All Roll Calls
Yes: 291 • No: 0
Sponsored By: Luke E. Torian (Democratic)
Became Law
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. This bill is identical to SB 149.
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4 provisions identified: 2 benefits, 0 costs, 2 mixed.
The Board can create incentives and grants to encourage participation. Grants can help small businesses cover the costs of setting up payroll deductions and compliance. The Board decides if and how to offer these grants.
You can join the state IRA only if you have Virginia taxable income. Workers whose employers do not help and self‑employed people can enroll directly under Board rules. The Board sets choices and defaults, including Roth or traditional IRAs, default contribution and auto‑increase rates, a lifetime income option, and a default fund. The program can accept federal matching contributions if federal law allows. Employers that fail to comply can face penalties up to $200 per eligible employee each year. Employers cannot put in their own money or promote the program. The Board may add an optional short‑term emergency savings feature that you can elect.
Most private employers with five or more eligible employees must enroll in the Commonwealth Savers Plan. Enrollment begins July 1, 2023, and the Board sets rollout deadlines. Eligible employers must set up payroll deductions and send workers’ contributions no later than 10 business days after withholding. An employer can leave the state program at any time by starting its own qualified plan (like a 401(k)) and then stopping facilitation. Participating employers are not fiduciaries and are not liable for employees’ choices or investment returns. Employers that are not covered may still help workers sign up, but must avoid creating an ERISA plan.
The Board can accept appropriations, gifts, grants, and other funds. It must run the program so it is not an ERISA employer plan. The Board appoints an expert advisory committee. It can hire outside firms, buy insurance, and protect Board and committee members for official actions. The Board can partner with other states to share operations. All state agencies must cooperate and share allowed data. The program is exempt from subsection C of § 40.1‑29.
Luke E. Torian
Democratic • House
There are no cosponsors for this bill.
All Roll Calls
Yes: 291 • No: 0
Senate vote • 3/11/2026
Passed Senate Block Vote
Yes: 40 • No: 0
Senate vote • 3/11/2026
Passed Senate Block Vote
Yes: 39 • No: 0
Senate vote • 3/11/2026
Reconsideration of Senate passage agreed to by Senate Block Vote
Yes: 40 • No: 0
Senate vote • 3/10/2026
Passed by for the day Block Vote (Voice Vote)
Yes: 0 • No: 0
Senate vote • 3/10/2026
Constitutional reading dispensed Block Vote (on 2nd reading)
Yes: 37 • No: 0
Senate vote • 3/9/2026
Reported from Finance and Appropriations
Yes: 14 • No: 0
House vote • 1/27/2026
Read third time and passed House Block Vote
Yes: 99 • No: 0
House vote • 1/21/2026
Reported from Appropriations
Yes: 22 • No: 0
Acts of Assembly Chapter text (CHAP0084)
Approved by Governor-Chapter 84 (effective 7/1/2026)
Fiscal Impact Statement from Department of Planning and Budget (HB176)
Governor's Action Deadline 11:59 p.m., April 13, 2026
Enrolled Bill communicated to Governor on March 31, 2026
Signed by Speaker
Bill text as passed House and Senate (HB176ER)
Enrolled
Signed by President
Passed Senate Block Vote (40-Y 0-N 0-A)
Reconsideration of Senate passage agreed to by Senate Block Vote (40-Y 0-N 0-A)
Passed Senate Block Vote (39-Y 0-N 0-A)
Read third time
Passed by for the day Block Vote (Voice Vote)
Constitutional reading dispensed Block Vote (on 2nd reading) (37-Y 0-N 0-A)
Rules suspended
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 Block Vote (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
Chaptered
4/6/2026
Enrolled
3/30/2026
Introduced
1/6/2026
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