                                 CODE OF VIRGINIA

DEFINED CONTRIBUTION PLAN FOR ELIGIBLE EMPLOYEES OF LOCAL PUBLIC SCHOOL BOARDS;
ADMINISTERED BY THE BOARD (§ 51.1-618)

A. The Board shall establish and administer a defined contribution plan for
eligible employees. The Director of the Virginia Retirement System shall be the
chief administrative officer of the plan. The Board may contract with private
corporations or institutions subject to the standards set forth in &#xA7;
51.1-124.30 to provide investment products as well as any other goods and
services related to the administration of the plan. The Virginia Retirement
System is hereby authorized to perform related services including, but not
limited to, providing consolidated billing, individual and collective
recordkeeping and accountings, and asset purchase, control, and safekeeping.

B. If it deems it advisable, the Board may create a trust or other special fund
for the segregation of the funds or assets resulting from contributions made on
behalf of qualified participants.

C. Participating employers shall be responsible for setting the contribution
rate for their eligible employees and timely transferring contributions to the
private corporation or institution designated by the Board pursuant to
subsection A.

HISTORY: 2004, c. 436; 2008, c. 245.