                                 CODE OF VIRGINIA

PARTICIPATION BY EMPLOYEES OF POLITICAL SUBDIVISIONS IN DEFERRED COMPENSATION
PLAN OF VIRGINIA RETIREMENT SYSTEM (§ 51.1-603.1)

A. The Virginia Retirement System may enter into an agreement with any political
subdivision of the Commonwealth to permit participation by the political
subdivision&#8217;s employees in the deferred compensation plan established and
administered by the Board pursuant to &#xA7; 51.1-602, except that political
subdivisions of the Commonwealth otherwise participating in the retirement
system pursuant to Article 5 (&#xA7; 51.1-130 et seq.) of Chapter 1 shall
participate in the deferred compensation plan established and administered by
the Board pursuant to &#xA7; 51.1-602 to the extent necessary to provide
benefits under the hybrid retirement program described in &#xA7; 51.1-169.

B. The political subdivision may provide in the agreement that its employees who
(i) commence employment or reemployment on or after a specified date occurring
on or after the effective date of this provision in the agreement, (ii) are not
participating in the hybrid retirement program described in &#xA7; 51.1-169, and
(iii) have not affirmatively elected to participate in the plan described in
&#xA7; 51.1-602 or a plan established by such political subdivision pursuant to
&#xA7; 403(b) of the Internal Revenue Code of 1986, as amended, shall
participate in either such plan described in &#xA7; 51.1-602 or a 403(b) plan,
as determined by the political subdivision, unless such employee elects, in a
manner prescribed by the Board, not to participate in such plan. The amount of
the deferral for any such employee participating in the plan shall equal, on a
semimonthly basis, $20 of otherwise payable compensation, unless the employee
elects to defer a greater amount.

HISTORY: 1997, c. 174; 2012, cc. 660, 701, 823; 2013, c. 463.