SB 149 VA

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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.

• Jeremy S. McPike Democratic · primary

1. Jan 7, 2026 Prefiled and ordered printed; Offered 01-14-2026 26101585D · upper
2. Jan 7, 2026 Referred to Committee on Finance and Appropriations · upper
3. Jan 16, 2026 Fiscal Impact Statement from Department of Planning and Budget (SB149) · upper
4. Jan 28, 2026 Reported from Finance and Appropriations (13-Y 0-N) · upper
5. Jan 29, 2026 Rules suspended · upper
6. Jan 29, 2026 Constitutional reading dispensed (on 1st reading) (40-Y 0-N 0-A) · upper
7. Jan 29, 2026 Passed by for the day (Voice Vote) · upper
8. Jan 29, 2026 Passed by for the day · upper
9. Jan 30, 2026 Read second time · upper
10. Jan 30, 2026 Engrossed by Senate (Voice Vote) · upper
11. Feb 2, 2026 Read third time and passed Senate (40-Y 0-N 0-A) · upper
12. Feb 5, 2026 Placed on Calendar · lower
13. Feb 5, 2026 Read first time · lower
14. Feb 5, 2026 Referred to Committee on Appropriations · lower
15. Feb 18, 2026 Assigned HAPP sub: General Government and Capital Outlay · lower
16. Feb 20, 2026 Reported from Appropriations (22-Y 0-N) · lower
17. Feb 24, 2026 Read second time · lower
18. Feb 25, 2026 Read third time · lower
19. Feb 25, 2026 Passed House (97-Y 0-N 0-A) · lower
20. Feb 27, 2026 Enrolled · upper
21. Feb 27, 2026 Bill text as passed Senate and House (SB149ER) · upper
22. Feb 27, 2026 Fiscal Impact Statement from Department of Planning and Budget (SB149) · upper
23. Feb 27, 2026 Signed by Speaker · lower
24. Feb 27, 2026 Signed by President · upper
25. Mar 10, 2026 Enrolled Bill communicated to Governor on March 10, 2026 · upper
26. Mar 10, 2026 Governor's Action Deadline 11:59 p.m., April 13, 2026 · executive
27. Apr 6, 2026 Approved by Governor-Chapter 85 (effective 7/1/2026) · executive
28. Apr 6, 2026 Acts of Assembly Chapter text (CHAP0085) · executive

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Chaptered · PDF
• Chaptered · HTML
• Enrolled · PDF
• Enrolled · HTML
• Introduced · PDF
• Introduced · HTML