                                 CODE OF VIRGINIA

DEFINITIONS (§ 51.1-607)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Board&#8221; means the Board of Trustees of the Virginia Retirement
System.
		&#8220;Cash match plan&#8221; means a plan established pursuant to the
provisions of § 401 (a) of the Internal Revenue Code of 1986, as amended, to
which a participating employer contributes based on contributions made by an
employee to a deferred compensation plan or to a plan established pursuant to §
403 (b) of the Internal Revenue Code of 1986, as amended. Alternatively, if the
Board determines that it is appropriate, such plan may be established pursuant
to § 403 (b) of the Internal Revenue Code of 1986, as amended.
		&#8220;Deferred compensation plan&#8221; means a plan described in Chapter 6
(§ 51.1-600 et seq.) of this title.
		&#8220;Employee&#8221; means, in the case of the plan described in §
51.1-608, any salaried person, including appointed or elected officials,
providing services for a participating employer. In the case of a plan adopted
by a county, municipality, authority or other political subdivision pursuant to
§ 51.1-610, an employee shall be defined by such county, municipality,
authority or other political subdivision, subject to the approval of the Board.
		&#8220;Participating employer&#8221; means the Commonwealth or any political
subdivision that has elected pursuant to § 51.1-603.1 to participate in the
deferred compensation plan established by the Board pursuant to Chapter 6 (§
51.1-600 et seq.) of this title or a sponsor of a plan established pursuant to
§ 403 (b) of the Internal Revenue Code of 1986, as amended.
		&#8220;Qualified participant&#8221; means, in the case of a plan established
pursuant to § 51.1-608, an employee of a participating employer who is making
continuous deferrals of at least ten dollars per pay period to the deferred
compensation plan established by the Board pursuant to Chapter 6 (§ 51.1-600 et
seq.) of this title or to a plan established pursuant to § 403 (b) of the
Internal Revenue Code of 1986, as amended. The determination of whether an
employee is making continuous deferrals shall be made by the Board. In the case
of a plan established pursuant to subsection D of § 51.1-608 or § 51.1-610,
qualified participant means an employee described by the governing body
establishing such plan in the documents setting forth the details of such plan.

HISTORY: 2002, c. 311; 2014, c. 356.