{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2746.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2746.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2746.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2746.html"}],"law_id":83821,"edition_id":1,"section_id":83821,"structure_id":14361,"section_number":"2.2-2746","catch_line":"Program Advisory Committee; membership; qualifications; duties","history":"2021, Sp. Sess. I, c. 556.","full_text":"A\n\nIn order to assist the Board in fulfilling its duties under &#xA7; 23.1-704 and this chapter and to assist the Plan&#8217;s chief executive officer in directing, managing, and administering the Program, the Board shall appoint the Program Advisory Committee to provide sophisticated, objective, and prudent administrative and investment advice and direction, as requested by the Board. The Committee may develop Program recommendations for the Board and perform such other duties as the Board may delegate to the Committee.B\n\nThe Board shall develop requirements, procedures, and guidelines regarding Committee membership.C\n\nMembers of the Committee shall demonstrate extensive experience in one or more of the following areas: retirement plan design, retirement plan investments, domestic or international equity or fixed-income securities, cash management, alternative investments, institutional real estate investments, or managed futures.D\n\nMembers of the Committee shall serve at the pleasure of the Board and may be removed by a majority vote of the Board.E\n\nMembers of the Committee shall receive no compensation but shall be reimbursed for actual expenses incurred in the performance of their duties.F\n\nThe recommendations of the Committee shall not be binding upon the Board.G\n\nThe disclosure requirements of subsection B of &#xA7; 2.2-3114 shall apply to each member of the Committee who is not also a Board member.H\n\nThe Board may appoint such other advisory committees as it deems necessary and shall set the qualifications for members of any such advisory committee by resolution.","order_by":null,"text":{"0":{"id":300428,"text":"In order to assist the Board in fulfilling its duties under &#xA7; 23.1-704 and this chapter and to assist the Plan&#8217;s chief executive officer in directing, managing, and administering the Program, the Board shall appoint the Program Advisory Committee to provide sophisticated, objective, and prudent administrative and investment advice and direction, as requested by the Board. The Committee may develop Program recommendations for the Board and perform such other duties as the Board may delegate to the Committee.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":300429,"text":"The Board shall develop requirements, procedures, and guidelines regarding Committee membership.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":300430,"text":"Members of the Committee shall demonstrate extensive experience in one or more of the following areas: retirement plan design, retirement plan investments, domestic or international equity or fixed-income securities, cash management, alternative investments, institutional real estate investments, or managed futures.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":300431,"text":"Members of the Committee shall serve at the pleasure of the Board and may be removed by a majority vote of the Board.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":300432,"text":"Members of the Committee shall receive no compensation but shall be reimbursed for actual expenses incurred in the performance of their duties.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":300433,"text":"The recommendations of the Committee shall not be binding upon the Board.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"6":{"id":300434,"text":"The disclosure requirements of subsection B of &#xA7; 2.2-3114 shall apply to each member of the Committee who is not also a Board member.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"7":{"id":300435,"text":"The Board may appoint such other advisory committees as it deems necessary and shall set the qualifications for members of any such advisory committee by resolution.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G"}},"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}],"previous_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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2746\/","history_text":false,"references":[{"id":60704,"section_number":"2.2-2744","catch_line":"Definitions","order_by":null,"url":"\/2.2-2744\/"}],"refers_to":[{"id":66885,"section_number":"2.2-3114","catch_line":"Disclosure by state officers and employees","order_by":null,"url":"\/2.2-3114\/"},{"id":86977,"section_number":"23.1-704","catch_line":"Powers and duties of the board","order_by":null,"url":"\/23.1-704\/"}],"permalink":{"id":175663,"object_type":"law","relational_id":83821,"identifier":"2.2-2746","token":"2.2\/I\/D\/27.1\/2.2-2746","url":"\/2.2-2746\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2746\/","token":"2.2\/I\/D\/27.1\/2.2-2746","dublin_core":{"Title":"Program Advisory Committee; membership; qualifications; duties","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2746","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> In <span class=\"dictionary\">order<\/span> to assist the <span class=\"dictionary\">Board<\/span> in fulfilling its duties under &#xA7; <a class=\"law\" title=\"Powers and duties of the board\" href=\"\/23.1-704\/\">23.1-704<\/a> and this chapter and to assist the <span class=\"dictionary\">Plan<\/span>&#8217;s chief executive officer in directing, managing, and administering the <span class=\"dictionary\">Program<\/span>, the <span class=\"dictionary\">Board<\/span> shall appoint the <span class=\"dictionary\">Program<\/span> Advisory <span class=\"dictionary\">Committee<\/span> to provide sophisticated, objective, and prudent administrative and investment advice and direction, as requested by the <span class=\"dictionary\">Board<\/span>. The <span class=\"dictionary\">Committee<\/span> may develop <span class=\"dictionary\">Program<\/span> recommendations for the <span class=\"dictionary\">Board<\/span> and perform such other duties as the <span class=\"dictionary\">Board<\/span> may delegate to the <span class=\"dictionary\">Committee<\/span>. <a id=\"paragraph-300428\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2746\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> The <span class=\"dictionary\">Board<\/span> shall develop requirements, procedures, and guidelines regarding <span class=\"dictionary\">Committee<\/span> membership. <a id=\"paragraph-300429\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2746\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"C\"><p><span class=\"prefix-number\">C.<\/span> Members of the <span class=\"dictionary\">Committee<\/span> shall demonstrate extensive experience in one or more of the following areas: retirement <span class=\"dictionary\">plan<\/span> design, retirement <span class=\"dictionary\">plan<\/span> investments, domestic or international <span class=\"dictionary\">equity<\/span> or fixed-income securities, cash management, alternative investments, institutional real estate investments, or managed futures. <a id=\"paragraph-300430\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2746\/#C\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"D\"><p><span class=\"prefix-number\">D.<\/span> Members of the <span class=\"dictionary\">Committee<\/span> shall serve at the pleasure of the <span class=\"dictionary\">Board<\/span> and may be removed by a majority vote of the <span class=\"dictionary\">Board<\/span>. <a id=\"paragraph-300431\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2746\/#D\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"E\"><p><span class=\"prefix-number\">E.<\/span> Members of the <span class=\"dictionary\">Committee<\/span> shall receive no compensation but shall be reimbursed for actual expenses incurred in the performance of their duties. <a id=\"paragraph-300432\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2746\/#E\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"F\"><p><span class=\"prefix-number\">F.<\/span> The recommendations of the <span class=\"dictionary\">Committee<\/span> shall not be binding upon the <span class=\"dictionary\">Board<\/span>. <a id=\"paragraph-300433\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2746\/#F\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"G\"><p><span class=\"prefix-number\">G.<\/span> The disclosure requirements of subsection B of &#xA7; <a class=\"law\" title=\"Disclosure by state officers and employees\" href=\"\/2.2-3114\/\">2.2-3114<\/a> shall apply to each member of the <span class=\"dictionary\">Committee<\/span> who is not also a <span class=\"dictionary\">Board<\/span> member. <a id=\"paragraph-300434\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2746\/#G\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"H\"><p><span class=\"prefix-number\">H.<\/span> The <span class=\"dictionary\">Board<\/span> may appoint such other advisory <span class=\"dictionary\">committees<\/span> as it deems necessary and shall set the qualifications for members of any such advisory <span class=\"dictionary\">committee<\/span> by resolution. <a id=\"paragraph-300435\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2746\/#H\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nPROGRAM ADVISORY COMMITTEE; MEMBERSHIP; QUALIFICATIONS; DUTIES (\u00a7 2.2-2746)\n\nA. In order to assist the Board in fulfilling its duties under &#xA7; 23.1-704\nand this chapter and to assist the Plan&#8217;s chief executive officer in\ndirecting, managing, and administering the Program, the Board shall appoint the\nProgram Advisory Committee to provide sophisticated, objective, and prudent\nadministrative and investment advice and direction, as requested by the Board.\nThe Committee may develop Program recommendations for the Board and perform such\nother duties as the Board may delegate to the Committee.\n\nB. The Board shall develop requirements, procedures, and guidelines regarding\nCommittee membership.\n\nC. Members of the Committee shall demonstrate extensive experience in one or\nmore of the following areas: retirement plan design, retirement plan\ninvestments, domestic or international equity or fixed-income securities, cash\nmanagement, alternative investments, institutional real estate investments, or\nmanaged futures.\n\nD. Members of the Committee shall serve at the pleasure of the Board and may be\nremoved by a majority vote of the Board.\n\nE. Members of the Committee shall receive no compensation but shall be\nreimbursed for actual expenses incurred in the performance of their duties.\n\nF. The recommendations of the Committee shall not be binding upon the Board.\n\nG. The disclosure requirements of subsection B of &#xA7; 2.2-3114 shall apply to\neach member of the Committee who is not also a Board member.\n\nH. The Board may appoint such other advisory committees as it deems necessary\nand shall set the qualifications for members of any such advisory committee by\nresolution.\n\nHISTORY: 2021, Sp. Sess. I, c. 556.","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}}