All employees of the Commonwealth and its agencies commencing employment or who are reemployed on or after January 1, 2008, in a position covered by the Virginia Retirement System, and who (i) have not elected to participate in a plan established pursuant to § 403(b) of the Internal Revenue Code of 1986, as amended, or (ii) do not participate in the hybrid retirement program described in § 51.1-169, shall participate in the plan described in § 51.1-602, 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 different amount.
2007, c. 253; 2012, cc. 701, 823; 2013, c. 463.
Structure Code of Virginia
Title 51.1 - Pensions, Benefits, and Retirement
Chapter 6 - Government Employees Deferred Compensation Plan Act
§ 51.1-601. Contract for deferred compensation
§ 51.1-601.1. Participation in plan by certain employees
§ 51.1-602. Deferred compensation plan for employees of the Commonwealth; administered by the Board
§ 51.1-603. Local deferred compensation plans
§ 51.1-604. Standards for deferred compensation plans
§ 51.1-605. Other retirement, pension, etc., systems not affected; annual report