51.1-1303 - Standards for benefit restoration plans. - Virginia Statutes

§ 51.1-1303. Standards for benefit restoration plans.

No benefit restoration plan shall become effective until the Board, county,municipality or political subdivision of the Commonwealth is satisfied byopinion of its respective counsel, such federal agency or agencies as may bedeemed necessary, or otherwise, that the benefits payable under the plan willnot be included in the employee's taxable income under federal and stateincome tax law until it is actually received by or made available to theemployee under the terms of the plan.

(2001, cc. 681, 692.)