Virginia Code 51.1-1303: Standards for benefit restoration plans
Current as of: 2024 | Check for updates
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No benefit restoration plan shall become effective until the Board, county, municipality or political subdivision of the Commonwealth is satisfied by opinion of its respective counsel, such federal agency or agencies as may be deemed necessary, or otherwise, that the benefits payable under the plan will not be included in the employee’s taxable income under federal and state income tax law until it is actually received by or made available to the employee under the terms of the plan.
Terms Used In Virginia Code 51.1-1303
- Board: means the Board of Trustees of the Virginia Retirement System. See Virginia Code 51.1-1300
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245