                                 CODE OF VIRGINIA

CONTRIBUTIONS ON BEHALF OF QUALIFIED PARTICIPANTS (§ 51.1-609)

A. A participating employer or, on behalf of the Commonwealth, the Department of
Accounts or any agency of the Commonwealth not covered under the central payroll
system, shall transfer funds from its appropriations to the private corporation
or institution designated to hold investments under the plan or plans adopted or
established by the participating employer pursuant to &#xA7; 401(a) or &#xA7;
403(b) of the Internal Revenue Code of 1986, as amended. The funds shall be
held, administered and invested as provided for in the applicable document
adopted for the administration of such contributions.

B. The amount credited on behalf of a qualified participant pursuant to this
section shall not exceed, on a semimonthly basis, the lesser of fifty dollars or
fifty percent of the amount that the qualified participant voluntarily
contributes to the deferred compensation plan established under this chapter or
to a plan established pursuant to &#xA7; 403(b) of the Internal Revenue Code of
1986, as amended, unless otherwise determined by the General Assembly through
the appropriations process. The amount credited pursuant to this section on
behalf of a qualified participant who is an employee of a participating employer
other than the Commonwealth shall be a discretionary amount determined by the
participating employer&#8217;s governing body from time to time.

C. No amount shall be credited pursuant to subsection B on behalf of a qualified
participant who is participating in the hybrid retirement program described in
&#xA7; 51.1-169 if the qualified participant has not contributed the maximum
amount of voluntary contributions under subdivision C 2 of &#xA7; 51.1-169.

HISTORY: 2002, c. 311; 2013, c. 463.