§ 2.2-2747 — Powers and duties of the Board

Virginia § 2.2-2747

• Jurisdiction: Virginia
• Title 2.2: Administration of Government
• Subtitle I: Organization of State Government
• Ch. 27.1: State-Facilitated IRA Savings Program
• Part D: State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies

Text

The Board shall:

1. Administer the Program authorized by this chapter;

2. Invest moneys in the Program in any instruments, obligations, securities, or property deemed appropriate by the Board;

3. Develop requirements, procedures, and guidelines for the Program, including:

a. Eligibility requirements for employers and employees, in accordance with this chapter;

b. Procedures for enrollment and disenrollment of participating employees;

c. Selecting whether to offer Roth IRAs, traditional IRAs, or both, and if both, which type of IRA shall be the default IRA;

d. Default contribution rates;

e. Default annual escalation rates;

f. Selecting one or more investment funds in which Program participants may elect to invest their savings and a default investment fund for participants who do not make an affirmative investment election;

g. Minimum and maximum contribution levels in accordance with applicable limits established by the Internal Revenue Code;

h. A fee structure;

i. Procedures for noncompliance with this chapter, including development of enforcement mechanisms and penalties not to exceed $200 per eligible employee annually;

j. Education and outreach campaigns to eligible employers and eligible employees; and

k. Procedures for enrollment and disenrollment of participating individuals;

4. Enter into all contractual agreements, including contracts for legal, financial, program management, and consulting services necessary to develop and administer the Program;

5. Procure insurance as determined appropriate by the Board (i) against any loss in connection with the Program's property, assets, or activities and (ii) indemnifying Board and Committee members from personal loss, accountability, or liability arising from any action or inaction as a Board or Committee member;

6. Adopt regulations and procedures and perform any act or function consistent with the purposes of this chapter;

7. Explore and, as appropriate, establish incentives to encourage participation in the Program by eligible employers and eligible employees, including a grant program to incentivize compliance with the Program and to defray the costs of small businesses;

8. Assess the feasibility of multistate or regional agreements to administer the Program through shared administrative and operational resources and enter into those agreements if deemed beneficial to the Program;

9. Establish procedures for receiving and providing data relevant to Program administration. This shall include information collected from other state agencies, including the Department of Labor and Industry, the Department of Taxation, and the Virginia Employment Commission, as appropriate;

10. Accept any funds appropriated to the Program and any gifts, donations, grants, bequests, and other funds received on its behalf, including any funds made available for use in facilitating education and outreach initiatives for the Program; and

11. Design and operate the Program in a manner that will cause it not to be an employee benefit plan within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974.

Legislative History

2021, Sp. Sess. I, c. 556.