My Virginia Plan Program; establishes My Virginia Plan Board, creates Fund. (HB2432)

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; retirement plans for employees of private employers. Establishes the My Virginia Plan Board (the Board) and directs the Board to create the My Virginia Plan Program (the Program) to enable private employers to connect with financial services firms that offer retirement plans. The bill directs the Board to contract with a private entity to implement and administer the Program. The bill provides that participation in a plan offered through the Program is voluntary for employers and their employees. The bill requires the Board to review and approve financial services firms to offer retirement plans through the Program and create a website for employers to obtain information on how to participate. The bill requires the Board to ensure that the Program provides a range of investment options to meet the needs of investors with various levels of risk tolerance and various ages. The bill requires that in order to participate in the Program a financial services firm must register with the State Corporation Commission, meet the requirements of all federal laws required to offer retirement plans, and offer at least two product options, including a target date fund and a balanced fund. The bill authorizes the Department to charge fees to participating financial services firms to recoup start-up and ongoing costs. The bill prohibits financial services firms from charging administrative fees to employers but such firms may charge annual fees to enrollees. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/08/2019Committee
01/08/2019Prefiled and ordered printed; offered 01/09/19 19102874D
01/08/2019Referred to Committee on Commerce and Labor
01/15/2019Assigned C & L sub: Subcommittee #1
01/29/2019Impact statement from DPB (HB2432)
01/29/2019Subcommittee recommends striking from docket (7-Y 0-N)
02/05/2019Left in Commerce and Labor

Post a Public Comment About this Bill



if you have one


(Limited HTML is OK: <a>, <em>, <strong>, <s>)