51.1-607 - Definitions. - Virginia Statutes

§ 51.1-607. Definitions.

As used in this chapter, unless the context requires a different meaning:

"Board" means the Board of Trustees of the Virginia Retirement System.

"Cash match plan" means a plan established pursuant to the provisions of §401 (a) of the Internal Revenue Code of 1986, as amended, to which aparticipating employer contributes based on contributions made by an employeeto a deferred compensation plan or to a plan established pursuant to § 403(b) of the Internal Revenue Code of 1986, as amended. Alternatively, if theBoard determines that it is appropriate, such plan may be establishedpursuant to § 403 (b) of the Internal Revenue Code of 1986, as amended.

"Deferred compensation plan" means a plan described in Chapter 6 (§51.1-600 et seq.) of this title.

"Employee" means, in the case of the plan described in § 51.1-608, anysalaried person, including appointed or elected officials, providing servicesfor a participating employer. In the case of a plan adopted by a county,municipality, authority or other political subdivision pursuant to §51.1-610, an employee shall be defined by such county, municipality,authority or other political subdivision.

"Participating employer" means the Commonwealth or any politicalsubdivision that has elected pursuant to § 51.1-603.1 to participate in thedeferred compensation plan established by the Board pursuant to Chapter 6 (§51.1-600 et seq.) of this title or a sponsor of a plan established pursuantto § 403 (b) of the Internal Revenue Code of 1986, as amended.

"Qualified participant" means, in the case of a plan established pursuantto § 51.1-608, an employee of a participating employer who is makingcontinuous deferrals of at least ten dollars per pay period to the deferredcompensation plan established by the Board pursuant to Chapter 6 (§ 51.1-600et seq.) of this title or to a plan established pursuant to § 403 (b) of theInternal Revenue Code of 1986, as amended. The determination of whether anemployee is making continuous deferrals shall be made by the Board. In thecase of a plan established pursuant to subsection D of § 51.1-608 or §51.1-610, qualified participant means an employee described by the governingbody establishing such plan in the documents setting forth the details ofsuch plan.

(2002, c. 311.)