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Current as of January 01, 2025 | Updated by Findlaw Staff
All employees of the Commonwealth and its agencies commencing employment or who are reemployed on or after January 1, 2008, in a position covered by the Virginia Retirement System, and who (i) have not elected to participate in a plan established pursuant to § 403(b) of the Internal Revenue Code of 1986, as amended, or (ii) do not participate in the hybrid retirement program described in § 51.1-169, shall participate in the plan described in § 51.1-602, unless such employee elects, in a manner prescribed by the Board, not to participate in such plan. The amount of the deferral for any such employee participating in the plan shall equal, on a semimonthly basis, $20 of otherwise payable compensation, unless the employee elects to defer a different amount.
Cite this article: FindLaw.com - Virginia Code Title 51.1. Pensions, Benefits, and Retirement § 51.1-601.1. Participation in plan by certain employees - last updated January 01, 2025 | https://codes.findlaw.com/va/title-51-1-pensions-benefits-and-retirement/va-code-sect-51-1-601-1/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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