51.1-601 - Contract for deferred compensation. - Virginia Statutes

§ 51.1-601. Contract for deferred compensation.

In accordance with a plan of deferred compensation, the Commonwealth, or anystate agency, county, municipality, authority, or other political subdivisionmay contract with any employee to defer all or any portion of that employee'sotherwise payable compensation and, pursuant to the terms of the plan and insuch proportions as may be designated or directed under the plan, place suchdeferred compensation in investment products selected by the Commonwealth andits agencies, county, municipality, authority, or other politicalsubdivision. All investment products shall be offered in compliance withapplicable federal and state laws and regulations by persons who are dulyauthorized by applicable state and federal authorities.

(1974, c. 461, § 51-111.67:16; 1987, c. 619; 1990, c. 832; 1992, c. 276;2002, c. 311; 2007, c. 253.)