VirginiaSaves Program; established, memberships. (HB2174)

Introduced By

Del. Luke Torian (D-Woodbridge) with support from co-patron Del. Dan Helmer (D-Fairfax Station)

Progress

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

Description

VirginiaSaves Program; establishment. Directs the governing board of the Virginia College Savings Plan (the Board) to establish an automatic enrollment payroll deduction individual retirement account (IRA) retirement savings program, to be known as the VirginiaSaves Program (the Program). The Board shall administer the Program and develop requirements, procedures, and guidelines for the Program, including default contribution rates, procedures for enrollment and withdrawal, and procedures for noncompliance. Moneys in the Program shall be invested in a manner deemed appropriate by the Board. Participation in the Program is mandatory for eligible employers, defined in the bill as self-employed individuals, sole proprietors, and nongovernmental employers having five or more employees that do not offer a qualified retirement plan to their employees. Each eligible employee, defined generally as an individual employed by an eligible employer, shall be enrolled in the Program unless the employee elects not to participate in the Program. The bill contains provisions limiting the liability of the Board, the Plan, and the Commonwealth or any of its political subdivisions for obligations associated with the Program. The Commonwealth shall have no duty or liability to any party for the payment of any retirement savings benefits accrued by any individual under the Program. Participating employers shall not (i) have any liability for an employee's decision to participate in or opt out of the Plan, (ii) be a fiduciary over the Program, or (iii) have any liability or responsibility related to the operation of the Program. The Program shall be established, and enrollment shall begin, no later than July 1, 2023. Read the Bill »

Status

01/27/2021: In Committee

History

DateAction
01/12/2021Committee
01/12/2021Prefiled and ordered printed; offered 01/13/21 21102814D
01/12/2021Referred to Committee on Appropriations
01/15/2021Assigned App. sub: Compensation & General Government
01/19/2021House subcommittee amendments and substitutes offered
01/19/2021Subcommittee recommends reporting with amendments (5-Y 3-N)
01/20/2021House committee, floor amendments and substitutes offered
01/20/2021Committee substitute printed 21103389D-H1
01/20/2021Reported from Appropriations with substitute (13-Y 6-N) (see vote tally)
01/21/2021Read first time
01/22/2021Passed by for the day
01/25/2021Read second time
01/25/2021Committee substitute agreed to 21103389D-H1
01/25/2021Engrossed by House - committee substitute HB2174H1
01/26/2021Read third time and passed House (56-Y 44-N)
01/26/2021VOTE: Passage (56-Y 44-N)
01/26/2021Impact statement from DPB (HB2174H1)
01/27/2021Constitutional reading dispensed
01/27/2021Referred to Committee on Finance and Appropriations

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