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Commonwealth Savers Plan; Access Fund established; report. Establishes the Access Fund as a portion of the Fund of the Commonwealth Savers Plan (the Plan), to be managed by the governing board of the Plan (the board) as a part of the Fund but to be accounted for separately from the Fund, into which certain Fund moneys shall be allocated for the purpose of supporting the Plan's goal of enhancing the accessibility, attainability, and affordability of higher education for all citizens of the Commonwealth. The bill directs the board to (i) establish or identify and fund certain programs and partnerships to further the goal of enhancing the accessibility, attainability, and affordability of higher education for all citizens of the Commonwealth, including programs and partnerships that provide scholarships, grants, or mentoring and coaching services to certain identified demographics of students; (ii) use certain distributions from the Access Fund, in accordance with the investment objectives and total return spending policy described in the bill and the standard of care set forth in applicable law, to support such programs and partnerships; (iii) appoint an Access Advisory Committee for the purpose of assisting the board by making recommendations relating to any such programs and partnerships for which distributions from the Access Fund could be used; and (iv) submit to relevant committees of the General Assembly and the Joint Legislative Audit and Review Commission by December 1 of each year a report on the Plan's activities relating to the Access Fund for the preceding year. Finally, the bill directs the Audit and Actuarial Committee to, in addition to its other duties set forth in applicable law, assess and make recommendations to the board regarding the availability of Fund moneys for allocation to the Access Fund.
Introduced
Jan 7, 2025
Last Action
Feb 5, 2025
Session
VA 2025
Sponsors
1 primary · 0 co
Left in Finance and Appropriations
Fiscal Impact Statement from Department of Planning and Budget (SB1065)
Prefiled and ordered printed; Offered 01-08-2025 25104363D
Referred to Committee on Finance and Appropriations
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Left in Finance and Appropriations
Ghazala F. Hashmi