§ 30-331 — Duties and powers

A. The areas of review and evaluation to be conducted by the Commission shall include, but are not limited to, the following: (i) structure and governance of the Commonwealth Savers Plan; (ii) structure of the investment portfolio; (iii) investment practices, policies, and performance; (iv) actuarial policy; and (v) administration and management of the Commonwealth Savers Plan.

B. For purposes of carrying out its duties under this chapter, the Commission shall have the following powers, including but not limited to:

1. Access to the information, records, and facilities of the Commonwealth Savers Plan and any corporations or subsidiaries thereof or other entities owned, directly or indirectly, or otherwise created by or on behalf of the Plan.

2. Access to the public and executive session meetings and records of the Board of the Commonwealth Savers Plan, as well as those of any advisory committees. Access shall include the right to attend such meetings.

3. Access to the Commonwealth Savers Plan's employees, consultants, actuaries, investment managers, advisors, attorneys, accountants, or other contractors in the employ or hire of the Commonwealth Savers Plan. Such persons shall cooperate with the Commission and upon its request shall provide specific information or opinions in the form requested.

C. The chairman of the Commission may appoint a permanent subcommittee to provide guidance and direction for oversight activities, subject to the full Commission's supervision and such guidelines as the Commission itself may provide.

D. Confidential or proprietary records of the Commonwealth Savers Plan or its subsidiary corporations provided to the Commission shall be exempt from the Virginia Freedom of Information Act (§ 2.2-3700 et seq.).

Legislative History

2012, cc. 591, 659; 2024, c. 217.