Virginia § 51.1-618 Defined contribution plan for eligible employees of local public school boards; administered by the Board

Virginia Statutes

§ 51.1-618 — Defined contribution plan for eligible employees of local public school boards; administered by the Board

Virginia § 51.1-618

Title 51.1PENSIONS, BENEFITS, AND RETIREMENT

Ch. 6.2PUBLIC SCHOOL TEACHER SUPPLEMENTAL RETIREMENT

This text of Virginia § 51.1-618 (Defined contribution plan for eligible employees of local public school boards; administered by the Board) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 51.1-618 (2026).

Text

A.The Board shall establish and administer a defined contribution plan for eligible employees. The Director of the Virginia Retirement System shall be the chief administrative officer of the plan. The Board may contract with private corporations or institutions subject to the standards set forth in § 51.1-124.30 to provide investment products as well as any other goods and services related to the administration of the plan. The Virginia Retirement System is hereby authorized to perform related services including, but not limited to, providing consolidated billing, individual and collective recordkeeping and accountings, and asset purchase, control, and safekeeping.

B.If it deems it advisable, the Board may create a trust or other special fund for the segregation of the funds or assets r

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A. The Board shall establish and administer a defined contribution plan for eligible employees. The Director of the Virginia Retirement System shall be the chief administrative officer of the plan. The Board may contract with private corporations or institutions subject to the standards set forth in § 51.1-124.30 to provide investment products as well as any other goods and services related to the administration of the plan. The Virginia Retirement System is hereby authorized to perform related services including, but not limited to, providing consolidated billing, individual and collective recordkeeping and accountings, and asset purchase, control, and safekeeping.

B. If it deems it advisable, the Board may create a trust or other special fund for the segregation of the funds or assets resulting from contributions made on behalf of qualified participants.

C. Participating employers shall be responsible for setting the contribution rate for their eligible employees and timely transferring contributions to the private corporation or institution designated by the Board pursuant to subsection A.