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 HB 176.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Apr 6Acts of Assembly Chapter text (CHAP0085)Latest
- Apr 6Approved by Governor Abigail Spanberger-Chapter 85 (effective 7/1/2026)Became Law
- Mar 10Governor's Action Deadline 11:59 p.m., April 13, 2026To Governor
- Mar 10Enrolled Bill communicated to Governor on March 10, 2026Minor
- Feb 27Signed by PresidentMajor
- Feb 27Signed by SpeakerMajor
- Feb 27Fiscal Impact Statement from Department of Planning and Budget (SB149)
- Feb 27Bill text as passed Senate and House (SB149ER)Major
- Feb 27EnrolledMinor
- Feb 25Passed House (97-Y 0-N 0-A)Passed House
- Vote recorded H VOTE:. Result: pass.Lower
- Feb 25Read third timeMinor
- Feb 24Read second timeMinor
- Feb 20Reported from Appropriations (22-Y 0-N)Minor
- Vote recorded Reported from Appropriations. Result: pass.Lower
- Feb 18Assigned HAPP sub: General Government and Capital OutlayMinor
- Feb 5Referred to Committee on AppropriationsMinor
- Feb 5Read first timeMinor
- Feb 5Placed on Calendar
- Feb 2Read third time and passed Senate (40-Y 0-N 0-A)Passed Senate
- Vote recorded Passage R. Result: pass.Upper
- Jan 30Engrossed by Senate (Voice Vote)
- Jan 30Read second timeMinor
- Jan 29Passed by for the day
- Vote recorded Constitutional reading dispensed R. Result: pass.Upper
- Jan 29Passed by for the day (Voice Vote)
- Jan 29Constitutional reading dispensed (on 1st reading) (40-Y 0-N 0-A)
- Jan 29Rules suspended
- Jan 28Reported from Finance and Appropriations (13-Y 0-N)Minor
- Vote recorded Reported from Finance and Appropriations. Result: pass.Upper
- Jan 16Fiscal Impact Statement from Department of Planning and Budget (SB149)
- Jan 7Referred to Committee on Finance and AppropriationsMinor
- Jan 7Prefiled and ordered printed; Offered 01-14-2026 26101585DIntroduced