§ 2.2-2745. Program authorized
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 […]
§ 2.2-2746. Program Advisory Committee; membership; qualifications; duties
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 […]
§ 2.2-2747. Powers and duties of the Board
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 […]
§ 2.2-2740. Powers and duties of the Corporation
The Corporation shall have the power and duty to: 1. Periodically assess (i) product and services promotion activities with the Virginia Economic Development Partnership Authority and the Department of Agriculture and Consumer Services and (ii) suggestions from relevant industries on ways to increase exports of Virginia products; 2. Ensure the preparation and execution of effective […]
§ 2.2-2741. Grants from the Commonwealth
The Commonwealth may make grants of money or property to the Corporation for the purpose of enabling it to carry out its purposes and for the exercise of its duties. This section shall not be construed to limit any other power the Commonwealth may have to make grants to the Corporation. 2016, c. 749.
§ 2.2-2742. Exemption from taxation
The Corporation shall be performing an essential governmental function in the exercise of the powers conferred upon it by this article. Accordingly, the Corporation shall not be required to pay any taxes or assessments upon any project or any property or upon any operations of the Corporation or the income therefrom. Agents, lessees, sublessees, or […]
§ 2.2-2743. Exemptions from personnel and procurement procedures
The provisions of the Virginia Public Procurement Act (§ 2.2-4300 et seq.) and the Virginia Personnel Act (§ 2.2-2900 et seq.) shall not apply to the Corporation. 2016, c. 749.
§ 2.2-2744. Definitions
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 […]
§ 2.2-2735. Membership; qualifications; terms; vacancies; officers; compensation
A. The Foundation shall be administered by a board of trustees, consisting of 23 members as follows: two members of the Senate to be appointed by the Senate Committee on Rules; three members of the House of Delegates to be appointed by the Speaker of the House of Delegates in accordance with the principles of […]
§ 2.2-2736. Powers and duties of the Foundation
A. The Foundation shall have the power and duty to: 1. Accept, execute, and administer any trust in which it may have an interest under the terms of the instrument creating the trust; 2. Establish and administer agreements with public or private agencies in order to achieve its goals; 3. Rent, lease, including the execution […]