# Virginia SB149: State-facilitated IRA savings program; various changes to the program. Virginia SB149, State-facilitated IRA savings program; various changes to the program., is a 2026 Regular Session Senate bill sponsored by Jeremy S. McPike (Democratic); status signed, last action 2026-04-06 (Acts of Assembly Chapter text (CHAP0085)); PRIA reads it as touching household money (as of 2026-10-12). - Canonical: https://policyrisk.com/state-bill/VA-SB149-2026 - As of: 2026-10-12 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Bill: Virginia SB149 - State: Virginia - Session: 2026 Regular Session - Title: State-facilitated IRA savings program; various changes to the program. - Status: signed - Chamber: Senate - Introduced: 2026-01-07 - Last action: 2026-04-06, Acts of Assembly Chapter text (CHAP0085) - Sponsor: Jeremy S. McPike (Democratic) - Cosponsors: 0 - Touches household money: yes - Roll calls: 7 (212 yes, 0 no in all) - Economic provisions PRIA read: 4 ## 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 HB 176. ## Bill overview: provisions PRIA read - More workers can join retirement savings: benefit, medium. The law expands access to Virginia's Commonwealth Savers Plan. Eligible employees must be at least 18, currently employed, and receiving wages; the former 30-hour weekly work requirement is gone. Employees with Virginia taxable income can also join without meeting that eligible-employee definition.… - Savings tools and federal matches for workers: benefit, low. The Commonwealth Savers Plan Board must develop money-management resources, tools, and incentives that fit the program's purpose. It must also set procedures to receive and credit federal matching contributions to eligible participants' IRAs or qualified retirement savings accounts. Federal law det… - More businesses must offer retirement savings: mixed, medium. More Virginia nongovernmental businesses must help employees save through the Commonwealth Savers Plan using payroll deductions. The threshold falls from 25 to five eligible employees, counted during the period ending December 31 before the year's open enrollment. The two-year operating requirement… - Emergency savings option with retirement tradeoffs: mixed, low. The Commonwealth Savers Plan Board must explore a short-term emergency savings option and set requirements when it finds that appropriate. If established, participants choose whether to direct contributions to it, at a level set by the Board. This can help build emergency savings but may reduce mon… ## Sponsors and cosponsors - Sponsor: Jeremy S. McPike (Democratic), Senate ## Roll call votes | Date | Chamber | Motion | Result | Yes | No | Other | | --- | --- | --- | --- | --- | --- | --- | | 2026-02-25 | House | Passed House Block Vote | pass | 97 | 0 | | | 2026-02-20 | House | Reported from Appropriations | pass | 22 | 0 | | | 2026-02-02 | Senate | Read third time and passed Senate Block Vote | pass | 40 | 0 | | | 2026-01-30 | Senate | Engrossed by Senate Block Vote (Voice Vote) | pass | 0 | 0 | | | 2026-01-29 | Senate | Constitutional reading dispensed Block Vote (on 1st reading) | pass | 40 | 0 | | | 2026-01-29 | Senate | Passed by for the day Block Vote (Voice Vote) | pass | 0 | 0 | | | 2026-01-28 | Senate | Reported from Finance and Appropriations | pass | 13 | 0 | | ## Actions (28) - 2026-04-06: Acts of Assembly Chapter text (CHAP0085) (Governor) - 2026-04-06: Approved by Governor-Chapter 85 (effective 7/1/2026) (Governor) - 2026-03-10: Governor's Action Deadline 11:59 p.m., April 13, 2026 (Governor) - 2026-03-10: Enrolled Bill communicated to Governor on March 10, 2026 (Senate) - 2026-02-27: Fiscal Impact Statement from Department of Planning and Budget (SB149) (Senate) - 2026-02-27: Bill text as passed Senate and House (SB149ER) (Senate) - 2026-02-27: Enrolled (Senate) - 2026-02-27: Signed by President (Senate) - 2026-02-27: Signed by Speaker (House) - 2026-02-25: Passed House Block Vote (97-Y 0-N 0-A) (House) - 2026-02-25: Read third time (House) - 2026-02-24: Read second time (House) - 2026-02-20: Reported from Appropriations (22-Y 0-N) (House) - 2026-02-18: Assigned HAPP sub: General Government and Capital Outlay (House) - 2026-02-05: Referred to Committee on Appropriations (House) - 2026-02-05: Read first time (House) - 2026-02-05: Placed on Calendar (House) - 2026-02-02: Read third time and passed Senate Block Vote (40-Y 0-N 0-A) (Senate) - 2026-01-30: Engrossed by Senate Block Vote (Voice Vote) (Senate) - 2026-01-30: Read second time (Senate) - 2026-01-29: Passed by for the day Block Vote (Voice Vote) (Senate) - 2026-01-29: Constitutional reading dispensed Block Vote (on 1st reading) (40-Y 0-N 0-A) (Senate) - 2026-01-29: Passed by for the day (Senate) - 2026-01-29: Rules suspended (Senate) - 2026-01-28: Reported from Finance and Appropriations (13-Y 0-N) (Senate) - 2026-01-16: Fiscal Impact Statement from Department of Planning and Budget (SB149) (Senate) - 2026-01-07: Referred to Committee on Finance and Appropriations (Senate) - 2026-01-07: Prefiled and ordered printed; Offered 01-14-2026 26101585D (Senate) ## Bill text - Chaptered, 2026-04-06: [HTML](https://lis.blob.core.windows.net/files/1216211.HTML), [PDF](https://lis.blob.core.windows.net/files/1216210.PDF) - Enrolled, 2026-02-27: [HTML](https://lis.blob.core.windows.net/files/1181473.HTML), [PDF](https://lis.blob.core.windows.net/files/1181472.PDF) - Introduced, 2026-01-07: [HTML](https://lis.blob.core.windows.net/files/1083508.HTML), [PDF](https://lis.blob.core.windows.net/files/1083507.PDF) ## Related bills - HB5: Employment; paid sick leave, civil penalties. (signed) - SB199: Employment; paid sick leave, civil penalties. (signed) - HB95: Va. Residential Landlord and Tenant Act; landlord remedies, noncompliance with rental agreement. (signed) - HB1393: Electric utilities; pilot program for energy assistance and weatherization for certain individuals. (signed) - HB834: Virginia Residential Landlord and Tenant Act; fire or casualty damage, termination by landlord. (signed) - HB675: Protection of employees; coercion or threat based on immigration status, civil penalty. (signed) ## Sources - [Chaptered (HTML)](https://lis.blob.core.windows.net/files/1216211.HTML) - [Chaptered (PDF)](https://lis.blob.core.windows.net/files/1216210.PDF) - [Enrolled (HTML)](https://lis.blob.core.windows.net/files/1181473.HTML) - [Enrolled (PDF)](https://lis.blob.core.windows.net/files/1181472.PDF) - [Introduced (HTML)](https://lis.blob.core.windows.net/files/1083508.HTML) - [Introduced (PDF)](https://lis.blob.core.windows.net/files/1083507.PDF) ## Related - [HB5: Employment; paid sick leave, civil penalties.](https://policyrisk.com/state-bill/VA-HB5-2026) - [SB199: Employment; paid sick leave, civil penalties.](https://policyrisk.com/state-bill/VA-SB199-2026) - [HB95: Va. Residential Landlord and Tenant Act; landlord remedies, noncompliance with…](https://policyrisk.com/state-bill/VA-HB95-2026) - [HB1393: Electric utilities; pilot program for energy assistance and weatherization for…](https://policyrisk.com/state-bill/VA-HB1393-2026) - [HB834: Virginia Residential Landlord and Tenant Act; fire or casualty damage, terminat…](https://policyrisk.com/state-bill/VA-HB834-2026) - [HB675: Protection of employees; coercion or threat based on immigration status, civil…](https://policyrisk.com/state-bill/VA-HB675-2026) - [Virginia bills](https://policyrisk.com/states/virginia/bills) - [Virginia state hub](https://policyrisk.com/states/virginia) - [All state legislation](https://policyrisk.com/state-bills) Source: PRIA, https://policyrisk.com/state-bill/VA-SB149-2026 (as of 2026-10-12).