Be it enacted by the General Assembly of Virginia:
§ 51.1-600. Definitions.
As used in this chapter, unless the context requires a different meaning:
"Act" means the Government Employees Deferred Compensation Plan Act.
"Board" means the Board of Trustees of the Virginia Retirement System.
"Deferred compensation plan" means a plan
"Employee" means, in the case of the plan described in § 51.1-602, all persons employed by a participating employer, including appointed or elected officials. In the case of a plan adopted by a county, municipality, authority or other political subdivision pursuant to § 51.1-603, an employee shall be defined by such county, municipality, authority or other political subdivision.
"Participating employer" means the Commonwealth or any political subdivision that has elected pursuant to § 51.1-603.1 to participate in the deferred compensation plan established by the Board pursuant to this chapter.
§ 51.1-601. Contract for deferred compensation.
In accordance with a plan of deferred compensation, the
Commonwealth, or any state agency, county, municipality, authority, or other
§ 51.1-601.1. Participation in plan by certain employees.
All employees of the Commonwealth and its agencies commencing employment or who are reemployed on or after January 1, 2008, in a position covered by the Virginia Retirement System, and who have not elected to participate in a plan established pursuant to § 403(b) of the Internal Revenue Code of 1986, as amended, shall participate in the plan described in § 51.1-602, unless such employee elects, in a manner prescribed by the Board, not to participate in such plan. The amount of the deferral for any such employee participating in the plan shall equal, on a semimonthly basis, $20 of otherwise payable compensation, unless the employee elects to defer a different amount.