VirginiaHB1762026 Regular SessionHouseWALLET

State-facilitated IRA savings program; various changes to the program.

Sponsored By: Luke E. Torian (Democratic)

Signed by Governor

Summary

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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Bill Overview

Analyzed Economic Effects

2 provisions identified: 2 benefits, 0 costs, 0 mixed.

More savings options for workers and self-employed

Employees whose employers do not help them join Commonwealth Savers can enroll directly if they have Virginia taxable income. Self-employed people can join under Board rules without the Virginia-taxable-income requirement. Employers outside the required group can also help workers join voluntarily. Those employers must ensure their help does not create an employer benefit plan covered by federal retirement law. All participants can now end participation at any time using the Board's process.

More workers qualify for Virginia retirement savings

Employed workers age 18 or older who receive wages can qualify for Virginia's Commonwealth Savers Plan without working 30 hours weekly. Nongovernmental Virginia businesses qualify with at least five eligible employees during the period ending December 31 before open enrollment. The law removes the two-year operating-history requirement and the Virginia Employment Commission reporting requirements for employer eligibility. Having an automatic-enrollment payroll-deduction IRA alone no longer blocks employer eligibility. Employers that sponsor, maintain, or contribute to a qualified employer retirement plan remain outside the required group.

Sponsors & Cosponsors

Sponsor

  • Luke E. Torian

    Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

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

Constitutional reading dispensed Block Vote (on 2nd reading)

Yes: 37 • No: 0

Senate vote • 3/10/2026

Passed by for the day Block Vote (Voice Vote)

Yes: 0 • 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

Actions Timeline

  1. Acts of Assembly Chapter text (CHAP0084)

    4/6/2026Governor
  2. Approved by Governor-Chapter 84 (effective 7/1/2026)

    4/6/2026Governor
  3. Fiscal Impact Statement from Department of Planning and Budget (HB176)

    3/31/2026House
  4. Governor's Action Deadline 11:59 p.m., April 13, 2026

    3/31/2026Governor
  5. Enrolled Bill communicated to Governor on March 31, 2026

    3/31/2026House
  6. Signed by Speaker

    3/31/2026House
  7. Bill text as passed House and Senate (HB176ER)

    3/30/2026House
  8. Enrolled

    3/30/2026House
  9. Signed by President

    3/30/2026Senate
  10. Passed Senate Block Vote (40-Y 0-N 0-A)

    3/11/2026Senate
  11. Reconsideration of Senate passage agreed to by Senate Block Vote (40-Y 0-N 0-A)

    3/11/2026Senate
  12. Passed Senate Block Vote (39-Y 0-N 0-A)

    3/11/2026Senate
  13. Read third time

    3/11/2026Senate
  14. Passed by for the day Block Vote (Voice Vote)

    3/10/2026Senate
  15. Constitutional reading dispensed Block Vote (on 2nd reading) (37-Y 0-N 0-A)

    3/10/2026Senate
  16. Rules suspended

    3/10/2026Senate
  17. Reported from Finance and Appropriations (14-Y 0-N)

    3/9/2026Senate
  18. Referred to Committee on Finance and Appropriations

    1/28/2026Senate
  19. Constitutional reading dispensed (on 1st reading)

    1/28/2026Senate
  20. Read third time and passed House Block Vote (99-Y 0-N 0-A)

    1/27/2026House
  21. Read second time and engrossed

    1/26/2026House
  22. Read first time

    1/23/2026House
  23. Reported from Appropriations (22-Y 0-N)

    1/21/2026House
  24. Fiscal Impact Statement from Department of Planning and Budget (HB176)

    1/16/2026House
  25. Assigned HAPP sub: General Government and Capital Outlay

    1/15/2026House

Bill Text

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