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Developed and maintained by the Division of Legislative Automated Systems.
2021 SPECIAL SESSION I
HB 2174 State-Facilitated IRA Savings Program; established, membership, report.
Introduced by: Luke E. Torian | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
State-facilitated IRA savings program; establishment. Directs the governing board of the Virginia College Savings Plan (the Board) to establish a state-facilitated individual retirement account (IRA) savings program (the Program). The Board shall administer the Program and develop requirements, procedures, and guidelines for the Program, including default contribution rates, procedures for enrollment and withdrawal, and procedures for noncompliance. Moneys in the Program shall be invested in a manner deemed appropriate by the Board.
Eligible employers shall enroll their eligible employees in the Program. Eligible employers are defined in the bill as any nongovernmental employer that employs 25 or more eligible employees and does not offer a qualified retirement plan to their employees. Eligible employees are limited to individuals who are employed at least 30 hours per week. Each eligible employee shall be enrolled in the Program unless the employee elects not to participate in the Program.
Any employer that is not an eligible employer may facilitate the participation of its eligible employees in the program. Self-employed individuals and eligible employees whose employers do not enroll in the program may participate in the program in accordance with terms and conditions prescribed by the Board.
The bill contains provisions limiting the liability of the Board, the Plan, and the Commonwealth or any of its political subdivisions for obligations associated with the Program. 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. Participating employers shall not (i) have any liability for an employee's decision to participate in or opt out of the Plan, (ii) be a fiduciary over the Program, or (iii) have any liability or responsibility related to the operation of the Program. The bill also adds a requirement that at least one member of the Board have expertise in the management and administration of private defined contribution retirement plans.
The Program shall be established, and enrollment shall begin, on July 1, 2023, or as soon thereafter as practicable. Finally, the bill directs the Board to establish a group of stakeholders to identify and make recommendations as to other amendments necessary and prudent to effectuate the provisions of the bill.
FULL TEXT
- 01/12/21 House: Prefiled and ordered printed; offered 01/13/21 21102814D pdf
- 01/20/21 House: Committee substitute printed 21103389D-H1 pdf | impact statement
- 02/16/21 Senate: Committee substitute printed 21104455D-S1 pdf | impact statement
- 02/18/21 Senate: Floor substitute printed 21200437D-S2 (Suetterlein) pdf
- 02/27/21 House: Conference substitute printed 21200753D-H2 pdf | impact statement
- 03/09/21 House: Bill text as passed House and Senate (HB2174ER) pdf
- 04/15/21 Governor: Acts of Assembly Chapter text (CHAP0556) pdf
AMENDMENTS
- House subcommittee amendments and substitutes offered
- House subcommittee amendments and substitutes adopted
- House committee, floor amendments and substitutes offered
- Senate committee, floor amendments and substitutes offered
- Senate amendments
- Senate amendments engrossed
- Senate amendments not adopted
- Conference amendments
- Governor's recommendation
HISTORY
- 01/12/21 House: Prefiled and ordered printed; offered 01/13/21 21102814D
- 01/12/21 House: Referred to Committee on Appropriations
- 01/15/21 House: Assigned App. sub: Compensation & General Government
- 01/19/21 House: Subcommittee recommends reporting with amendments (5-Y 3-N)
- 01/20/21 House: Committee substitute printed 21103389D-H1
- 01/20/21 House: Reported from Appropriations with substitute (13-Y 6-N)
- 01/21/21 House: Read first time
- 01/22/21 House: Passed by for the day
- 01/25/21 House: Read second time
- 01/25/21 House: Committee substitute agreed to 21103389D-H1
- 01/25/21 House: Engrossed by House - committee substitute HB2174H1
- 01/26/21 House: Read third time and passed House (56-Y 44-N)
- 01/26/21 House: VOTE: Passage (56-Y 44-N)
- 01/27/21 Senate: Constitutional reading dispensed
- 01/27/21 Senate: Referred to Committee on Finance and Appropriations
- 02/05/21 Senate: Continued to 2021 Sp. Sess. 1 in Finance and Appropriations (16-Y 0-N)
- 02/16/21 Senate: Reported from Finance and Appropriations with substitute (11-Y 1-N 4-A)
- 02/16/21 Senate: Committee substitute printed 21104455D-S1
- 02/16/21 Senate: Constitutional reading dispensed (37-Y 0-N)
- 02/17/21 Senate: Read third time
- 02/17/21 Senate: Passed by for the day
- 02/18/21 Senate: Floor substitute printed 21200437D-S2 (Suetterlein)
- 02/18/21 Senate: Read third time
- 02/18/21 Senate: Passed by temporarily
- 02/18/21 Senate: Passed by for the day
- 02/19/21 Senate: Read third time
- 02/19/21 Senate: Substitute by Senator Suetterlein withdrawn
- 02/19/21 Senate: Reading of substitute waived
- 02/19/21 Senate: Committee substitute agreed to 21104455D-S1
- 02/19/21 Senate: Reading of amendments waived
- 02/19/21 Senate: Amendments by Senator Sutterlein rejected (19-Y 20-N)
- 02/19/21 Senate: Passed by temporarily
- 02/19/21 Senate: Reading of amendments waived
- 02/19/21 Senate: Passed by temporarily
- 02/19/21 Senate: Amendments by Senator Petersen agreed to
- 02/19/21 Senate: Engrossed by Senate - committee substitute with amendments HB2174S1
- 02/19/21 Senate: Passed Senate with substitute with amendments (23-Y 14-N)
- 02/23/21 House: Placed on Calendar
- 02/23/21 House: Senate substitute with amendments rejected by House 21104455D-S1 (2-Y 95-N)
- 02/23/21 House: VOTE: REJECTED (2-Y 95-N)
- 02/24/21 Senate: Senate insisted on substitute with amendments (39-Y 0-N)
- 02/24/21 Senate: Senate requested conference committee
- 02/25/21 House: House acceded to request
- 02/25/21 House: Conferees appointed by House
- 02/25/21 House: Delegates: Torian, Tyler, Coyner
- 02/25/21 Senate: Conferees appointed by Senate
- 02/25/21 Senate: Senators: Barker, McClellan, Vogel
- 02/27/21 Conference: Amended by conference committee
- 02/27/21 House: Conference substitute printed 21200753D-H2
- 02/27/21 Senate: Passed by temporarily
- 02/27/21 Senate: Conference report rejected by Senate (15-Y 24-N)
- 02/27/21 Senate: Senate requested second conference committee (23-Y 16-N)
- 02/27/21 House: House acceded to request for second conference committee
- 02/27/21 House: Second conferees appointed by House
- 02/27/21 House: Delegates: Torian, Tyler, Coyner
- 02/27/21 Senate: Second conferees appointed by Senate
- 02/27/21 Senate: Senators: Barker, McClellan, Vogel
- 02/27/21 Senate: Conference report agreed to by Senate (21-Y 15-N)
- 02/27/21 House: Conference report agreed to by House (52-Y 41-N)
- 02/27/21 House: VOTE: Agreed To (52-Y 41-N)
- 03/09/21 House: Enrolled
- 03/09/21 House: Bill text as passed House and Senate (HB2174ER)
- 03/09/21 Senate: Signed by President
- 03/11/21 House: Signed by Speaker
- 03/15/21 House: Enrolled Bill communicated to Governor on March 15, 2021
- 03/15/21 Governor: Governor's Action Deadline 11:59 p.m., March 31, 2021
- 03/25/21 House: Governor's recommendation received by House
- 04/07/21 House: Placed on Calendar
- 04/07/21 House: House concurred in Governor's recommendation (55-Y 45-N)
- 04/07/21 House: VOTE: Adoption (55-Y 45-N)
- 04/07/21 Senate: Senate rejected Governor's recommendation (11-Y 29-N)
- 04/07/21 Senate: Communicated to Governor
- 04/07/21 Governor: Governor's Action Deadline 11:59 p.m., May 7, 2021
- 04/15/21 Governor: Approved by Governor-Chapter 556 (effective 7/1/21)
- 04/15/21 Governor: Acts of Assembly Chapter text (CHAP0556)