{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2747.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2747.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2747.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2747.html"}],"law_id":81686,"edition_id":1,"section_id":81686,"structure_id":14361,"section_number":"2.2-2747","catch_line":"Powers and duties of the Board","history":"2021, Sp. Sess. I, c. 556.","full_text":"The Board shall:\n\n1\n\nAdminister the Program authorized by this chapter;2\n\nInvest moneys in the Program in any instruments, obligations, securities, or property deemed appropriate by the Board;3\n\nDevelop requirements, procedures, and guidelines for the Program, including:\n\t\t\ta. Eligibility requirements for employers and employees, in accordance with this chapter;\n\t\t\tb. Procedures for enrollment and disenrollment of participating employees;\n\t\t\tc. Selecting whether to offer Roth IRAs, traditional IRAs, or both, and if both, which type of IRA shall be the default IRA;\n\t\t\td. Default contribution rates;\n\t\t\te. Default annual escalation rates;\n\t\t\tf. 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;\n\t\t\tg. Minimum and maximum contribution levels in accordance with applicable limits established by the Internal Revenue Code;\n\t\t\th. A fee structure;\n\t\t\ti. Procedures for noncompliance with this chapter, including development of enforcement mechanisms and penalties not to exceed $200 per eligible employee annually;\n\t\t\tj. Education and outreach campaigns to eligible employers and eligible employees; and\n\t\t\tk. Procedures for enrollment and disenrollment of participating individuals;4\n\nEnter into all contractual agreements, including contracts for legal, financial, program management, and consulting services necessary to develop and administer the Program;5\n\nProcure 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\n\nAdopt regulations and procedures and perform any act or function consistent with the purposes of this chapter;7\n\nExplore 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\n\nAssess 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\n\nEstablish 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\n\nAccept 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; and11\n\nDesign 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.","order_by":null,"text":{"0":{"id":292599,"text":"The Board shall:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":292600,"text":"Administer the Program authorized by this chapter;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":292601,"text":"Invest moneys in the Program in any instruments, obligations, securities, or property deemed appropriate by the Board;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":292602,"text":"Develop requirements, procedures, and guidelines for the Program, including:\n\t\t\ta. Eligibility requirements for employers and employees, in accordance with this chapter;\n\t\t\tb. Procedures for enrollment and disenrollment of participating employees;\n\t\t\tc. Selecting whether to offer Roth IRAs, traditional IRAs, or both, and if both, which type of IRA shall be the default IRA;\n\t\t\td. Default contribution rates;\n\t\t\te. Default annual escalation rates;\n\t\t\tf. 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;\n\t\t\tg. Minimum and maximum contribution levels in accordance with applicable limits established by the Internal Revenue Code;\n\t\t\th. A fee structure;\n\t\t\ti. Procedures for noncompliance with this chapter, including development of enforcement mechanisms and penalties not to exceed $200 per eligible employee annually;\n\t\t\tj. Education and outreach campaigns to eligible employers and eligible employees; and\n\t\t\tk. Procedures for enrollment and disenrollment of participating individuals;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":292603,"text":"Enter into all contractual agreements, including contracts for legal, financial, program management, and consulting services necessary to develop and administer the Program;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":292604,"text":"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;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":292605,"text":"Adopt regulations and procedures and perform any act or function consistent with the purposes of this chapter;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":292606,"text":"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;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":292607,"text":"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;","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":292608,"text":"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;","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":292609,"text":"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","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9","next_prefix":"11"},"11":{"id":292610,"text":"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.","type":"section","prefixes":["11"],"prefix":"11","entire_prefix":"11","prefix_anchor":"11","level":1,"prior_prefix":"10"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2747\/","history_text":false,"references":false,"refers_to":false,"permalink":{"id":175667,"object_type":"law","relational_id":81686,"identifier":"2.2-2747","token":"2.2\/I\/D\/27.1\/2.2-2747","url":"\/2.2-2747\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2747\/","token":"2.2\/I\/D\/27.1\/2.2-2747","dublin_core":{"Title":"Powers and duties of the Board","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2747","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Board<\/span> shall:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Administer the Program<\/span> authorized by this chapter; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Invest moneys in the Program<\/span> in any instruments, obligations, securities, or property deemed appropriate by the Board<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Develop requirements, procedures, and guidelines for the Program<\/span>, including:\n\t\t\ta. Eligibility requirements for employers and employees, in accordance with this chapter;\n\t\t\tb. Procedures for enrollment and disenrollment of participating employees<\/span>;\n\t\t\tc. Selecting whether to offer Roth IRAs<\/span>, traditional IRAs<\/span>, or both, and if both, which type of IRA<\/span> shall be the default<\/span> IRA<\/span>;\n\t\t\td. Default<\/span> contribution rates;\n\t\t\te. Default<\/span> annual escalation rates;\n\t\t\tf. Selecting one or more investment funds in which Program<\/span> participants may elect to invest their savings and a default<\/span> investment fund for participants who do not make an affirmative investment election;\n\t\t\tg. Minimum and maximum contribution levels in accordance with applicable limits established by the Internal Revenue Code;\n\t\t\th. A fee<\/span> structure;\n\t\t\ti. Procedures for noncompliance with this chapter, including development of enforcement mechanisms and penalties not to exceed $200 per eligible employee<\/span> annually;\n\t\t\tj. Education and outreach campaigns to eligible employers<\/span> and eligible employees<\/span>; and\n\t\t\tk. Procedures for enrollment and disenrollment of participating individuals<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Enter into all contractual agreements, including contracts<\/span> for legal, financial, program<\/span> management, and consulting services necessary to develop and administer the Program<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Procure insurance as determined appropriate by the Board<\/span> (i) against any loss in connection with the Program<\/span>’s property, assets<\/span>, or activities and (ii) indemnifying Board<\/span> and Committee<\/span> members from personal loss, accountability, or liability arising from any action or inaction as a Board<\/span> or Committee<\/span> member; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Adopt regulations and procedures and perform any act or function consistent with the purposes of this chapter; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Explore and, as appropriate, establish incentives to encourage participation in the Program<\/span> by eligible employers<\/span> and eligible employees<\/span>, including a grant program<\/span> to incentivize compliance with the Program<\/span> and to defray the costs of small businesses; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Assess the feasibility of multistate or regional agreements to administer the Program<\/span> through shared administrative and operational resources and enter into those agreements if deemed beneficial to the Program<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Establish procedures for receiving and providing data relevant to Program<\/span> 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; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Accept any funds appropriated to the Program<\/span> 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<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> Design and operate the Program<\/span> in a manner that will cause it not to be an employee benefit plan<\/span> within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS AND DUTIES OF THE BOARD (\u00a7 2.2-2747)\n\nThe Board shall:\n\n1. Administer the Program authorized by this chapter;\n\n2. Invest moneys in the Program in any instruments, obligations, securities, or\nproperty deemed appropriate by the Board;\n\n3. Develop requirements, procedures, and guidelines for the Program, including:\n\t\t\ta. Eligibility requirements for employers and employees, in accordance with\nthis chapter;\n\t\t\tb. Procedures for enrollment and disenrollment of participating employees;\n\t\t\tc. Selecting whether to offer Roth IRAs, traditional IRAs, or both, and if\nboth, which type of IRA shall be the default IRA;\n\t\t\td. Default contribution rates;\n\t\t\te. Default annual escalation rates;\n\t\t\tf. Selecting one or more investment funds in which Program participants may\nelect to invest their savings and a default investment fund for participants who\ndo not make an affirmative investment election;\n\t\t\tg. Minimum and maximum contribution levels in accordance with applicable\nlimits established by the Internal Revenue Code;\n\t\t\th. A fee structure;\n\t\t\ti. Procedures for noncompliance with this chapter, including development of\nenforcement mechanisms and penalties not to exceed $200 per eligible employee\nannually;\n\t\t\tj. Education and outreach campaigns to eligible employers and eligible\nemployees; and\n\t\t\tk. Procedures for enrollment and disenrollment of participating individuals;\n\n4. Enter into all contractual agreements, including contracts for legal,\nfinancial, program management, and consulting services necessary to develop and\nadminister the Program;\n\n5. Procure insurance as determined appropriate by the Board (i) against any loss\nin connection with the Program’s property, assets, or activities and (ii)\nindemnifying Board and Committee members from personal loss, accountability, or\nliability arising from any action or inaction as a Board or Committee member;\n\n6. Adopt regulations and procedures and perform any act or function consistent\nwith the purposes of this chapter;\n\n7. Explore and, as appropriate, establish incentives to encourage participation\nin the Program by eligible employers and eligible employees, including a grant\nprogram to incentivize compliance with the Program and to defray the costs of\nsmall businesses;\n\n8. Assess the feasibility of multistate or regional agreements to administer the\nProgram through shared administrative and operational resources and enter into\nthose agreements if deemed beneficial to the Program;\n\n9. Establish procedures for receiving and providing data relevant to Program\nadministration. This shall include information collected from other state\nagencies, including the Department of Labor and Industry, the Department of\nTaxation, and the Virginia Employment Commission, as appropriate;\n\n10. Accept any funds appropriated to the Program and any gifts, donations,\ngrants, bequests, and other funds received on its behalf, including any funds\nmade available for use in facilitating education and outreach initiatives for\nthe Program; and\n\n11. Design and operate the Program in a manner that will cause it not to be an\nemployee benefit plan within the meaning of Section 3(3) of the Employee\nRetirement Income Security Act of 1974.\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}}