Title 3, Executive
37 chapters · 589 sections in this title.
3 V.I.C. § 770m Program established
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(a) The Supplemental Contributions Program is hereby established to be a defined contribution plan pursuant to Title 26, Section 414, subsection (i) United States Code. This program shall operate solely at the option of the participants and shall in no way obligate employers for …
3 V.I.C. § 770n Design and administration
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The design and administration of the Supplemental Contributions Program must conform to the applicable provisions of Title 26 of the United States Code and the Internal Revenue Code.
3 V.I.C. § 770o Severability
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If any provision of this chapter or application thereof to any person or circumstance is held invalid, that invalidity does not affect other provisions or applications of this chapter that can be given effect without the invalid provision or application by a court of competent ju…
3 V.I.C. § 770p Definitions
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(a) “Account” means the account maintained with respect to the participant which reflects the aggregate value of the following amounts credited to the participants:(1) Employee after-tax contributions to the plan.(2) Net earnings of the Supplemental Contributions Program allocabl…
3 V.I.C. § 770q Administration
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(a) Except as provided in this chapter, the Board shall administer the plan in conformity with its powers and duties for administration of the system as set forth in section 715 of this chapter. The Board shall, to the extent that it determines feasible, establish the procedures …
3 V.I.C. § 770r Rules and regulations
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(a) The Board shall adopt rules and regulations embodying the material terms and conditions of the plan consistent with this chapter and the applicable provisions of Title 26 of the United States Code. (b) The Board may, as it considers necessary or appropriate, amend the plan co…
3 V.I.C. § 770s Conditions
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(a) With regard to the plan, the board may not engage in any transaction prohibited by Title 26, Section 503, subsection (b) of the United States Code. (b) The Board may require a third-party administrator, record keeper, custodian, or investment manager that is contracted with, …
3 V.I.C. § 770t Contributions
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(a) Employee contributions to the plan are made solely at the option of the participant. (b) Employee contributions may be made directly by the participant to the plan on a periodic basis as specified by the Board, or may be withheld from the employee's compensation after taxes a…
3 V.I.C. § 770u Participant provisions
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(a) The net earnings of the fund must be allocated to the participant's account as of each valuation date. (b) The value of each participant's account must be determined at least once annually in a manner prescribed by the Board. (c) A participant shall receive a statement that d…
3 V.I.C. § 770v Distribution, death benefit provisions
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(a) The participant may designate any person or persons as beneficiaries to receive any amount that may be payable upon the death of the participant pursuant to the provisions of this chapter. The beneficiary or beneficiaries must be designated on a form prescribed by the board, …
3 V.I.C. § 770w Distribution, termination, retirement, disability
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(a) Upon termination for any reason other than death, disability, or retirement, a participant is entitled to a lump sum distribution of the balance of the participant's account within a reasonable time following the valuation date immediately following the date of the applicatio…
3 V.I.C. § 770x Distribution, payment
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(a) Any participant who is entitled to a distribution may elect to receive the distribution in either of the following forms:(1) A single lump sum payment.(2) Substantially level installment payments for a period of years that extends no longer than the life expectancy of the par…
3 V.I.C. § 770y Plan's obligations
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(a) The plan's obligations to a participant, beneficiary, or nonparticipant spouse who elected a lump sum distribution cease upon distribution of the lump sum benefit.(1) Deposit in the United States mail of a warrant drawn in favor of the participant, beneficiary, or nonparticip…