51.1-609 - Contributions on behalf of qualified participants. - Virginia Statutes

§ 51.1-609. Contributions on behalf of qualified participants.

A. A participating employer or, on behalf of the Commonwealth, the Departmentof Accounts or any agency of the Commonwealth not covered under the centralpayroll system, shall transfer funds from its appropriations to the privatecorporation or institution designated to hold investments under the plan orplans adopted or established by the participating employer pursuant to § 401(a) or § 403 (b) of the Internal Revenue Code of 1986, as amended. The fundsshall be held, administered and invested as provided for in the applicabledocument adopted for the administration of such contributions.

B. The amount credited on behalf of a qualified participant pursuant to thissection shall not exceed, on a semimonthly basis, the lesser of fifty dollarsor fifty percent of the amount that the qualified participant voluntarilycontributes to the deferred compensation plan established under this chapteror to a plan established pursuant to § 403 (b) of the Internal Revenue Codeof 1986, as amended, unless otherwise determined by the General Assemblythrough the appropriations process. The amount credited pursuant to thissection on behalf of a qualified participant who is an employee of aparticipating employer other than the Commonwealth shall be a discretionaryamount determined by the participating employer's governing body from time totime.

(2002, c. 311.)