VirginiaSaves Program; established, membership. (HB2174)

Introduced By

Del. Luke Torian (D-Woodbridge) with support from co-patrons Del. Hala Ayala (D-Woodbridge), and Del. Dan Helmer (D-Fairfax Station)

Progress

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

Description

State-facilitated IRA savings program; establishment. Directs the governing board of the Virginia College Savings Plan (the Board) to establish a state-facilitated individual retirement account (IRA) savings 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. Eligible employers shall enroll their eligible employees in the Program. Eligible employers are defined in the bill as any nongovernmental employer that employs 25 or more eligible employees and does not offer a qualified retirement plan to their employees. Eligible employees are limited to individuals who are employed at least 30 hours per week. Each eligible employee shall be enrolled in the Program unless the employee elects not to participate in the Program. Any employer that is not an eligible employer may facilitate the participation of its eligible employees in the program. Self-employed individuals and eligible employees whose employers do not enroll in the program may participate in the program in accordance with terms and conditions prescribed by the Board. 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 bill also adds a requirement that at least one member of the Board have expertise in the management and administration of private defined contribution retirement plans. The Program shall be established, and enrollment shall begin, on July 1, 2023, or as soon thereafter as practicable. Finally, the bill directs the Board to establish a group of stakeholders to identify and make recommendations as to other amendments necessary and prudent to effectuate the provisions of the bill. Read the Bill »

Status

04/17/2021: Awaiting a Vote in the Finance and Appropriations Committee

History

DateAction
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) (see vote tally)
01/26/2021Impact statement from DPB (HB2174H1)
01/27/2021Constitutional reading dispensed
01/27/2021Referred to Committee on Finance and Appropriations
02/05/2021Continued to 2021 Sp. Sess. 1 in Finance and Appropriations (16-Y 0-N) (see vote tally)
02/16/2021Senate committee, floor amendments and substitutes offered
02/16/2021Reported from Finance and Appropriations with substitute (11-Y 1-N 4-A) (see vote tally)
02/16/2021Committee substitute printed 21104455D-S1
02/16/2021Constitutional reading dispensed (37-Y 0-N) (see vote tally)
02/17/2021Read third time
02/17/2021Passed by for the day
02/18/2021Impact statement from DPB (HB2174S1)
02/18/2021Senate committee, floor amendments and substitutes offered
02/18/2021Floor substitute printed 21200437D-S2 (Suetterlein)
02/18/2021Read third time
02/18/2021Passed by temporarily
02/18/2021Passed by for the day
02/19/2021Senate committee, floor amendments and substitutes offered
02/19/2021Read third time
02/19/2021Substitute by Senator Suetterlein withdrawn
02/19/2021Reading of substitute waived
02/19/2021Committee substitute agreed to 21104455D-S1
02/19/2021Reading of amendments waived
02/19/2021Amendments by Senator Sutterlein rejected (19-Y 20-N)
02/19/2021Passed by temporarily
02/19/2021Amendments by Senator Petersen agreed to
02/19/2021Engrossed by Senate - committee substitute with amendments HB2174S1
02/19/2021Passed Senate with substitute with amendments (23-Y 14-N)
02/23/2021VOTE: Adoption (2-Y 95-N)
02/23/2021Placed on Calendar
02/23/2021Senate substitute with amendments rejected by House 21104455D-S1 (2-Y 95-N)
02/23/2021VOTE: REJECTED (2-Y 95-N)
02/24/2021Senate insisted on substitute with amendments (39-Y 0-N)
02/24/2021Senate requested conference committee
02/25/2021House acceded to request
02/25/2021Conferees appointed by House
02/25/2021Delegates: Torian, Tyler, Coyner
02/25/2021Conferees appointed by Senate
02/25/2021Senators: Barker, McClellan, Vogel
02/27/2021C Amended by conference committee
02/27/2021Conference substitute printed 21200753D-H2
02/27/2021Passed by temporarily
02/27/2021Conference report rejected by Senate (15-Y 24-N)
02/27/2021Senate requested second conference committee (23-Y 16-N)
02/27/2021House acceded to request for second conference committee
02/27/2021Second conferees appointed by House
02/27/2021Delegates: Torian, Tyler, Coyner
02/27/2021Second conferees appointed by Senate
02/27/2021Senators: Barker, McClellan, Vogel
02/27/2021Conference report agreed to by Senate (21-Y 15-N)
02/27/2021Conference report agreed to by House (52-Y 41-N)
02/27/2021VOTE: Agreed To (52-Y 41-N)
03/01/2021Impact statement from DPB (HB2174H2)
03/09/2021Enrolled
03/09/2021Bill text as passed House and Senate (HB2174ER)
03/09/2021Signed by President
03/11/2021Signed by Speaker
03/15/2021Enrolled Bill communicated to Governor on March 15, 2021
03/15/2021G Governor's Action Deadline 11:59 p.m., March 31, 2021
03/25/2021Governor's recommendation received by House
03/31/2021Governor's recommendation received by House
04/07/2021Placed on Calendar
04/07/2021House concurred in Governor's recommendation (55-Y 45-N)
04/07/2021VOTE: Adoption (55-Y 45-N)
04/07/2021Senate rejected Governor's recommendation (11-Y 29-N)
04/07/2021G Governor's Action Deadline 11:59 p.m., May 7, 2021
04/07/2021Communicated to Governor
04/15/2021G Approved by Governor-Chapter 556 (effective 7/1/21)
04/15/2021G Acts of Assembly Chapter text (CHAP0556)

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