Multiple Employment Retirement Plan; plan for private employers and their employees. (HB775)

Introduced By

Del. Hala Ayala (D-Woodbridge) with support from co-patrons Del. Lee Carter (D-Manassas), and Del. Ibraheem Samirah (D-Herndon)

Progress

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

Description

Multiple employer retirement plan for private employers and their employees. Directs the governing board of the Virginia College Savings Plan (the Board) to establish the Multiple Employer Retirement Plan (the Plan). The Plan shall allow employees of private employers in the Commonwealth to contribute to a defined contribution retirement plan overseen by the Board. The bill allows all self-employed individuals, sole proprietors, and nongovernmental employers to allow their employees to participate in the Plan. It provides for automatic enrollment of an employer's employees if such employer chooses to participate in the Plan. The bill authorizes the Board to contract with third parties to implement and administer the Plan. The Plan 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. The Plan allows but does 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 Plan. The bill contains a reenactment clause and directs the Virginia College Savings Plan to analyze current state and federal retirement programs, other retirement savings options, costs, and the level of interest in such a plan. The Virginia College Savings Plan shall report its findings and recommendations to the General Assembly on or before December 15, 2020. Read the Bill »

Status

02/21/2020: Passed the Senate

History

DateAction
01/07/2020Committee
01/07/2020Prefiled and ordered printed; offered 01/08/20 20104487D
01/07/2020Referred to Committee on General Laws
01/16/2020Impact statement from DPB (HB775)
01/16/2020Referred from General Laws
01/16/2020Referred to Committee on Appropriations
01/17/2020Assigned App. sub: Compensation & General Government
01/28/2020Subcommittee recommends reporting with substitute (4-Y 1-N)
01/29/2020House committee, floor amendments and substitutes offered
01/29/2020Committee substitute printed 20106638D-H1
01/29/2020Reported from Appropriations with substitute (17-Y 0-N) (see vote tally)
01/31/2020Read first time
02/03/2020Passed by for the day
02/04/2020Read second time
02/04/2020Passed by for the day
02/05/2020House committee, floor amendments and substitutes offered
02/05/2020Read second time
02/05/2020Committee substitute agreed to 20106638D-H1
02/05/2020Amendments by Delegate Ayala agreed to
02/05/2020Engrossed by House - committee substitute with amendments HB775EH1
02/05/2020Impact statement from DPB (HB775H1)
02/05/2020Printed as engrossed 20106638D-EH1
02/06/2020Read third time and passed House (93-Y 5-N)
02/06/2020Impact statement from DPB (HB775EH1)
02/06/2020VOTE: Passage (93-Y 5-N) (see vote tally)
02/07/2020Constitutional reading dispensed
02/07/2020Referred to Committee on Finance and Appropriations
02/19/2020Reported from Finance and Appropriations with substitute (15-Y 0-N) (see vote tally)
02/19/2020Committee substitute printed 20108194D-S1
02/20/2020Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/21/2020Read third time
02/21/2020Reading of substitute waived
02/21/2020Committee substitute agreed to 20108194D-S1
02/21/2020Engrossed by Senate - committee substitute HB775S1
02/21/2020Passed Senate with substitute (38-Y 0-N) (see vote tally)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 3 clips in all, totaling 2 minutes.

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