{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/51.1-608.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/51.1-608.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/51.1-608.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/51.1-608.html"}],"law_id":70151,"edition_id":1,"section_id":70151,"structure_id":15827,"section_number":"51.1-608","catch_line":"Cash match plan for employees of the Commonwealth; administered by the Board","history":"2002, c. 311; 2006, c. 756; 2008, cc. 29, 245.","full_text":"A\n\nThe Board shall establish and administer a cash match 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 cash match plan. The Virginia Retirement System is hereby authorized to perform related services including, but not limited to, providing consolidated billing, individual and collective recordkeeping and accountings, and asset purchase, control, and safekeeping. Administrative fees related to the Virginia Retirement System Program oversight shall be paid by the participating employer under procedures established by the Board.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 contributions made on behalf of qualified participants.C\n\nThe Department of Accounts shall be responsible for the timely transfer of the matching contributions 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 § 51.1-611 shall be responsible for the timely transfer of matching contributions to the private corporation or institution designated by the Board pursuant to subsection A.D\n\nAlternatively, agencies of the Commonwealth that sponsor or maintain programs described in § 403 (b) of the Internal Revenue Code of 1986, as amended, may establish separate cash match plans with the consent of the Board in lieu of participation in the plan established pursuant to this section.","order_by":null,"text":{"0":{"id":253292,"text":"The Board shall establish and administer a cash match 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 cash match plan. The Virginia Retirement System is hereby authorized to perform related services including, but not limited to, providing consolidated billing, individual and collective recordkeeping and accountings, and asset purchase, control, and safekeeping. Administrative fees related to the Virginia Retirement System Program oversight shall be paid by the participating employer under procedures established by the Board.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":253293,"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 contributions made on behalf of qualified participants.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":253294,"text":"The Department of Accounts shall be responsible for the timely transfer of the matching contributions 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 § 51.1-611 shall be responsible for the timely transfer of matching contributions 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","next_prefix":"D"},"3":{"id":253295,"text":"Alternatively, agencies of the Commonwealth that sponsor or maintain programs described in § 403 (b) of the Internal Revenue Code of 1986, as amended, may establish separate cash match plans with the consent of the Board in lieu of participation in the plan established pursuant to this section.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":15827,"edition_id":1,"name":"Cash Match Plan","identifier":"6.1","label":"chapter","depth":2,"order_by":1,"parent_id":12947,"metadata":{},"date_created":"2026-06-26 04:00:14","date_modified":"2026-06-26 04:00:14","permalink":{"id":236205,"object_type":"structure","relational_id":15827,"identifier":"6.1","token":"51.1\/6.1","url":"\/51.1\/6.1\/","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":84500,"structure_id":15827,"section_number":"51.1-607","catch_line":"Definitions","url":"\/51.1-607\/","token":"51.1\/6.1\/51.1-607","metadata":false},{"id":70151,"structure_id":15827,"section_number":"51.1-608","catch_line":"Cash match plan for employees of the Commonwealth; administered by the Board","url":"\/51.1-608\/","token":"51.1\/6.1\/51.1-608","metadata":false},{"id":61074,"structure_id":15827,"section_number":"51.1-609","catch_line":"Contributions on behalf of qualified participants","url":"\/51.1-609\/","token":"51.1\/6.1\/51.1-609","metadata":false},{"id":61899,"structure_id":15827,"section_number":"51.1-610","catch_line":"Local cash match plans","url":"\/51.1-610\/","token":"51.1\/6.1\/51.1-610","metadata":false},{"id":73748,"structure_id":15827,"section_number":"51.1-611","catch_line":"Participation by employees of political subdivisions in cash match plan of Virginia Retirement System","url":"\/51.1-611\/","token":"51.1\/6.1\/51.1-611","metadata":false},{"id":69192,"structure_id":15827,"section_number":"51.1-612","catch_line":"Standards for cash match plans","url":"\/51.1-612\/","token":"51.1\/6.1\/51.1-612","metadata":false},{"id":72131,"structure_id":15827,"section_number":"51.1-613","catch_line":"Other retirement, pension, etc., systems not affected; annual report","url":"\/51.1-613\/","token":"51.1\/6.1\/51.1-613","metadata":false}],"previous_section":{"id":84500,"structure_id":15827,"section_number":"51.1-607","catch_line":"Definitions","url":"\/51.1-607\/","token":"51.1\/6.1\/51.1-607","metadata":false},"next_section":{"id":61074,"structure_id":15827,"section_number":"51.1-609","catch_line":"Contributions on behalf of qualified participants","url":"\/51.1-609\/","token":"51.1\/6.1\/51.1-609","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/51.1-608\/","history_text":"

This law was first created in 2002. The record of its establishment is cataloged in chapter 311<\/a> 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. 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 2006, chapter 756<\/a>; in 2008, chapters 29<\/a> and 245<\/a>.<\/p>","references":[{"id":83100,"section_number":"51.1-169","catch_line":"Hybrid retirement program","order_by":null,"url":"\/51.1-169\/"},{"id":84500,"section_number":"51.1-607","catch_line":"Definitions","order_by":null,"url":"\/51.1-607\/"},{"id":73748,"section_number":"51.1-611","catch_line":"Participation by employees of political subdivisions in cash match plan of Virginia Retirement System","order_by":null,"url":"\/51.1-611\/"}],"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":73748,"section_number":"51.1-611","catch_line":"Participation by employees of political subdivisions in cash match plan of Virginia Retirement System","order_by":null,"url":"\/51.1-611\/"}],"permalink":{"id":236211,"object_type":"law","relational_id":70151,"identifier":"51.1-608","token":"51.1\/6.1\/51.1-608","url":"\/51.1-608\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/51.1-608\/","token":"51.1\/6.1\/51.1-608","dublin_core":{"Title":"Cash match plan for employees of the Commonwealth; administered by the Board","Type":"Text","Format":"text\/html","Identifier":"\u00a7 51.1-608","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Board<\/span> shall establish and administer a cash match 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 cash match plan<\/span>. The Virginia Retirement System is hereby authorized to perform related services including, but not limited to, providing consolidated billing, individual and collective recordkeeping and accountings, and asset purchase, control, and safekeeping. Administrative fees related to the Virginia Retirement System Program oversight shall be paid by the participating employer<\/span> under procedures established by the Board<\/span>. <\/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 contributions made on behalf of qualified participants<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Department of Accounts shall be responsible for the timely transfer of the matching contributions 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 § 51.1-611<\/a> shall be responsible for the timely transfer of matching contributions to the private corporation or institution designated by the Board<\/span> pursuant to subsection A. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Alternatively, agencies of the Commonwealth that sponsor or maintain programs described in § 403 (b) of the Internal Revenue Code of 1986, as amended, may establish separate cash match plans<\/span> with the consent of the Board<\/span> in lieu of participation in the plan established pursuant to this section. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCASH MATCH PLAN FOR EMPLOYEES OF THE COMMONWEALTH; ADMINISTERED BY THE BOARD (\u00a7\n51.1-608)\n\nA. The Board shall establish and administer a cash match plan for employees of\nthe Commonwealth and its agencies. The Virginia Retirement System Director shall\nbe the chief administrative officer of the plan. The Board may contract with\nprivate corporations or institutions subject to the standards set forth in\n§ 51.1-124.30 to provide investment products as well as any other goods and\nservices related to the administration of the cash match plan. The Virginia\nRetirement System is hereby authorized to perform related services including,\nbut not limited to, providing consolidated billing, individual and collective\nrecordkeeping and accountings, and asset purchase, control, and safekeeping.\nAdministrative fees related to the Virginia Retirement System Program oversight\nshall be paid by the participating employer under procedures established by the\nBoard.\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 contributions made on\nbehalf of qualified participants.\n\nC. The Department of Accounts shall be responsible for the timely transfer of\nthe matching contributions to the private corporation or institution designated\nby the Board pursuant to subsection A. However, any state agency that has\ndecentralized its payroll function and any political subdivision of the\nCommonwealth participating in the plan pursuant to § 51.1-611 shall be\nresponsible for the timely transfer of matching contributions to the private\ncorporation or institution designated by the Board pursuant to subsection A.\n\nD. Alternatively, agencies of the Commonwealth that sponsor or maintain programs\ndescribed in § 403 (b) of the Internal Revenue Code of 1986, as amended,\nmay establish separate cash match plans with the consent of the Board in lieu of\nparticipation in the plan established pursuant to this section.\n\nHISTORY: 2002, c. 311; 2006, c. 756; 2008, cc. 29, 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}}