                                 CODE OF VIRGINIA

PROGRAM TRUST FUND (§ 2.2-2752)

A. There is hereby established a permanent and perpetual fund to be known as the
Program Trust Fund (the Fund). The moneys in the Fund shall be (i) deemed
separate and independent trust funds, (ii) segregated and accounted for
separately from all other funds of the Commonwealth, and (iii) administered
solely in the interests of the individuals who are participants in the Program
established pursuant to this chapter.

B. The assets of IRAs established for Program participants shall be allocated to
the Fund and combined for investment purposes. Fund assets shall be managed and
administered for the exclusive purpose of providing benefits to Program
participants and defraying reasonable expenses of administering, maintaining,
and managing investments of the IRAs and the Program Trust. No property rights
in Fund assets shall exist in favor of the Commonwealth or any participating
employer.

C. The Board shall establish within the Fund one or more investment funds, each
pursuing an investment strategy and policy established by the Board in
accordance with &#xA7; 2.2-2747.

D. Notwithstanding any provision to the contrary, the Fund shall be exempt from
the securities registration requirements provided in Chapter 5 (&#xA7; 13.1-501
et seq.) of Title 13.1.

HISTORY: 2021, Sp. Sess. I, c. 556.