51.1-126.7 - Employees of the Virginia Outdoors Foundation.
§ 51.1-126.7. Employees of the Virginia Outdoors Foundation.
A. The Virginia Outdoors Foundation, hereinafter referred to as theFoundation, may establish a retirement plan covering in whole or in part itsemployees. The Foundation is authorized to make contributions for the benefitof its employees who elect to participate in such plan or arrangement ratherthan in any other retirement system established by this chapter. Any suchalternative retirement plan shall become effective at such times asdetermined by the Foundation. The Foundation shall notify the VirginiaRetirement System of the establishment of such plan no later than ninety daysprior to the effective date. Any present employee of the Foundation may makean irrevocable election to participate in the retirement plan established bythis chapter or any plan provided by the Foundation. Such election shall bemade no later than 180 days after the effective date of the plan provided forin this section on forms supplied by the Virginia Retirement System. Anyemployee hired on or after the effective date of the plan provided for inthis section shall become a participant in that plan, subject to theeligibility criteria of that plan.
B. No employee of the Foundation who is an active member of a planestablished under this section shall also be an active member of theretirement system established by this chapter or a beneficiary of such otherplan other than as a contingent annuitant.
C. Upon an election by an employee of the Foundation to participate in theretirement plan established by the Foundation, the employee may also elect totransfer his accumulated contribution account, as reduced by the amount ofany retirement allowance previously received by him under any of theprovisions of this chapter or the abolished system, directly to theretirement plan established by the Foundation as a credit to his account insuch plan. This election shall only be permitted if the plan established bythe Foundation is a qualified plan under Section 401 (a) of the InternalRevenue Code. If a transfer is elected, no portion of the transferred amountshall be available to the member until benefits under the retirement planestablished by the Foundation are otherwise available for distribution. Thetransfer of the accumulated contributions to such retirement plan shall betreated as a withdrawal of the member's accumulated contributions forpurposes of § 51.1-128.
D. The Foundation shall continue to pay the required contributions to theVirginia Retirement System for employees who do not elect to participate inthe retirement plan established by the Foundation pursuant to this section.
(2001, c. 698.)