51.1-605 - Other retirement, pension, etc., systems not affected; annual report. - Virginia Statutes

§ 51.1-605. Other retirement, pension, etc., systems not affected; annualreport.

Any deferred compensation program established by this chapter, and any planadopted hereunder, shall exist and serve in addition to any other retirement,pension, or benefit system established by the Commonwealth, its agencies,counties, municipalities, authorities, or other political subdivisions, andshall not supersede, make inoperative, or reduce any benefits provided by theVirginia Retirement System or by any other retirement, pension, or benefitprogram established by law.

The Virginia Retirement System shall submit an annual report to the Governorand the General Assembly advising them of the condition of the Commonwealth'sfund and all operational costs associated with such fund. This report shallbe submitted annually on or before December 31.

The Board shall have the authority to establish a plan pursuant to § 401 (a)or § 403 (b) of the Internal Revenue Code of 1986, as amended, for thepurpose of implementation of this section.

(1974, c. 461, § 51-111.67:20; 1987, c. 619; 1990, c. 832; 1992, c. 276;2002, c. 311; 2006, c. 66.)