Terms Used In Virginia Code > Title 2.2 > Subtitle I > Part D > Chapter 27.1 - State-Facilitated Ira Savings Program

• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board: means the Board of Agriculture and Consumer Services. See Virginia Code 3.2-100
• Board: means the governing board of the Commonwealth Savers Plan. See Virginia Code 2.2-2744
• City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
• Commissioner: means the Commissioner of Agriculture and Consumer Services. See Virginia Code 3.2-100
• Committee: means the Program Advisory Committee established pursuant to § Virginia Code 2.2-2744
• Committee membership: Legislators are assigned to specific committees by their party. Seniority, regional balance, and political philosophy are the most prominent factors in the committee assignment process.
• Contract: A legal written agreement that becomes binding when signed.
• Dealer: means any person that acquires nursery stock for the purpose of resale and distribution who is not a grower of nursery stock. See Virginia Code 3.2-3800
• Eligible employee: means any individual who is (i) 18 years of age or older, (ii) currently employed at least 30 hours a week, and (iii) receiving wages. See Virginia Code 2.2-2744
• Eligible employer: means a nongovernmental business, industry, trade, profession, or other enterprise in the Commonwealth, whether conducted on a for-profit or nonprofit basis, that employed 25 or more eligible employees, as reported to the Virginia Employment Commission pursuant to 16VAC5-32-20, or any successor regulation, for the quarter ending December 31 and the preceding three quarters of the preceding calendar year and has been operating for at least two years prior to Program implementation. See Virginia Code 2.2-2744
• Fee: means any investment management charges, administrative charges, investment advice charges, trading fees, marketing and sales fees, revenue sharing, broker fees, and other costs necessary to run the Program. See Virginia Code 2.2-2744
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
• in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Virginia Code 1-257
• Includes: means includes, but not limited to. See Virginia Code 1-218
• Inspection certificate: means a document in any form issued by the Commissioner, or the appropriate official from another state, declaring an item or location to be apparently free from plant pests. See Virginia Code 3.2-3800
• IRA: means a Roth or traditional individual retirement account or annuity under § 408 or 408A of the Internal Revenue Code. See Virginia Code 2.2-2744
• Label: means any written or printed matter on, or attached to, the package, or on the delivery ticket that accompanies bulk shipments, of any liming material. See Virginia Code 3.2-3700
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liming material: means any agricultural liming material and any industrial co-product used to neutralize soil acid. See Virginia Code 3.2-3700
• Nursery: means any premises where nursery stock is propagated, grown, fumigated, treated, packed, stored, or otherwise prepared for sale or distribution. See Virginia Code 3.2-3800
• Nursery stock: means all trees, shrubs, woody vines (including ornamentals), bush fruits, grapevines, fruit trees, and nut trees offered for sale and distribution; all buds, grafts, scions, and cuttings from such plants; and any container, soil, and other packing material with such plants or plant products. See Virginia Code 3.2-3800
• Nurseryman: means any person that produces nursery stock for sale or distribution. See Virginia Code 3.2-3800
• 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.
• Oversight: Committee review of the activities of a Federal agency or program.
• Participating employee: means any eligible employee who is enrolled in the Program. See Virginia Code 2.2-2744
• Participating employer: means an employer that facilitates a payroll deposit retirement savings agreement pursuant to this chapter for its eligible employees. See Virginia Code 2.2-2744
• Participating individual: means any individual who enrolls in the Program independent of an employment relationship with an eligible employer, maintains an account in the Program, and is not a participating employee. See Virginia Code 2.2-2744
• Payroll deposit retirement savings agreement: means an arrangement by which an employer allows employees to remit payroll deduction contributions to the Program. See Virginia Code 2.2-2744
• Person: means the term as defined in § 1-230. See Virginia Code 3.2-3800
• Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
• Plan: means the Commonwealth Savers Plan. See Virginia Code 2.2-2744
• Plant pest: means any living stage of insects, mites, nematodes, slugs, snails, protozoa, other invertebrate animals, bacteria, fungi, other parasitic plants, parasitic plant parts, viruses, any other similar organism, or any infectious substances that can injure, infect, or damage any plants or plant products. See Virginia Code 3.2-3800
• Plants or plant products: means any trees, shrubs, vines, forage, fiber, cereal, and all other plants; cuttings, grafts, scions, buds, and all other plant parts; fruit, vegetables, roots, bulbs, seeds, wood, lumber, and all other plant products; or any container, soil, and packing material with plants or plant products. See Virginia Code 3.2-3800
• Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
• Program: means the state-facilitated IRA savings program established in this chapter and administered by the Plan. See Virginia Code 2.2-2744
• Program Trust: means the Program trust fund established by § Virginia Code 2.2-2744
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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
• state agency: means the same as that term is defined in § Virginia Code 1-206
• Ton: means a unit of 2,000 pounds avoirdupois weight. See Virginia Code 3.2-3700
• Wages: means any compensation, as such term is defined in § 219(f)(1) of the Internal Revenue Code, that is paid to an eligible employee by his employer during the calendar year. See Virginia Code 2.2-2744