51.1-822 - Amendment, suspension, or revocation of retirement plan and trust. - Virginia Statutes

§ 51.1-822. Amendment, suspension, or revocation of retirement plan and trust.

The governing body of any county with an urban county executive form ofgovernment may by ordinance reserve the right to amend, suspend, or revokethe retirement plan and trust at any time, so long as the benefits payableunder the plan are consistent with § 51.1-800. However, any amendment,suspension, or revocation shall not have the effect of diverting the trustfund to purposes other than the exclusive benefit of the participatingemployees or their beneficiaries until all liability for accrued benefitspayable under the terms of the plan has been fully satisfied.

(1990, c. 832.)