CODE OF VIRGINIA

STANDARDS FOR DEFERRED COMPENSATION PLANS (§ 51.1-604)

No deferred compensation plan shall become effective until the Board, county,
municipality, authority or other political subdivision of the Commonwealth is
satisfied, by opinion of its respective counsel, such federal agency or agencies
as may be deemed necessary, or otherwise, that the contributions thereunder
and/or the investment products purchased pursuant to the plan (i) will not be
included in the employee’s taxable income under federal or state law until
it is actually received by the employee under the terms of the plan, provided
that such contributions will nonetheless be deemed compensation at the time of
deferral for the purposes of social security coverage, for the purposes of the
Virginia Retirement System, and for any other retirement, pension, or benefit
program established by law, or (ii) are designated Roth contributions as defined
in § 402A of the Internal Revenue Code of 1986, as amended.

HISTORY: 1974, c. 461, § 51-111.67:19; 1987, c. 619; 1990, c. 832; 1992, c.
276; 2002, c. 311; 2014, c. 747.