51.1-604 - Standards for deferred compensation plans. - Virginia Statutes

§ 51.1-604. Standards for deferred compensation plans.

No deferred compensation 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 compensationdeferred thereunder and/or the investment products purchased pursuant to theplan (i) will not be included in the employee's taxable income under federalor state law until it is actually received by the employee under the terms ofthe plan and (ii) that such compensation will nonetheless be deemedcompensation at the time of deferral for the purposes of social securitycoverage, for the purposes of the Virginia Retirement System, and for anyother retirement, pension, or benefit program established by law.

(1974, c. 461, § 51-111.67:19; 1987, c. 619; 1990, c. 832; 1992, c. 276;2002, c. 311.)