51.1-601.1 - Participation in plan by certain employees. - Virginia Statutes

§ 51.1-601.1. Participation in plan by certain employees.

All employees of the Commonwealth and its agencies commencing employment orwho are reemployed on or after January 1, 2008, in a position covered by theVirginia Retirement System, and who have not elected to participate in a planestablished pursuant to § 403(b) of the Internal Revenue Code of 1986, asamended, shall participate in the plan described in § 51.1-602, unless suchemployee elects, in a manner prescribed by the Board, not to participate insuch plan. The amount of the deferral for any such employee participating inthe plan shall equal, on a semimonthly basis, $20 of otherwise payablecompensation, unless the employee elects to defer a different amount.

(2007, c. 253.)