirement System is hereby authorized to perform related\nservices including, but not limited to, providing consolidated billing,\nindividual and collective record keeping and accountings, and asset purchase,\ncontrol, and safekeeping. In accordance with such plan, and upon contract or\nagreement with an eligible employee, deferrals of compensation may be\naccomplished by payroll deductions made by the appropriate officer of the\nCommonwealth, with such funds being thereafter held and administered in\naccordance with the plan. Administrative fees related to the VRS program\noversight that otherwise would be charged to an employee participating in the\nplan shall be paid by the participating employer under procedures established by\nthe Board. Any political subdivision participating in the plan pursuant to\n§ 51.1-603.1 may collect the administrative fee imposed by the Virginia\nRetirement System from employees participating in the plan.\n\nB. If it deems it advisable, the Board may create a trust or other special fund\nfor the segregation of the funds or assets resulting from compensation deferred\nat the request of employees of the Commonwealth or its agencies and for the\nimplementation of such program.\n\nC. The Department of Accounts shall be responsible for the (i) accounting and\nreconciliations associated with state employees’ contributions to the plan\nthrough payroll deductions and (ii) timely transfer of withheld funds to the\nprivate corporation or institution designated by the Board pursuant to\nsubsection A. However, any state agency that has decentralized its payroll\nfunction and any political subdivision of the Commonwealth participating in the\nplan pursuant to § 51.1-603.1 shall be responsible for the (i) accounting\nand reconciliations associated with their employees’ contributions to the\nplan through payroll deductions and (ii) timely transfer of withheld funds to\nthe private corporation or institution designated by the Board pursuant to\nsubsection A.\n\nHISTORY: 1974, c. 461, \u00a7 51-111.67:17; 1984, cc. 662, 746; 1985, c. 448; 1987,\nc. 619; 1990, c. 832; 1992, c. 276; 1997, c. 174; 1998, c. 658; 2000, c. 395;\n2004, c. 86; 2008, c. 245.","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}}