Virginia § 51.1-618 - Defined contribution plan for eligible employees of local public school boards; administered by the Board
Full text of Virginia Code of Virginia § 51.1-618 — Defined contribution plan for eligible employees of local public school boards; administered by the Board, with citation guidance and answers to common questions.
§ 51.1-618. Defined contribution plan for eligible employees of local public school boards; administered by the Board
A. The Board shall establish and administer a defined contribution plan for eligible employees. The Director of the Virginia Retirement System shall be the chief administrative officer of the plan. The Board may contract with private corporations or institutions subject to the standards set forth in § 51.1-124.30 to provide investment products as well as any other goods and services related to the administration of the plan. The Virginia Retirement System is hereby authorized to perform related services including, but not limited to, providing consolidated billing, individual and collective recordkeeping and accountings, and asset purchase, control, and safekeeping.
B. If it deems it advisable, the Board may create a trust or other special fund for the segregation of the funds or assets resulting from contributions made on behalf of qualified participants.
C. Participating employers shall be responsible for setting the contribution rate for their eligible employees and timely transferring contributions to the private corporation or institution designated by the Board pursuant to subsection A.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 51.1-618
What does Code of Virginia § 51.1-618 cover?
Section 51.1-618 ("Defined contribution plan for eligible employees of local public school boards; administered by the Board") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 51.1-618?
A common citation format is "Code of Virginia § 51.1-618" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 51.1-618 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.