Virginia Code 2.2-2749: Board actions not a debt of the Commonwealth
Current as of: 2024 | Check for updates
|
Other versions
No act or undertaking of the Board is a debt or pledge of the full faith and credit of the Commonwealth or any political subdivision of the Commonwealth, and all such acts and undertakings are payable solely from the Program. The Commonwealth shall have no obligation for payment of benefits arising from this chapter.
Terms Used In Virginia Code 2.2-2749
- Board: means the governing board of the Commonwealth Savers Plan. See Virginia Code 2.2-2744
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Program: means the state-facilitated IRA savings program established in this chapter and administered by the Plan. See Virginia Code 2.2-2744
2021, Sp. Sess. I, c. 556.