The Chesterfield County School Board is authorized to establish and administer a qualified
deferred income payment plan and trust fund ("plan") for the benefit of school board
employees. The plan and the administration of the plan shall comply with all applicable
provisions of the Internal Revenue Code and Internal Revenue Service regulations,
and shall be subject to review by and approval of the board of supervisors. The school
board shall fund the plan from available budget allocations. No county funds other
than available budget allocations and interest earned on the trust fund of the plan
shall be used to fund the plan. The school board shall perform an actuarial analysis
of the fund every two years and the fund shall be audited on an annual basis. The
results of each analysis and audit shall be submitted to the board of supervisors.
(Code 1978, § 16-13)
