My Virginia Plan Program; multiple employer plan for private employers and their employees. (HB2431)

Introduced By

Del. Luke Torian (D-Woodbridge)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

My Virginia Plan Program; multiple employer plan for private employers and their employees. Establishes the My Virginia Plan Board (the Board) and directs the Board to create the My Virginia Plan Program (the Program) to allow employees of private employers in the Commonwealth to contribute to a defined contribution retirement plan overseen by the Board. The bill requires all self-employed individuals, sole proprietors, and nongovernmental employers to allow their employees to participate in the Program, but exempts such employers from doing so if they offer a substitute retirement plan, defined in the bill. The bill authorizes the Board to contract with third parties to implement and administer the program. The Program shall allow an enrollee to contribute to an account at a default rate and modify his contributions within the parameters of the Internal Revenue Code but shall not require automatic enrollment. The Program shall not require a participating employer to contribute to the account of any enrollee. The bill prohibits the Commonwealth from guaranteeing a rate of return or interest rate on any contribution and indemnifies it from losses incurred through the Program. The bill directs the Board to conduct a market and legal analysis of the Program and requires the Board to establish the Program by July 1, 2021; however, if the Board determines that the Program would qualify as an employee benefit plan under the federal Employee Retirement Income Security Act of 1974, it is prohibited from establishing the Program. Read the Bill »

Status

01/15/2019: Awaiting a Vote in the Commerce and Labor Committee

History

DateAction
01/08/2019Committee
01/08/2019Prefiled and ordered printed; offered 01/09/19 19103883D
01/08/2019Referred to Committee on Commerce and Labor
01/15/2019Assigned C & L sub: Subcommittee #1

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