{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/51.1-618.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/51.1-618.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/51.1-618.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/51.1-618.html"}],"law_id":68461,"edition_id":1,"section_id":68461,"structure_id":16433,"section_number":"51.1-618","catch_line":"Defined contribution plan for eligible employees of local public school boards; administered by the Board","history":"2004, c. 436; 2008, c. 245.","full_text":"A\n\nThe Board shall establish and administer a defined contribution plan for eligible employees. The Director of the Virginia Retirement System 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 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.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\nParticipating employers shall be responsible for setting the contribution rate for their eligible employees and timely transferring contributions to the private corporation or institution designated by the Board pursuant to subsection A.","order_by":null,"text":{"0":{"id":247874,"text":"The Board shall establish and administer a defined contribution plan for eligible employees. The Director of the Virginia Retirement System 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 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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":247875,"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":247876,"text":"Participating employers shall be responsible for setting the contribution rate for their eligible employees and timely transferring 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"}},"ancestry":[{"id":16433,"edition_id":1,"name":"Public School Teacher Supplemental Retirement","identifier":"6.2","label":"chapter","depth":2,"order_by":1,"parent_id":12947,"metadata":{},"date_created":"2026-06-26 04:17:51","date_modified":"2026-06-26 04:17:51","permalink":{"id":236235,"object_type":"structure","relational_id":16433,"identifier":"6.2","token":"51.1\/6.2","url":"\/51.1\/6.2\/","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":83074,"structure_id":16433,"section_number":"51.1-617","catch_line":"Definitions","url":"\/51.1-617\/","token":"51.1\/6.2\/51.1-617","metadata":false},{"id":68461,"structure_id":16433,"section_number":"51.1-618","catch_line":"Defined contribution plan for eligible employees of local public school boards; administered by the Board","url":"\/51.1-618\/","token":"51.1\/6.2\/51.1-618","metadata":false}],"previous_section":{"id":83074,"structure_id":16433,"section_number":"51.1-617","catch_line":"Definitions","url":"\/51.1-617\/","token":"51.1\/6.2\/51.1-617","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/51.1-618\/","history_text":"

This law was first created in 2004. The record of its establishment is cataloged in chapter 436<\/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 1 time. 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. That modification is as follows: in 2008, chapter 245<\/a>.<\/p>","references":false,"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\/"}],"permalink":{"id":236241,"object_type":"law","relational_id":68461,"identifier":"51.1-618","token":"51.1\/6.2\/51.1-618","url":"\/51.1-618\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/51.1-618\/","token":"51.1\/6.2\/51.1-618","dublin_core":{"Title":"Defined contribution plan for eligible employees of local public school boards; administered by the Board","Type":"Text","Format":"text\/html","Identifier":"\u00a7 51.1-618","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Board<\/span> shall establish and administer a defined contribution plan<\/span> for eligible employees<\/span>. The Director of the Virginia Retirement System shall be the chief administrative officer of the plan<\/span>. 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 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. <\/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> Participating employers<\/span> shall be responsible for setting the contribution rate for their eligible employees<\/span> and timely transferring contributions 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\nDEFINED CONTRIBUTION PLAN FOR ELIGIBLE EMPLOYEES OF LOCAL PUBLIC SCHOOL BOARDS;\nADMINISTERED BY THE BOARD (\u00a7 51.1-618)\n\nA. The Board shall establish and administer a defined contribution plan for\neligible employees. The Director of the Virginia Retirement System shall be the\nchief administrative officer of the plan. The Board may contract with private\ncorporations or institutions subject to the standards set forth in §\n51.1-124.30 to provide investment products as well as any other goods and\nservices related to the administration of the plan. The Virginia Retirement\nSystem is hereby authorized to perform related services including, but not\nlimited to, providing consolidated billing, individual and collective\nrecordkeeping and accountings, and asset purchase, control, and safekeeping.\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. Participating employers shall be responsible for setting the contribution\nrate for their eligible employees and timely transferring contributions to the\nprivate corporation or institution designated by the Board pursuant to\nsubsection A.\n\nHISTORY: 2004, c. 436; 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}}