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2020 SESSION

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HB 775 Virginia College Savings Plan; analyzing current programs to encourage citizens to save.

Introduced by: Hala S. Ayala | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Virginia College Savings Plan; stakeholder group to analyze private retirement plans; report. Directs the Virginia College Savings Plan to convene a stakeholder group, analyze private retirement options and develop recommendations, and report to the General Assembly by December 15, 2020. The scope of the study would include (i) an examination of potential retirement savings options for self-employed individuals, part-time employees, and full-time employees whose employers do not offer a retirement savings plan; (ii) the level of interest by Virginia employers in participating in a voluntary state-sponsored private retirement option; (iii) the likely costs to start up such a plan and an estimate of time to reach self-sufficiency and potential funding options; (iv) the experience of other states that have implemented or are implementing a state-sponsored private retirement solution for employers and employees; and (v) the appropriate state agency and structure to implement the solution.


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