51.1-603 - Local deferred compensation plans. - Virginia Statutes

§ 51.1-603. Local deferred compensation plans.

A. Any county, municipality, authority, or other political subdivision of theCommonwealth may by ordinance or resolution adopt and establish for itselfand its employees a deferred compensation plan. Any such deferredcompensation plan may include constitutional officers and their employees.The ordinance or resolution adopting or establishing such plan shall createor designate an appropriate board or officer to administer the plan, andshall confer upon such board or officer the authority to do all things by wayof supervision, administration, and implementation of the plan, including thepower to contract with private corporations or institutions for services inconnection therewith. The deferral of compensation may be accomplished bypayroll deductions by the appropriate officer of the county, municipality,authority, or other political subdivision.

B. If it deems it advisable, any county, municipality, authority, or otherpolitical subdivision of the Commonwealth, which by ordinance or resolutionadopts and establishes for itself and its employees a deferred compensationplan, may create a trust or other special fund for the segregation of thefunds or assets resulting from compensation deferred at the request of itsemployees for the implementation of such plan.

(1974, c. 461, § 51-111.67:18; 1982, c. 364; 1987, c. 619; 1990, c. 832;1991, c. 379; 1997, c. 174.)