Sunday, October 12, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
SB115: Retirement System; benefit restoration plans.
Be it enacted by the General Assembly of Virginia:
1. That § 51.1-1302 of the Code of Virginia is amended and reenacted as follows:
§ 51.1-1302. Local benefit restoration plans.
The governing body of any county, municipality, authority or other political subdivision of the Commonwealth that does not participate in the retirement system or that maintains a plan that provides supplemental benefits to employees covered by the retirement system may, by ordinance or by resolution adopted by a recorded majority of the members of such governing body, establish for itself and its employees a benefit restoration plan established under § 415 (m) of the Internal Revenue Code and, if it deems it advisable, may create a trust or other special fund for segregation of funds or assets relating to such plan.
Additional Data
Explanation
This is the actual text of the bill — the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books.
Words that are highlighted in yellow are
proposed additions, and words that are crossed out in
red are proposed removals.
The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state's website.