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2009 SESSION
HB 2026 Employee Voluntary Accounts Program; created, report.
Introduced by: Daniel W. Marshall, III | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Virginia Employee Voluntary Accounts Program. Creates the Virginia Employee Voluntary Accounts Program. Under the program, private employers with not more than 50 employees that have not offered a payroll savings deduction plan to employees in the preceding year may enroll to offer tax-deferred retirement plans to their employees. The Program will be administered by a board of directors, which is authorized to hire a director and staff, and to retain a financial institution to serve as third-party administrator for the management of the assets of the Program. The Program is not authorized to accept enrollees or funds until a plan of operation for the Program has been approved by the Internal Revenue Service.
FULL TEXT
HISTORY
- 01/13/09 House: Prefiled and ordered printed; offered 01/14/09 090030612
- 01/13/09 House: Referred to Committee on General Laws
- 01/19/09 House: Assigned GL sub: Professional/Occupational/Adminstrative Process
- 01/27/09 House: Subcommittee recommends referring to VA Small Business Commission by voice vote
- 02/10/09 House: Left in General Laws