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State-facilitated IRA savings program. Makes various changes to the state-facilitated IRA savings program administered by the Commonwealth Savers Plan. For purposes of defining an eligible employer, the bill (i) reduces the minimum number of eligible employees an organization must have in its employ from 25 to five for the period ending December 31 of the preceding calendar year prior to the program's open enrollment period for that calendar year and (ii) clarifies that such term does not include employers offering and sponsoring a qualified retirement plan, including 401(k) plans. The bill also removes the requirement that an eligible employee, for purposes of the program, works at least 30 hours a week and adds the requirement that participating individuals enrolling in the program independent of an employment relationship with an eligible employer be at least 18 years of age. The bill also expands the powers and duties of the governing board of the Commonwealth Savers Plan to include (a) procedures for reenrollment of participating employees and participating individuals; (b) allowing program participants to invest in a lifetime income option; (c) establishing the resources, tools, and incentives to promote greater financial education and literacy; (d) procedures for receiving and crediting federal matching contributions to an IRA or qualified retirement savings account; and (e) exploring and establishing incentives that encourage participation by eligible employers and eligible employees, including initiatives that incentivize compliance or that defray any costs incurred by an eligible employer to facilitate participation. The bill also requires eligible employers that withhold a program contribution from a participating employee's wages to remit such contribution not later than 10 business days following the date upon which such withholding was made and notes that eligible employers who fail to submit contributions to the program may be in violation of law and incur penalties.
Introduced
Jan 6, 2026
Last Action
Mar 11, 2026
Session
VA 2026
Sponsors
1 primary · 0 co
Passed Senate Block Vote (40-Y 0-N 0-A)
Reconsideration of Senate passage agreed to by Senate (40-Y 0-N 0-A)
Passed Senate Block Vote (39-Y 0-N 0-A)
Read third time
Rules suspended
Passed by for the day (Voice Vote)
Constitutional reading dispensed (on 2nd reading) (37-Y 0-N 0-A)
Reported from Finance and Appropriations (14-Y 0-N)
Referred to Committee on Finance and Appropriations
Constitutional reading dispensed (on 1st reading)
Read third time and passed House (99-Y 0-N 0-A)
Read second time and engrossed
Read first time
Reported from Appropriations (22-Y 0-N)
Fiscal Impact Statement from Department of Planning and Budget (HB176)
Assigned HAPP sub: General Government and Capital Outlay
Referred to Committee on Appropriations
Prefiled and ordered printed; Offered 01-14-2026 26101238D
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Passed Senate Block Vote (40-Y 0-N 0-A)
Luke E. Torian