Summary as introduced:
My Virginia Plan Program; retirement plans for employees of private employers. Directs the Department of the Treasury (the Department) to create the My Virginia Plan Program (the Program) to enable private employers to connect with financial services firms that offer retirement plans. The bill provides that participation in a plan offered through the Program is voluntary for employers and their employees. The bill requires the Department to review and approve financial services firms to offer retirement plans through the Program and create a website for employers to obtain information on how to participate. The bill provides that the Department ensure that the Program provides a range of investment options to meet the needs of investors with various levels of risk tolerance and various ages.
The bill requires that in order to participate in the Program a financial services firm must register with the State Corporation Commission, meet the requirements of all federal laws required to offer retirement plans, and offer at least two product options, including a target date fund and a balanced fund. The bill authorizes the Department to charge fees to participating financial services firms to recoup start-up and ongoing costs. The bill prohibits financial services firms from charging any administrative fees to employers.Full text:
01/06/17 Senate: Prefiled and ordered printed; offered 01/11/17 17103413D pdf | impact statement
01/06/17 Senate: Prefiled and ordered printed; offered 01/11/17 17103413D
01/06/17 Senate: Referred to Committee on General Laws and Technology
01/23/17 Senate: Stricken at request of Patron in General Laws and Technology (13-Y 0-N)