51.1-612 - Standards for cash match plans. - Virginia Statutes

§ 51.1-612. Standards for cash match plans.

No cash match plan shall become effective until the Board, county,municipality, authority or other political subdivision of the Commonwealth issatisfied, by opinion of its respective counsel, such federal agency oragencies as may be deemed necessary, or otherwise, that the contributionthereunder or the investment products purchased pursuant to the plan (i) willnot be included in the employee's taxable income under federal or state lawuntil it is actually received by the employee under the terms of the plan and(ii) that such contribution will not be deemed compensation at the time ofthe contribution for the purposes of social security coverage, for thepurposes of the Virginia Retirement System, and for any other retirement,pension, or benefit program established by law.

(2002, c. 311.)