Virginia College Savings Plan; analyzing current programs to encourage citizens to save. (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

Virginia College Savings Plan; stakeholder group to analyze private retirement plans; report. Directs the Virginia College Savings Plan to convene a stakeholder group, analyze private retirement options and develop recommendations, and report to the General Assembly by December 15, 2020. The scope of the study would include (i) an examination of potential retirement savings options for self-employed individuals, part-time employees, and full-time employees whose employers do not offer a retirement savings plan; (ii) the level of interest by Virginia employers in participating in a voluntary state-sponsored private retirement option; (iii) the likely costs to start up such a plan and an estimate of time to reach self-sufficiency and potential funding options; (iv) the experience of other states that have implemented or are implementing a state-sponsored private retirement solution for employers and employees; and (v) the appropriate state agency and structure to implement the solution. Read the Bill »

Outcome

Bill Has Passed

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)
02/25/2020Placed on Calendar
02/25/2020Senate substitute agreed to by House 20108194D-S1 (91-Y 7-N)
02/25/2020VOTE: Adoption (91-Y 7-N) (see vote tally)
03/02/2020Enrolled
03/02/2020Bill text as passed House and Senate (HB775ER)
03/02/2020Impact statement from DPB (HB775ER)
03/02/2020Signed by Speaker
03/03/2020Signed by President
03/12/2020Enrolled Bill communicated to Governor on March 12, 2020
03/12/2020G Governor's Action Deadline 11:59 p.m., April 11, 2020
03/27/2020G Approved by Governor-Chapter 506 (effective 7/1/20)
03/27/2020G Acts of Assembly Chapter text (CHAP0506)

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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