All Roll Calls
Yes: 212 • No: 0
Sponsored By: Jeremy S. McPike (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 HB 176.
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6 provisions identified: 2 benefits, 0 costs, 4 mixed.
The Board sets the default IRA type (Roth or traditional), default contribution and automatic escalation rates, and the investment menu, including a default fund and a lifetime‑income option. Contribution limits follow IRS rules. The Board sets fees and must give clear information on investments, fees, and the tax and withdrawal effects of IRAs. The Board may add an optional short‑term emergency savings feature so you can direct part of your payroll to a liquid account.
You are automatically enrolled unless you opt out as the Board prescribes. You can stop participation at any time. If your employer does not facilitate, you and self‑employed people can enroll on your own under Board rules. You must have Virginia taxable income to participate.
When an employer withholds your contribution, it must send it as soon as possible and no later than 10 business days. Failing to remit on time can trigger federal and state labor‑law penalties. The Board may impose administrative penalties up to $200 per eligible employee each year and will set enforcement and education procedures. When allowed by federal law, the Program accepts federal matching funds and credits them to participant accounts. The Board may offer grants and incentives to help small employers comply and defray costs.
Eligible employers are nongovernment businesses with 25 or more eligible employees reported for the Dec. 31 quarter and the prior three quarters, have operated at least two years, and do not sponsor a qualifying plan. Enrollment starts July 1, 2023, or soon after. The Board sets the rollout and must give reasonable notice if dates change. Eligible employers must facilitate payroll deductions. Employers may set up their own qualified plan at any time and then leave the Program. Employers that are not required may still help employees enroll if it does not create an ERISA-covered plan.
The Program is designed so it is not an ERISA‑covered employer plan. Employers may not contribute to or promote the Program. Participating employers are not fiduciaries and are not liable for an employee’s choice to join or for investment results.
The Board administers the Program and invests program money. It appoints an advisory committee. The Board can hire contractors and buy insurance to protect program assets and Board and committee members. All state agencies must help by sharing data and technical support when allowed. The Program is exempt from subsection C of § 40.1‑29.
Jeremy S. McPike
Democratic • Senate
There are no cosponsors for this bill.
All Roll Calls
Yes: 212 • No: 0
House vote • 2/25/2026
Passed House Block Vote
Yes: 97 • No: 0
House vote • 2/20/2026
Reported from Appropriations
Yes: 22 • No: 0
Senate vote • 2/2/2026
Read third time and passed Senate Block Vote
Yes: 40 • No: 0
Senate vote • 1/30/2026
Engrossed by Senate Block Vote (Voice Vote)
Yes: 0 • No: 0
Senate vote • 1/29/2026
Passed by for the day Block Vote (Voice Vote)
Yes: 0 • No: 0
Senate vote • 1/29/2026
Constitutional reading dispensed Block Vote (on 1st reading)
Yes: 40 • No: 0
Senate vote • 1/28/2026
Reported from Finance and Appropriations
Yes: 13 • No: 0
Acts of Assembly Chapter text (CHAP0085)
Approved by Governor-Chapter 85 (effective 7/1/2026)
Governor's Action Deadline 11:59 p.m., April 13, 2026
Enrolled Bill communicated to Governor on March 10, 2026
Fiscal Impact Statement from Department of Planning and Budget (SB149)
Bill text as passed Senate and House (SB149ER)
Enrolled
Signed by President
Signed by Speaker
Passed House Block Vote (97-Y 0-N 0-A)
Read third time
Read second time
Reported from Appropriations (22-Y 0-N)
Assigned HAPP sub: General Government and Capital Outlay
Referred to Committee on Appropriations
Read first time
Placed on Calendar
Read third time and passed Senate Block Vote (40-Y 0-N 0-A)
Engrossed by Senate Block Vote (Voice Vote)
Read second time
Passed by for the day Block Vote (Voice Vote)
Constitutional reading dispensed Block Vote (on 1st reading) (40-Y 0-N 0-A)
Passed by for the day
Rules suspended
Reported from Finance and Appropriations (13-Y 0-N)
Chaptered
4/6/2026
Enrolled
2/27/2026
Introduced
1/7/2026
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