51.1-618 - Defined contribution plan for eligible employees of local public school boards; administered by the Board.
§ 51.1-618. Defined contribution plan for eligible employees of local publicschool boards; administered by the Board.
A. The Board shall establish and administer a defined contribution plan foreligible employees. The Director of the Virginia Retirement System shall bethe chief administrative officer of the plan. The Board may contract withprivate corporations or institutions subject to the standards set forth in §51.1-124.30 to provide investment products as well as any other goods andservices related to the administration of the plan. The Virginia RetirementSystem is hereby authorized to perform related services including, but notlimited to, providing consolidated billing, individual and collectiverecordkeeping and accountings, and asset purchase, control, and safekeeping.
B. If it deems it advisable, the Board may create a trust or other specialfund for the segregation of the funds or assets resulting from contributionsmade on behalf of qualified participants.
C. Participating employers shall be responsible for setting the contributionrate for their eligible employees and timely transferring contributions tothe private corporation or institution designated by the Board pursuant tosubsection A.
(2004, c. 436; 2008, c. 245.)