51.1-1302 - Local benefit restoration plans. - Virginia Statutes

§ 51.1-1302. Local benefit restoration plans.

The governing body of any county, municipality, authority or other politicalsubdivision of the Commonwealth that does not participate in the retirementsystem or that maintains a plan that provides supplemental benefits toemployees covered by the retirement system may, by ordinance or by resolutionadopted by a recorded majority of the members of such governing body,establish for itself and its employees a benefit restoration plan establishedunder § 415 (m) of the Internal Revenue Code and, if it deems it advisable,may create a trust or other special fund for segregation of funds or assetsrelating to such plan.

(2001, cc. 681, 692; 2006, c. 307.)