51.1-608 - Cash match plan for employees of the Commonwealth; administered by the Board.
§ 51.1-608. Cash match plan for employees of the Commonwealth; administeredby the Board.
A. The Board shall establish and administer a cash match plan for employeesof the Commonwealth and its agencies. The Virginia Retirement System Directorshall be the chief administrative officer of the plan. The Board may contractwith private corporations or institutions subject to the standards set forthin § 51.1-124.30 to provide investment products as well as any other goodsand services related to the administration of the cash match plan. TheVirginia Retirement System is hereby authorized to perform related servicesincluding, but not limited to, providing consolidated billing, individual andcollective recordkeeping and accountings, and asset purchase, control, andsafekeeping. Administrative fees related to the Virginia Retirement SystemProgram oversight shall be paid by the participating employer underprocedures established by the Board.
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. The Department of Accounts shall be responsible for the timely transfer ofthe matching contributions to the private corporation or institutiondesignated by the Board pursuant to subsection A. However, any state agencythat has decentralized its payroll function and any political subdivision ofthe Commonwealth participating in the plan pursuant to § 51.1-611 shall beresponsible for the timely transfer of matching contributions to the privatecorporation or institution designated by the Board pursuant to subsection A.
D. Alternatively, agencies of the Commonwealth that sponsor or maintainprograms described in § 403 (b) of the Internal Revenue Code of 1986, asamended, may establish separate cash match plans with the consent of theBoard in lieu of participation in the plan established pursuant to thissection.
(2002, c. 311; 2006, c. 756; 2008, cc. 29, 245.)