VRS 80 Years Celebration & Overview
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Constitutional Duties and U.S. Code:
Exclusive Benefit Rule
Retirement
V Virginia
RS System
Constitution of Virginia, Article X, Section 11:
"The funds of the retirement system shall be deemed separate and
independent trust funds, shall be segregated from all other funds of the
Commonwealth, and shall be invested and administered solely in the
interests of the members and beneficiaries thereof." [Emphasis added.]
26 United States Code § 401(a):
"A trust ... shall constitute a qualified trust under this section ... if under
the trust instrument it is impossible... for any part of the corpus or
income to be (within the taxable year or thereafter) used for, or diverted
to, purposes other than for the exclusive benefit of his employees or
their beneficiaries...." [Emphasis added.]View entire presentation