SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2019 SESSION

  • | print version

HB 2431 My Virginia Plan Program; multiple employer plan for private employers and their employees.

Introduced by: Luke E. Torian | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

My Virginia Plan Program; multiple employer plan for private employers and their employees. Establishes the My Virginia Plan Board (the Board) and directs the Board to create the My Virginia Plan Program (the Program) to allow employees of private employers in the Commonwealth to contribute to a defined contribution retirement plan overseen by the Board. The bill requires all self-employed individuals, sole proprietors, and nongovernmental employers to allow their employees to participate in the Program, but exempts such employers from doing so if they offer a substitute retirement plan, defined in the bill. The bill authorizes the Board to contract with third parties to implement and administer the program.

The Program shall allow an enrollee to contribute to an account at a default rate and modify his contributions within the parameters of the Internal Revenue Code but shall not require automatic enrollment. The Program shall not require a participating employer to contribute to the account of any enrollee. The bill prohibits the Commonwealth from guaranteeing a rate of return or interest rate on any contribution and indemnifies it from losses incurred through the Program.

The bill directs the Board to conduct a market and legal analysis of the Program and requires the Board to establish the Program by July 1, 2021; however, if the Board determines that the Program would qualify as an employee benefit plan under the federal Employee Retirement Income Security Act of 1974, it is prohibited from establishing the Program.


FULL TEXT

HISTORY