CODE OF VIRGINIA

STANDARDS FOR CASH MATCH PLANS (§ 51.1-612)

No cash match 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 contribution thereunder 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 and (ii) that such
contribution will not be deemed compensation at the time of the contribution 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.

HISTORY: 2002, c. 311.