                                 CODE OF VIRGINIA

BENEFIT RESTORATION PLAN FOR EMPLOYEES; ADMINISTRATION BY THE BOARD (§
51.1-1301)

A. The Board shall establish and administer a benefit restoration plan for
members. Such plan shall meet the requirements to be treated as a plan
established under &#xA7; 415(m) of the Internal Revenue Code. The Virginia
Retirement System Director shall be the chief administrative officer of the
plan. The 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 control and safekeeping.

B. The benefit restoration plan shall exist to provide nontaxable benefits to
members whose annual benefit is reduced pursuant to subsection B of &#xA7;
51.1-168. The benefit restoration plan shall be funded from those contributions
required under Article 7 (&#xA7; 51.1-144 et seq.) of Chapter 1 of this title.
If it deems it advisable, the Board may create a trust or other special fund for
segregation of the funds or assets relating to a benefit restoration plan
established herein.

HISTORY: 2001, cc. 681, 692.