51.1-1301 - Benefit restoration plan for employees; administration by the Board. - Virginia Statutes

§ 51.1-1301. Benefit restoration plan for employees; administration by theBoard.

A. The Board shall establish and administer a benefit restoration plan formembers. Such plan shall meet the requirements to be treated as a planestablished under § 415 (m) of the Internal Revenue Code. The VirginiaRetirement System Director shall be the chief administrative officer of theplan. The Retirement System is hereby authorized to perform related servicesincluding, but not limited to, providing consolidated billing, individual andcollective record keeping and accountings, and asset control and safekeeping.

B. The benefit restoration plan shall exist to provide nontaxable benefits tomembers whose annual benefit is reduced pursuant to subsection B of §51.1-168. The benefit restoration plan shall be funded from thosecontributions required under Article 7 (§ 51.1-144 et seq.) of Chapter 1 ofthis title. If it deems it advisable, the Board may create a trust or otherspecial fund for segregation of the funds or assets relating to a benefitrestoration plan established herein.

(2001, cc. 681, 692.)