§ 51.1-1302. Local benefit restoration plans
The governing body of any county, municipality, authority or other political subdivision of the Commonwealth that does not participate in the retirement system or that maintains a plan that provides supplemental benefits to employees covered by the retirement system may, by ordinance or by resolution adopted by a recorded majority of the members of such governing body, establish for itself and its employees a benefit restoration plan established under § 415 (m) of the Internal Revenue Code and, if it deems it advisable, may create a trust or other special fund for segregation of funds or assets relating to such plan.
(2001, cc. 681, 692; 2006, c. 307.)
Sections: Previous 51.1-1300 51.1-1301 51.1-1302 51.1-1303 51.1-1304 NextLast modified: April 3, 2009