VA HB2174 | 2021 | 1st Special Session
Note: Carry Over of previous HB2174
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 3-0)
Status: Passed on April 15 2021 - 100% progression
Action: 2021-04-15 - Governor: Acts of Assembly Chapter text (CHAP0556)
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 3-0)
Status: Passed on April 15 2021 - 100% progression
Action: 2021-04-15 - Governor: Acts of Assembly Chapter text (CHAP0556)
Text: Latest bill text (Chaptered) [HTML]
Summary
State-facilitated IRA savings program; establishment. Directs the governing board of the Virginia College Savings Plan (the Board) to establish a state-facilitated individual retirement account (IRA) savings program (the Program). The Board shall administer the Program and develop requirements, procedures, and guidelines for the Program, including default contribution rates, procedures for enrollment and withdrawal, and procedures for noncompliance. Moneys in the Program shall be invested in a manner deemed appropriate by the Board. State-facilitated IRA savings program; establishment. Directs the governing board of the Virginia College Savings Plan (the Board) to establish a state-facilitated individual retirement account (IRA) savings program (the Program). The Board shall administer the Program and develop requirements, procedures, and guidelines for the Program, including default contribution rates, procedures for enrollment and withdrawal, and procedures for noncompliance. Moneys in the Program shall be invested in a manner deemed appropriate by the Board. Eligible employers shall enroll their eligible employees in the Program. Eligible employers are defined in the bill as any nongovernmental employer that employs 25 or more eligible employees and does not offer a qualified retirement plan to their employees. Eligible employees are limited to individuals who are employed at least 30 hours per week. Each eligible employee shall be enrolled in the Program unless the employee elects not to participate in the Program. Any employer that is not an eligible employer may facilitate the participation of its eligible employees in the program. Self-employed individuals and eligible employees whose employers do not enroll in the program may participate in the program in accordance with terms and conditions prescribed by the Board. The bill contains provisions limiting the liability of the Board, the Plan, and the Commonwealth or any of its political subdivisions for obligations associated with the Program. The Commonwealth shall have no duty or liability to any party for the payment of any retirement savings benefits accrued by any individual under the Program. Participating employers shall not (i) have any liability for an employee's decision to participate in or opt out of the Plan, (ii) be a fiduciary over the Program, or (iii) have any liability or responsibility related to the operation of the Program. The bill also adds a requirement that at least one member of the Board have expertise in the management and administration of private defined contribution retirement plans. The Program shall be established, and enrollment shall begin, on July 1, 2023, or as soon thereafter as practicable. Finally, the bill directs the Board to establish a group of stakeholders to identify and make recommendations as to other amendments necessary and prudent to effectuate the provisions of the bill.
Title
State-Facilitated IRA Savings Program; established, membership, report.
Sponsors
Del. Luke Torian [D] | Del. Dan Helmer [D] | Del. Hala Ayala [D] |
Roll Calls
2021-04-07 - Senate - Senate: Senate rejected Governor's recommendation (11-Y 29-N) (Y: 11 N: 29 NV: 0 Abs: 0) [FAIL]
2021-04-07 - House - House: VOTE: Adoption (55-Y 45-N) (Y: 55 N: 45 NV: 0 Abs: 0) [PASS]
2021-02-27 - House - House: VOTE: Agreed To (52-Y 41-N) (Y: 52 N: 41 NV: 0 Abs: 7) [PASS]
2021-02-27 - Senate - Senate: Conference report agreed to by Senate (21-Y 15-N) (Y: 21 N: 15 NV: 0 Abs: 3) [PASS]
2021-02-27 - Senate - Senate: Senate requested second conference committee (23-Y 16-N) (Y: 23 N: 16 NV: 0 Abs: 0) [PASS]
2021-02-27 - Senate - Senate: Conference report rejected by Senate (15-Y 24-N) (Y: 15 N: 24 NV: 0 Abs: 0) [FAIL]
2021-02-24 - Senate - Senate: Senate insisted on substitute with amendments (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 0) [PASS]
2021-02-23 - House - House: VOTE: Adoption (2-Y 95-N) (Y: 2 N: 95 NV: 0 Abs: 3) [FAIL]
2021-02-19 - Senate - Senate: Passed Senate with substitute with amendments (23-Y 14-N) (Y: 23 N: 14 NV: 0 Abs: 2) [PASS]
2021-02-19 - Senate - Senate: Amendments by Senator Sutterlein rejected (19-Y 20-N) (Y: 19 N: 20 NV: 0 Abs: 0) [FAIL]
2021-02-16 - Senate - Senate: Constitutional reading dispensed (37-Y 0-N) (Y: 37 N: 0 NV: 0 Abs: 2) [PASS]
2021-02-16 - Senate - Senate: Reported from Finance and Appropriations with substitute (11-Y 1-N 4-A) (Y: 11 N: 1 NV: 4 Abs: 0) [PASS]
2021-02-05 - Senate - Senate: Continued to 2021 Sp. Sess. 1 in Finance and Appropriations (16-Y 0-N) (Y: 16 N: 0 NV: 0 Abs: 0) [PASS]
2021-01-26 - House - House: VOTE: Passage (56-Y 44-N) (Y: 56 N: 44 NV: 0 Abs: 0) [PASS]
2021-01-20 - House - House: Reported from Appropriations with substitute (13-Y 6-N) (Y: 13 N: 6 NV: 0 Abs: 3) [PASS]
2021-01-19 - House - House: Subcommittee recommends reporting with amendments (5-Y 3-N) (Y: 5 N: 3 NV: 0 Abs: 0) [PASS]
2021-04-07 - House - House: VOTE: Adoption (55-Y 45-N) (Y: 55 N: 45 NV: 0 Abs: 0) [PASS]
2021-02-27 - House - House: VOTE: Agreed To (52-Y 41-N) (Y: 52 N: 41 NV: 0 Abs: 7) [PASS]
2021-02-27 - Senate - Senate: Conference report agreed to by Senate (21-Y 15-N) (Y: 21 N: 15 NV: 0 Abs: 3) [PASS]
2021-02-27 - Senate - Senate: Senate requested second conference committee (23-Y 16-N) (Y: 23 N: 16 NV: 0 Abs: 0) [PASS]
2021-02-27 - Senate - Senate: Conference report rejected by Senate (15-Y 24-N) (Y: 15 N: 24 NV: 0 Abs: 0) [FAIL]
2021-02-24 - Senate - Senate: Senate insisted on substitute with amendments (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 0) [PASS]
2021-02-23 - House - House: VOTE: Adoption (2-Y 95-N) (Y: 2 N: 95 NV: 0 Abs: 3) [FAIL]
2021-02-19 - Senate - Senate: Passed Senate with substitute with amendments (23-Y 14-N) (Y: 23 N: 14 NV: 0 Abs: 2) [PASS]
2021-02-19 - Senate - Senate: Amendments by Senator Sutterlein rejected (19-Y 20-N) (Y: 19 N: 20 NV: 0 Abs: 0) [FAIL]
2021-02-16 - Senate - Senate: Constitutional reading dispensed (37-Y 0-N) (Y: 37 N: 0 NV: 0 Abs: 2) [PASS]
2021-02-16 - Senate - Senate: Reported from Finance and Appropriations with substitute (11-Y 1-N 4-A) (Y: 11 N: 1 NV: 4 Abs: 0) [PASS]
2021-02-05 - Senate - Senate: Continued to 2021 Sp. Sess. 1 in Finance and Appropriations (16-Y 0-N) (Y: 16 N: 0 NV: 0 Abs: 0) [PASS]
2021-01-26 - House - House: VOTE: Passage (56-Y 44-N) (Y: 56 N: 44 NV: 0 Abs: 0) [PASS]
2021-01-20 - House - House: Reported from Appropriations with substitute (13-Y 6-N) (Y: 13 N: 6 NV: 0 Abs: 3) [PASS]
2021-01-19 - House - House: Subcommittee recommends reporting with amendments (5-Y 3-N) (Y: 5 N: 3 NV: 0 Abs: 0) [PASS]
History
Date | Chamber | Action |
---|---|---|
2021-04-15 | Governor: Acts of Assembly Chapter text (CHAP0556) | |
2021-04-15 | Governor: Approved by Governor-Chapter 556 (effective 7/1/21) | |
2021-04-07 | Governor: Governor's Action Deadline 11:59 p.m., May 7, 2021 | |
2021-04-07 | Senate | Communicated to Governor |
2021-04-07 | Senate | Senate rejected Governor's recommendation (11-Y 29-N) |
2021-04-07 | House | VOTE: Adoption (55-Y 45-N) |
2021-04-07 | House | House concurred in Governor's recommendation (55-Y 45-N) |
2021-04-07 | House | Placed on Calendar |
2021-03-31 | House | Governor's recommendation received by House |
2021-03-25 | House | Governor's recommendation received by House |
2021-03-15 | Governor: Governor's Action Deadline 11:59 p.m., March 31, 2021 | |
2021-03-15 | House | Enrolled Bill communicated to Governor on March 15, 2021 |
2021-03-11 | House | Signed by Speaker |
2021-03-09 | Senate | Signed by President |
2021-03-09 | House | Bill text as passed House and Senate (HB2174ER) |
2021-03-09 | House | Enrolled |
2021-02-27 | House | VOTE: Agreed To (52-Y 41-N) |
2021-02-27 | House | Conference report agreed to by House (52-Y 41-N) |
2021-02-27 | Senate | Conference report agreed to by Senate (21-Y 15-N) |
2021-02-27 | Senate | Senators: Barker, McClellan, Vogel |
2021-02-27 | Senate | Second conferees appointed by Senate |
2021-02-27 | House | Delegates: Torian, Tyler, Coyner |
2021-02-27 | House | Second conferees appointed by House |
2021-02-27 | House | House acceded to request for second conference committee |
2021-02-27 | Senate | Senate requested second conference committee (23-Y 16-N) |
2021-02-27 | Senate | Conference report rejected by Senate (15-Y 24-N) |
2021-02-27 | Senate | Passed by temporarily |
2021-02-27 | House | Conference substitute printed 21200753D-H2 |
2021-02-27 | Conference: Amended by conference committee | |
2021-02-25 | Senate | Senators: Barker, McClellan, Vogel |
2021-02-25 | Senate | Conferees appointed by Senate |
2021-02-25 | House | Delegates: Torian, Tyler, Coyner |
2021-02-25 | House | Conferees appointed by House |
2021-02-25 | House | House acceded to request |
2021-02-24 | Senate | Senate requested conference committee |
2021-02-24 | Senate | Senate insisted on substitute with amendments (39-Y 0-N) |
2021-02-23 | House | VOTE: REJECTED (2-Y 95-N) |
2021-02-23 | House | Senate substitute with amendments rejected by House 21104455D-S1 (2-Y 95-N) |
2021-02-23 | House | Placed on Calendar |
2021-02-19 | Senate | Passed Senate with substitute with amendments (23-Y 14-N) |
2021-02-19 | Senate | Engrossed by Senate - committee substitute with amendments HB2174S1 |
2021-02-19 | Senate | Amendments by Senator Petersen agreed to |
2021-02-19 | Senate | Passed by temporarily |
2021-02-19 | Senate | Reading of amendments waived |
2021-02-19 | Senate | Passed by temporarily |
2021-02-19 | Senate | Amendments by Senator Sutterlein rejected (19-Y 20-N) |
2021-02-19 | Senate | Reading of amendments waived |
2021-02-19 | Senate | Committee substitute agreed to 21104455D-S1 |
2021-02-19 | Senate | Reading of substitute waived |
2021-02-19 | Senate | Substitute by Senator Suetterlein withdrawn |
2021-02-19 | Senate | Read third time |
2021-02-18 | Senate | Passed by for the day |
2021-02-18 | Senate | Passed by temporarily |
2021-02-18 | Senate | Read third time |
2021-02-18 | Senate | Floor substitute printed 21200437D-S2 (Suetterlein) |
2021-02-17 | Senate | Passed by for the day |
2021-02-17 | Senate | Read third time |
2021-02-16 | Senate | Constitutional reading dispensed (37-Y 0-N) |
2021-02-16 | Senate | Committee substitute printed 21104455D-S1 |
2021-02-16 | Senate | Reported from Finance and Appropriations with substitute (11-Y 1-N 4-A) |
2021-02-05 | Senate | Continued to 2021 Sp. Sess. 1 in Finance and Appropriations (16-Y 0-N) |
2021-01-27 | Senate | Referred to Committee on Finance and Appropriations |
2021-01-27 | Senate | Constitutional reading dispensed |
2021-01-26 | House | VOTE: Passage (56-Y 44-N) |
2021-01-26 | House | Read third time and passed House (56-Y 44-N) |
2021-01-25 | House | Engrossed by House - committee substitute HB2174H1 |
2021-01-25 | House | Committee substitute agreed to 21103389D-H1 |
2021-01-25 | House | Read second time |
2021-01-22 | House | Passed by for the day |
2021-01-21 | House | Read first time |
2021-01-20 | House | Reported from Appropriations with substitute (13-Y 6-N) |
2021-01-20 | House | Committee substitute printed 21103389D-H1 |
2021-01-19 | House | Subcommittee recommends reporting with amendments (5-Y 3-N) |
2021-01-15 | House | Assigned App. sub: Compensation & General Government |
2021-01-12 | House | Referred to Committee on Appropriations |
2021-01-12 | House | Prefiled and ordered printed; offered 01/13/21 21102814D |
Same As/Similar To
HB2174 (Carry Over) 2021-02-05 - Continued to 2021 Sp. Sess. 1 in Finance and Appropriations (16-Y 0-N)
Subjects
Administration of Government
Institutions of Higher Education; Other Educational and Cultural Institutions
Study Commissions Committees and Reports
Institutions of Higher Education; Other Educational and Cultural Institutions
Study Commissions Committees and Reports