{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2744.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2744.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2744.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2744.html"}],"law_id":60704,"edition_id":1,"section_id":60704,"structure_id":14361,"section_number":"2.2-2744","catch_line":"Definitions","history":"2021, Sp. Sess. I, c. 556; 2024, c. 217.","full_text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Board” means the governing board of the Commonwealth Savers Plan.\n\t\t“Committee” means the Program Advisory Committee established pursuant to \u00a7 2.2-2746.\n\t\t“Eligible employee” means any individual who is (i) 18 years of age or older, (ii) currently employed at least 30 hours a week, and (iii) receiving wages.\n\t\t“Eligible employer” means a nongovernmental business, industry, trade, profession, or other enterprise in the Commonwealth, whether conducted on a for-profit or nonprofit basis, that employed 25 or more eligible employees, as reported to the Virginia Employment Commission pursuant to 16VAC5-32-20, or any successor regulation, for the quarter ending December 31 and the preceding three quarters of the preceding calendar year and has been operating for at least two years prior to Program implementation. “Eligible employer” does not include an employer that sponsors, maintains, or contributes to an automatic enrollment payroll deduction IRA or a qualified retirement plan in compliance with federal law for its employees, including plans qualified under \u00a7 401(a), 403(a), 403(b), 408(k), or 408(p) of the Internal Revenue Code. An employer shall become an eligible employer at any time if it meets the eligibility requirements under this chapter.\n\t\t“Fee” means any investment management charges, administrative charges, investment advice charges, trading fees, marketing and sales fees, revenue sharing, broker fees, and other costs necessary to run the Program.\n\t\t“Individual retirement account” or “IRA” means a Roth or traditional individual retirement account or annuity under \u00a7 408 or 408A of the Internal Revenue Code.\n\t\t“Participating employee” means any eligible employee who is enrolled in the Program.\n\t\t“Participating employer” means an employer that facilitates a payroll deposit retirement savings agreement pursuant to this chapter for its eligible employees.\n\t\t“Participating individual” means any individual who enrolls in the Program independent of an employment relationship with an eligible employer, maintains an account in the Program, and is not a participating employee.\n\t\t“Payroll deposit retirement savings agreement” means an arrangement by which an employer allows employees to remit payroll deduction contributions to the Program.\n\t\t“Plan” means the Commonwealth Savers Plan.\n\t\t“Program” means the state-facilitated IRA savings program established in this chapter and administered by the Plan.\n\t\t“Program Trust” means the Program trust fund established by \u00a7 2.2-2752.\n\t\t“Wages” means any compensation, as such term is defined in \u00a7 219(f)(1) of the Internal Revenue Code, that is paid to an eligible employee by his employer during the calendar year.","order_by":null,"text":{"0":{"id":221903,"text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Board” means the governing board of the Commonwealth Savers Plan.\n\t\t“Committee” means the Program Advisory Committee established pursuant to \u00a7 2.2-2746.\n\t\t“Eligible employee” means any individual who is (i) 18 years of age or older, (ii) currently employed at least 30 hours a week, and (iii) receiving wages.\n\t\t“Eligible employer” means a nongovernmental business, industry, trade, profession, or other enterprise in the Commonwealth, whether conducted on a for-profit or nonprofit basis, that employed 25 or more eligible employees, as reported to the Virginia Employment Commission pursuant to 16VAC5-32-20, or any successor regulation, for the quarter ending December 31 and the preceding three quarters of the preceding calendar year and has been operating for at least two years prior to Program implementation. “Eligible employer” does not include an employer that sponsors, maintains, or contributes to an automatic enrollment payroll deduction IRA or a qualified retirement plan in compliance with federal law for its employees, including plans qualified under \u00a7 401(a), 403(a), 403(b), 408(k), or 408(p) of the Internal Revenue Code. An employer shall become an eligible employer at any time if it meets the eligibility requirements under this chapter.\n\t\t“Fee” means any investment management charges, administrative charges, investment advice charges, trading fees, marketing and sales fees, revenue sharing, broker fees, and other costs necessary to run the Program.\n\t\t“Individual retirement account” or “IRA” means a Roth or traditional individual retirement account or annuity under \u00a7 408 or 408A of the Internal Revenue Code.\n\t\t“Participating employee” means any eligible employee who is enrolled in the Program.\n\t\t“Participating employer” means an employer that facilitates a payroll deposit retirement savings agreement pursuant to this chapter for its eligible employees.\n\t\t“Participating individual” means any individual who enrolls in the Program independent of an employment relationship with an eligible employer, maintains an account in the Program, and is not a participating employee.\n\t\t“Payroll deposit retirement savings agreement” means an arrangement by which an employer allows employees to remit payroll deduction contributions to the Program.\n\t\t“Plan” means the Commonwealth Savers Plan.\n\t\t“Program” means the state-facilitated IRA savings program established in this chapter and administered by the Plan.\n\t\t“Program Trust” means the Program trust fund established by \u00a7 2.2-2752.\n\t\t“Wages” means any compensation, as such term is defined in \u00a7 219(f)(1) of the Internal Revenue Code, that is paid to an eligible employee by his employer during the calendar year.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14361,"edition_id":1,"name":"State-Facilitated IRA Savings Program","identifier":"27.1","label":"chapter","depth":4,"order_by":1,"parent_id":12785,"metadata":{},"date_created":"2026-06-26 03:47:53","date_modified":"2026-06-26 03:47:53","permalink":{"id":175653,"object_type":"structure","relational_id":14361,"identifier":"27.1","token":"2.2\/I\/D\/27.1","url":"\/2.2\/I\/D\/27.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12785,"edition_id":1,"name":"State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies","identifier":"D","label":"part","depth":3,"order_by":1,"parent_id":12784,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":173913,"object_type":"structure","relational_id":12785,"identifier":"D","token":"2.2\/I\/D","url":"\/2.2\/I\/D\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12784,"edition_id":1,"name":"Organization of State Government","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12749,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":171455,"object_type":"structure","relational_id":12784,"identifier":"I","token":"2.2\/I","url":"\/2.2\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12749,"edition_id":1,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":171453,"object_type":"structure","relational_id":12749,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":60704,"structure_id":14361,"section_number":"2.2-2744","catch_line":"Definitions","url":"\/2.2-2744\/","token":"2.2\/I\/D\/27.1\/2.2-2744","metadata":false},{"id":84140,"structure_id":14361,"section_number":"2.2-2745","catch_line":"Program authorized","url":"\/2.2-2745\/","token":"2.2\/I\/D\/27.1\/2.2-2745","metadata":false},{"id":83821,"structure_id":14361,"section_number":"2.2-2746","catch_line":"Program Advisory Committee; membership; qualifications; duties","url":"\/2.2-2746\/","token":"2.2\/I\/D\/27.1\/2.2-2746","metadata":false},{"id":81686,"structure_id":14361,"section_number":"2.2-2747","catch_line":"Powers and duties of the Board","url":"\/2.2-2747\/","token":"2.2\/I\/D\/27.1\/2.2-2747","metadata":false},{"id":65822,"structure_id":14361,"section_number":"2.2-2748","catch_line":"Cooperation of other agencies","url":"\/2.2-2748\/","token":"2.2\/I\/D\/27.1\/2.2-2748","metadata":false},{"id":62137,"structure_id":14361,"section_number":"2.2-2749","catch_line":"Board actions not a debt of the Commonwealth","url":"\/2.2-2749\/","token":"2.2\/I\/D\/27.1\/2.2-2749","metadata":false},{"id":86243,"structure_id":14361,"section_number":"2.2-2750","catch_line":"Standard of care; investment and administration of the Program","url":"\/2.2-2750\/","token":"2.2\/I\/D\/27.1\/2.2-2750","metadata":false},{"id":84380,"structure_id":14361,"section_number":"2.2-2751","catch_line":"Program enrollment; participating employer liability and status under the Program","url":"\/2.2-2751\/","token":"2.2\/I\/D\/27.1\/2.2-2751","metadata":false},{"id":62711,"structure_id":14361,"section_number":"2.2-2752","catch_line":"Program Trust Fund","url":"\/2.2-2752\/","token":"2.2\/I\/D\/27.1\/2.2-2752","metadata":false},{"id":72112,"structure_id":14361,"section_number":"2.2-2753","catch_line":"Audit and annual reports","url":"\/2.2-2753\/","token":"2.2\/I\/D\/27.1\/2.2-2753","metadata":false},{"id":82856,"structure_id":14361,"section_number":"2.2-2754","catch_line":"Virginia Freedom of Information Act","url":"\/2.2-2754\/","token":"2.2\/I\/D\/27.1\/2.2-2754","metadata":false},{"id":59756,"structure_id":14361,"section_number":"2.2-2755","catch_line":"Coverage limitations","url":"\/2.2-2755\/","token":"2.2\/I\/D\/27.1\/2.2-2755","metadata":false},{"id":55682,"structure_id":14361,"section_number":"2.2-2756","catch_line":"Duty and liability of the Commonwealth","url":"\/2.2-2756\/","token":"2.2\/I\/D\/27.1\/2.2-2756","metadata":false},{"id":84162,"structure_id":14361,"section_number":"2.2-2757","catch_line":"Liberal construction of chapter","url":"\/2.2-2757\/","token":"2.2\/I\/D\/27.1\/2.2-2757","metadata":false}],"next_section":{"id":84140,"structure_id":14361,"section_number":"2.2-2745","catch_line":"Program authorized","url":"\/2.2-2745\/","token":"2.2\/I\/D\/27.1\/2.2-2745","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2744\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2024, chapter 217<\/a>.<\/p>","references":false,"refers_to":[{"id":83821,"section_number":"2.2-2746","catch_line":"Program Advisory Committee; membership; qualifications; duties","order_by":null,"url":"\/2.2-2746\/"},{"id":62711,"section_number":"2.2-2752","catch_line":"Program Trust Fund","order_by":null,"url":"\/2.2-2752\/"}],"permalink":{"id":175655,"object_type":"law","relational_id":60704,"identifier":"2.2-2744","token":"2.2\/I\/D\/27.1\/2.2-2744","url":"\/2.2-2744\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2744\/","token":"2.2\/I\/D\/27.1\/2.2-2744","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2744","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, unless the context requires a different meaning:\n\t\t“Board<\/span>” means the governing board<\/span> of the Commonwealth Savers Plan<\/span>.\n\t\t“Committee<\/span>” means the Program Advisory Committee<\/span> established pursuant to \u00a7 2.2-2746<\/a>.\n\t\t“Eligible employee<\/span>” means any individual who is (i) 18 years of age or older, (ii) currently employed at least 30 hours a week, and (iii) receiving wages<\/span>.\n\t\t“Eligible employer<\/span>” means a nongovernmental business, industry, trade, profession, or other enterprise in the Commonwealth, whether conducted on a for-profit or nonprofit basis, that employed 25 or more eligible employees<\/span>, as reported to the Virginia Employment Commission pursuant to 16VAC5-32-20, or any successor regulation, for the quarter ending December 31 and the preceding three quarters of the preceding calendar year and has been operating for at least two years prior to Program implementation. “Eligible employer<\/span>” does not include an employer that sponsors, maintains, or contributes to an automatic enrollment payroll deduction IRA<\/span> or a qualified retirement plan<\/span> in compliance with federal law<\/span> for its employees, including plans<\/span> qualified under \u00a7 401(a), 403(a), 403(b), 408(k), or 408(p) of the Internal Revenue Code. An employer shall become an eligible employer<\/span> at any time if it meets the eligibility requirements under this chapter.\n\t\t“Fee<\/span>” means any investment management charges, administrative charges, investment advice charges, trading fees<\/span>, marketing and sales fees<\/span>, revenue sharing, broker fees<\/span>, and other costs necessary to run the Program.\n\t\t“Individual retirement account<\/span>” or “IRA<\/span>” means a Roth or traditional individual retirement account<\/span> or annuity under \u00a7 408 or 408A of the Internal Revenue Code.\n\t\t“Participating employee<\/span>” means any eligible employee<\/span> who is enrolled in the Program.\n\t\t“Participating employer<\/span>” means an employer that facilitates a payroll deposit retirement savings agreement<\/span> pursuant to this chapter for its eligible employees<\/span>.\n\t\t“Participating individual<\/span>” means any individual who enrolls in the Program independent of an employment relationship with an eligible employer<\/span>, maintains an account in the Program, and is not a participating employee<\/span>.\n\t\t“Payroll deposit retirement savings agreement<\/span>” means an arrangement by which an employer allows employees to remit payroll deduction contributions to the Program.\n\t\t“Plan<\/span>” means the Commonwealth Savers Plan<\/span>.\n\t\t“Program” means the state-facilitated IRA<\/span> savings program established in this chapter and administered by the Plan<\/span>.\n\t\t“Program Trust<\/span>” means the Program trust<\/span> fund established by \u00a7 2.2-2752<\/a>.\n\t\t“Wages<\/span>” means any compensation, as such term is defined in \u00a7 219(f)(1) of the Internal Revenue Code, that is paid to an eligible employee<\/span> by his employer during the calendar year.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 2.2-2744)\n\nAs used in this chapter, unless the context requires a different meaning:\n\t\t“Board” means the governing board of the Commonwealth Savers Plan.\n\t\t“Committee” means the Program Advisory Committee established\npursuant to \u00a7 2.2-2746.\n\t\t“Eligible employee” means any individual who is (i) 18 years of\nage or older, (ii) currently employed at least 30 hours a week, and (iii)\nreceiving wages.\n\t\t“Eligible employer” means a nongovernmental business, industry,\ntrade, profession, or other enterprise in the Commonwealth, whether conducted on\na for-profit or nonprofit basis, that employed 25 or more eligible employees, as\nreported to the Virginia Employment Commission pursuant to 16VAC5-32-20, or any\nsuccessor regulation, for the quarter ending December 31 and the preceding three\nquarters of the preceding calendar year and has been operating for at least two\nyears prior to Program implementation. “Eligible employer” does not\ninclude an employer that sponsors, maintains, or contributes to an automatic\nenrollment payroll deduction IRA or a qualified retirement plan in compliance\nwith federal law for its employees, including plans qualified under \u00a7 401(a),\n403(a), 403(b), 408(k), or 408(p) of the Internal Revenue Code. An employer\nshall become an eligible employer at any time if it meets the eligibility\nrequirements under this chapter.\n\t\t“Fee” means any investment management charges, administrative\ncharges, investment advice charges, trading fees, marketing and sales fees,\nrevenue sharing, broker fees, and other costs necessary to run the Program.\n\t\t“Individual retirement account” or “IRA” means a Roth\nor traditional individual retirement account or annuity under \u00a7 408 or 408A of\nthe Internal Revenue Code.\n\t\t“Participating employee” means any eligible employee who is\nenrolled in the Program.\n\t\t“Participating employer” means an employer that facilitates a\npayroll deposit retirement savings agreement pursuant to this chapter for its\neligible employees.\n\t\t“Participating individual” means any individual who enrolls in the\nProgram independent of an employment relationship with an eligible employer,\nmaintains an account in the Program, and is not a participating employee.\n\t\t“Payroll deposit retirement savings agreement” means an\narrangement by which an employer allows employees to remit payroll deduction\ncontributions to the Program.\n\t\t“Plan” means the Commonwealth Savers Plan.\n\t\t“Program” means the state-facilitated IRA savings program\nestablished in this chapter and administered by the Plan.\n\t\t“Program Trust” means the Program trust fund established by \u00a7\n2.2-2752.\n\t\t“Wages” means any compensation, as such term is defined in \u00a7\n219(f)(1) of the Internal Revenue Code, that is paid to an eligible employee by\nhis employer during the calendar year.\n\nHISTORY: 2021, Sp. Sess. I, c. 556; 2024, c. 217.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}