Section 60.2-506 - Financing of benefits to state employeesA. The Commonwealth of Virginia shall have the option to:1. Treat all of its branches of government and all of its instrumentalities as one employer;2. Treat each branch of government, judicial, executive, and legislative, as an individual employer; or3. Treat each of its instrumentalities as an individual employer.4. The option described herein shall be exercised by the Governor.B. If the option contained in subdivision 1 of subsection A of this section is exercised, the Commonwealth may elect to finance benefits to its employees by either taxes, as set forth in §§ 60.2-526 through 60.2-533, or payments in lieu of taxes.C. If the option contained in either subdivision 2 or 3 of subsection A of this section is exercised, each such individual employer may elect to finance benefits to its employees by either taxes, as set forth in §§ 60.2-526 through 60.2-533, or payments in lieu of taxes.D. If the election to make payments in lieu of taxes is exercised, payments shall be made into the fund in an amount equivalent to the amount of regular and extended benefits paid that is attributable to service in the employ of the Commonwealth. If benefits paid to an individual are based on wages paid by more than one employer and one or more employers are liable for payments in lieu of taxes, the amount payable to the fund by each employer that is liable for such payments shall be determined in accordance with the provisions of § 60.2-504. E. Payments made in lieu of taxes by the Commonwealth into the Unemployment Trust Fund shall be made at such times and in such manner as the Commission may determine and prescribe.1971, Ex. Sess., c. 235, § 60.1-89.1; 1977, c. 330; 1979, c. 634; 1986, c. 480.Amended by Acts 1986, § c.480.Amended by Acts 1979, § c. 634.Amended by Acts 1977, § c. 330.Amended by Acts 1971, § Ex. Sess., c. 235,§ 60.1-89.1.