VirginiaState-facilitated IRA savings program; various changes to the program.
What it does
State-facilitated IRA savings program. Makes various changes to the state-facilitated IRA savings program administered by the Commonwealth Savers Plan. For purposes of defining an eligible employer, the bill (i) reduces the minimum number of eligible employees an organization must have in its employ from 25 to five for the period ending December 31 of the preceding calendar year prior to the program's open enrollment period for that calendar year and (ii) clarifies that such term does not include employers offering and sponsoring a qualified retirement plan, including 401(k) plans.
More detail
The bill also removes the requirement that an eligible employee, for purposes of the program, works at least 30 hours a week and adds the requirement that participating individuals enrolling in the program independent of an employment relationship with an eligible employer be at least 18 years of age. The bill also expands the powers and duties of the governing board of the Commonwealth Savers Plan to include (a) procedures for reenrollment of participating employees and participating individuals; (b) allowing program participants to invest in a lifetime income option; (c) establishing the resources, tools, and incentives to promote greater financial education and literacy; (d) procedures for receiving and crediting federal matching contributions to an IRA or qualified retirement savings account; and (e) exploring and establishing incentives that encourage participation by eligible employers and eligible employees, including initiatives that incentivize compliance or that defray any costs incurred by an eligible employer to facilitate participation.The bill also requires eligible employers that withhold a program contribution from a participating employee's wages to remit such contribution not later than 10 business days following the date upon which such withholding was made and notes that eligible employers who fail to submit contributions to the program may be in violation of law and incur penalties. This bill is identical to SB 149.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Apr 6Acts of Assembly Chapter text (CHAP0084)Latest
- Apr 6Approved by Governor Abigail Spanberger-Chapter 84 (effective 7/1/2026)Became Law
- Mar 31Governor's Action Deadline 11:59 p.m., April 13, 2026To Governor
- Mar 31Enrolled Bill communicated to Governor on March 31, 2026Minor
- Mar 31Signed by SpeakerMajor
- Mar 31Fiscal Impact Statement from Department of Planning and Budget (HB176)
- Mar 30Signed by PresidentMajor
- Mar 30Bill text as passed House and Senate (HB176ER)Major
- Mar 30EnrolledMinor
- Mar 11Passed Senate Block Vote (40-Y 0-N 0-A)Major
- Vote recorded Reconsider R. Result: pass.Upper
- Vote recorded Passage R. Result: pass.Upper
- Vote recorded Passage R. Result: pass.Upper
- Mar 11Reconsideration of Senate passage agreed to by Senate (40-Y 0-N 0-A)
- Mar 11Passed Senate Block Vote (39-Y 0-N 0-A)Passed Senate
- Mar 11Read third timeMinor
- Mar 10Passed by for the day (Voice Vote)
- Vote recorded Constitutional reading dispensed (on 2nd reading). Result: pass.Upper
- Mar 10Constitutional reading dispensed (on 2nd reading) (37-Y 0-N 0-A)
- Mar 10Rules suspended
- Mar 9Reported from Finance and Appropriations (14-Y 0-N)Minor
- Vote recorded Reported from Finance and Appropriations. Result: pass.Upper
- Jan 28Referred to Committee on Finance and AppropriationsMinor
- Jan 28Constitutional reading dispensed (on 1st reading)
- Jan 27Read third time and passed House (99-Y 0-N 0-A)Passed House
- Vote recorded H VOTE:. Result: pass.Lower
- Jan 26Read second time and engrossedMinor
- Jan 23Read first timeMinor
- Jan 21Reported from Appropriations (22-Y 0-N)Minor
- Vote recorded Reported from Appropriations. Result: pass.Lower
- Jan 16Fiscal Impact Statement from Department of Planning and Budget (HB176)
- Jan 15Assigned HAPP sub: General Government and Capital OutlayMinor
- Jan 6Referred to Committee on AppropriationsMinor
- Jan 6Prefiled and ordered printed; Offered 01-14-2026 26101238DIntroduced