                                 CODE OF VIRGINIA

LOCAL DEFERRED COMPENSATION PLANS (§ 51.1-603)

A. Any county, municipality, authority, or other political subdivision of the
Commonwealth may by ordinance or resolution adopt and establish for itself and
its employees a deferred compensation plan. Any such deferred compensation plan
may include constitutional officers and their employees. The ordinance or
resolution adopting or establishing such plan shall create or designate an
appropriate board or officer to administer the plan, and shall confer upon such
board or officer the authority to do all things by way of supervision,
administration, and implementation of the plan, including the power to contract
with private corporations or institutions for services in connection therewith.
The deferral of compensation may be accomplished by payroll deductions by the
appropriate officer of the county, municipality, authority, or other political
subdivision.

B. If it deems it advisable, any county, municipality, authority, or other
political subdivision of the Commonwealth, which by ordinance or resolution
adopts and establishes for itself and its employees a deferred compensation
plan, may (i) create a trust or other special fund for the segregation of the
funds or assets resulting from compensation deferred at the request of its
employees for the implementation of such plan or (ii) provide that its employees
who commence employment or reemployment on or after a specified date, and who
have not affirmatively elected to participate in such deferred compensation plan
or in 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 deferred compensation plan or 403(b) plan, as determined by the political
subdivision, at such initial default amount or rate of deferral as it may
determine, unless such employee elects, in a manner prescribed by the plan
administrator, not to participate in the plan.

HISTORY: 1974, c. 461, § 51-111.67:18; 1982, c. 364; 1987, c. 619; 1990, c.
832; 1991, c. 379; 1997, c. 174; 2012, c. 660.