As used in this chapter, unless the context requires a different meaning: “Board” means the governing board of the Virginia College Savings Plan. “Committee” means the Program Advisory Committee established pursuant to § 2.2-2746. “Eligible employee” means any individual who is (i) 18 years of age or older, (ii) currently employed at least 30 hours […]
To promote greater voluntary retirement savings for private-sector workers in a convenient and portable manner, the Plan is authorized, in accordance with this chapter, to establish a state-facilitated IRA savings program for private-sector workers. The Program shall be sponsored and administered by the Plan. In addition to the provisions of this chapter, the Program shall […]
A. In order to assist the Board in fulfilling its duties under § 23.1-704 and this chapter and to assist the Plan’s chief executive officer in directing, managing, and administering the Program, the Board shall appoint the Program Advisory Committee to provide sophisticated, objective, and prudent administrative and investment advice and direction, as requested by […]
The Board shall: 1. Administer the Program authorized by this chapter; 2. Invest moneys in the Program in any instruments, obligations, securities, or property deemed appropriate by the Board; 3. Develop requirements, procedures, and guidelines for the Program, including: a. Eligibility requirements for employers and employees, in accordance with this chapter; b. Procedures for enrollment […]
All agencies of the Commonwealth shall cooperate as requested by the Plan in the performance of its duties under this chapter, including, unless otherwise prohibited, the sharing of relevant data as the parties shall mutually agree. 2021, Sp. Sess. I, c. 556.
No act or undertaking of the Board is a debt or pledge of the full faith and credit of the Commonwealth or any political subdivision of the Commonwealth, and all such acts and undertakings are payable solely from the Program. The Commonwealth shall have no obligation for payment of benefits arising from this chapter. 2021, […]
The provisions of § 23.1-706 relating to the standard of care and the investment and administration of the Plan shall apply, mutatis mutandis, to the Program authorized under this chapter. 2021, Sp. Sess. I, c. 556.
A. 1. Any employer that is not an eligible employer may facilitate the participation of its eligible employees in the Program. However, such employer shall take all steps necessary to ensure that such facilitation does not constitute an employee benefit plan regulated under Title I of the Employee Retirement Income Security Act (ERISA). 2. Any […]
A. There is hereby established a permanent and perpetual fund to be known as the Program Trust Fund (the Fund). The moneys in the Fund shall be (i) deemed separate and independent trust funds, (ii) segregated and accounted for separately from all other funds of the Commonwealth, and (iii) administered solely in the interests of […]
The Program shall be subject to the reporting requirements set forth in § 23.1-709. The Program shall be subject to the applicable provisions of the Virginia College Savings Plan Oversight Act (§ 30-330 et seq.). 2021, Sp. Sess. I, c. 556.
The provisions of the Virginia Freedom of Information Act (§ 2.2-3700 et seq.) applicable to the Plan shall also apply to the Program. 2021, Sp. Sess. I, c. 556.
Nothing in this chapter or any payroll deposit retirement savings agreement entered into pursuant to this chapter shall be construed as a promise or guarantee that the expenses associated with a participating employee’s or participating individual’s retirement will be covered in full by contributions to or earnings on any account, nor that the contributions to […]
A. 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. Any financial liability for the payment of retirement savings benefits in excess of funds available under the Program shall be borne solely by the entities with whom the […]
Insofar as the provisions of this chapter are inconsistent with the provisions of any other general, special, or local law, the provisions of this chapter shall control. This chapter constitutes full and complete authority, without regard to the provisions of any other law, for performing the acts authorized in this chapter and shall be liberally […]
