{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2751.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2751.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2751.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2751.html"}],"law_id":84380,"edition_id":1,"section_id":84380,"structure_id":14361,"section_number":"2.2-2751","catch_line":"Program enrollment; participating employer liability and status under the Program","history":"2021, Sp. Sess. I, c. 556.","full_text":"A\n\n1. Any employer that is not an eligible employer may facilitate the participation of its eligible employees in the Program. However, such employer shall take all steps necessary to ensure that such facilitation does not constitute an employee benefit plan regulated under Title I of the Employee Retirement Income Security Act (ERISA).2\n\nAny eligible employee whose employer does not facilitate his participation in the Program pursuant to subdivision 1 or any self-employed individual may participate in the Program under terms and conditions prescribed by the Board.3\n\nNo eligible employee or self-employed individual shall be permitted to participate in the Program unless such individual has Virginia taxable income, as defined in Article 2 (&#xA7; 58.1-320 et seq.) of Chapter 3 of Title 58.1.B\n\nThe Program shall be established and enrollment of eligible employers shall begin on July 1, 2023, or as soon thereafter as practicable. The Board shall establish an implementation timeline under which eligible employers shall enroll their eligible employees in the Program.C\n\nThe Board shall develop a Program rollout timeline, including deadlines for the enrollment of eligible employers. The Board may alter the rollout timeline in its discretion, though in all instances any alterations of established rollout dates shall include reasonable notice to affected eligible employers.D\n\nParticipation in the Program shall be mandatory for eligible employers. Eligible employers shall enroll in the Program in accordance with the timeline established by the Plan. Eligible employers shall facilitate a payroll deposit retirement savings agreement pursuant to this chapter for their eligible employees.E\n\nEach eligible employee of an eligible employer shall be enrolled in the Program unless the employee elects not to participate in the Program in a manner prescribed by the Board.F\n\nA participating employee may also terminate his participation in the Program at any time in a manner prescribed by the Board.G\n\nParticipating employers shall not have any liability for a participating employee&#8217;s decision to participate in or opt out of the Program or for the investment decisions of participating employees whose assets are deposited in the Program.H\n\nParticipating employers shall not be a fiduciary, or considered to be a fiduciary, over the Program. The Program is a state-administered program, not an employer-sponsored program. If the Program is subsequently found to be preempted by any federal law or regulation, participating employers shall not be liable as Program sponsors. A participating employer shall not bear responsibility for the administration, investment, or investment performance of the Program. A participating employer shall not be liable with regard to investment returns, Program design, and benefits paid to Program participants.I\n\nA participating employer shall not have civil liability, and no cause of action shall arise against a participating employer, for acting pursuant to this chapter.J\n\nThe Board shall develop and provide to participating employees and participating individuals Program summaries and other information concerning participation in the Program, including information on Program investments and fees, and the consequences of contributing to an IRA, and a statement that the Program is not an employer-sponsored retirement plan, as required by applicable law and as otherwise determined by the Board.K\n\nParticipating employers shall retain the option at all times to set up any type of employer retirement plan, including plans qualified under &#xA7; 401(a), 403(a), 403(b), 408(k), or 408(p), of the Internal Revenue Code, in which event such employer shall no longer be considered an eligible employer and shall cease facilitating contributions to the Program in accordance with such procedures as shall be established by the Board.L\n\nNo employer shall be permitted to contribute to the Program or to endorse or otherwise promote the Program.M\n\nThe Program shall be exempt from the provisions of subsection C of &#xA7; 40.1-29.","order_by":null,"text":{"0":{"id":302390,"text":"1. Any employer that is not an eligible employer may facilitate the participation of its eligible employees in the Program. However, such employer shall take all steps necessary to ensure that such facilitation does not constitute an employee benefit plan regulated under Title I of the Employee Retirement Income Security Act (ERISA).","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A2"},"1":{"id":302391,"text":"Any eligible employee whose employer does not facilitate his participation in the Program pursuant to subdivision 1 or any self-employed individual may participate in the Program under terms and conditions prescribed by the Board.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A","next_prefix":"A3"},"2":{"id":302392,"text":"No eligible employee or self-employed individual shall be permitted to participate in the Program unless such individual has Virginia taxable income, as defined in Article 2 (&#xA7; 58.1-320 et seq.) of Chapter 3 of Title 58.1.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"3":{"id":302393,"text":"The Program shall be established and enrollment of eligible employers shall begin on July 1, 2023, or as soon thereafter as practicable. The Board shall establish an implementation timeline under which eligible employers shall enroll their eligible employees in the Program.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3","next_prefix":"C"},"4":{"id":302394,"text":"The Board shall develop a Program rollout timeline, including deadlines for the enrollment of eligible employers. The Board may alter the rollout timeline in its discretion, though in all instances any alterations of established rollout dates shall include reasonable notice to affected eligible employers.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"5":{"id":302395,"text":"Participation in the Program shall be mandatory for eligible employers. Eligible employers shall enroll in the Program in accordance with the timeline established by the Plan. Eligible employers shall facilitate a payroll deposit retirement savings agreement pursuant to this chapter for their eligible employees.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"6":{"id":302396,"text":"Each eligible employee of an eligible employer shall be enrolled in the Program unless the employee elects not to participate in the Program in a manner prescribed by the Board.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"7":{"id":302397,"text":"A participating employee may also terminate his participation in the Program at any time in a manner prescribed by the Board.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"8":{"id":302398,"text":"Participating employers shall not have any liability for a participating employee&#8217;s decision to participate in or opt out of the Program or for the investment decisions of participating employees whose assets are deposited in the Program.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"9":{"id":302399,"text":"Participating employers shall not be a fiduciary, or considered to be a fiduciary, over the Program. The Program is a state-administered program, not an employer-sponsored program. If the Program is subsequently found to be preempted by any federal law or regulation, participating employers shall not be liable as Program sponsors. A participating employer shall not bear responsibility for the administration, investment, or investment performance of the Program. A participating employer shall not be liable with regard to investment returns, Program design, and benefits paid to Program participants.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G","next_prefix":"I"},"10":{"id":302400,"text":"A participating employer shall not have civil liability, and no cause of action shall arise against a participating employer, for acting pursuant to this chapter.","type":"section","prefixes":["I"],"prefix":"I","entire_prefix":"I","prefix_anchor":"I","level":1,"prior_prefix":"H","next_prefix":"J"},"11":{"id":302401,"text":"The Board shall develop and provide to participating employees and participating individuals Program summaries and other information concerning participation in the Program, including information on Program investments and fees, and the consequences of contributing to an IRA, and a statement that the Program is not an employer-sponsored retirement plan, as required by applicable law and as otherwise determined by the Board.","type":"section","prefixes":["J"],"prefix":"J","entire_prefix":"J","prefix_anchor":"J","level":1,"prior_prefix":"I","next_prefix":"K"},"12":{"id":302402,"text":"Participating employers shall retain the option at all times to set up any type of employer retirement plan, including plans qualified under &#xA7; 401(a), 403(a), 403(b), 408(k), or 408(p), of the Internal Revenue Code, in which event such employer shall no longer be considered an eligible employer and shall cease facilitating contributions to the Program in accordance with such procedures as shall be established by the Board.","type":"section","prefixes":["K"],"prefix":"K","entire_prefix":"K","prefix_anchor":"K","level":1,"prior_prefix":"J","next_prefix":"L"},"13":{"id":302403,"text":"No employer shall be permitted to contribute to the Program or to endorse or otherwise promote the Program.","type":"section","prefixes":["L"],"prefix":"L","entire_prefix":"L","prefix_anchor":"L","level":1,"prior_prefix":"K","next_prefix":"M"},"14":{"id":302404,"text":"The Program shall be exempt from the provisions of subsection C of &#xA7; 40.1-29.","type":"section","prefixes":["M"],"prefix":"M","entire_prefix":"M","prefix_anchor":"M","level":1,"prior_prefix":"L"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2751\/","history_text":false,"references":false,"refers_to":[{"id":79349,"section_number":"40.1-29","catch_line":"Time and medium of payment; withholding wages; written statement of earnings; agreement for forfeiture of wages; proceedings to enforce compliance; penalties","order_by":null,"url":"\/40.1-29\/"},{"id":62270,"section_number":"58.1-320","catch_line":"Imposition of tax","order_by":null,"url":"\/58.1-320\/"}],"permalink":{"id":175683,"object_type":"law","relational_id":84380,"identifier":"2.2-2751","token":"2.2\/I\/D\/27.1\/2.2-2751","url":"\/2.2-2751\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2751\/","token":"2.2\/I\/D\/27.1\/2.2-2751","dublin_core":{"Title":"Program enrollment; participating employer liability and status under the Program","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2751","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> 1. Any employer that is not an <span class=\"dictionary\">eligible employer<\/span> may facilitate the participation of its <span class=\"dictionary\">eligible employees<\/span> in the <span class=\"dictionary\">Program<\/span>. However, such employer shall take all steps necessary to ensure that such facilitation does not constitute an employee benefit <span class=\"dictionary\">plan<\/span> regulated under Title I of the Employee Retirement Income Security Act (ERISA). <a id=\"paragraph-302390\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2751\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> Any <span class=\"dictionary\">eligible employee<\/span> whose employer does not facilitate his participation in the <span class=\"dictionary\">Program<\/span> pursuant to subdivision 1 or any self-employed individual may participate in the <span class=\"dictionary\">Program<\/span> under terms and conditions prescribed by the <span class=\"dictionary\">Board<\/span>. <a id=\"paragraph-302391\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2751\/#A2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A3\" class=\"indent-1\"><p><span class=\"prefix-number\">3.<\/span> No <span class=\"dictionary\">eligible employee<\/span> or self-employed individual shall be permitted to participate in the <span class=\"dictionary\">Program<\/span> unless such individual has Virginia taxable income, as defined in Article 2 (&#xA7; <a class=\"law\" title=\"Imposition of tax\" href=\"\/58.1-320\/\">58.1-320<\/a> et seq.) of Chapter 3 of Title 58.1. <a id=\"paragraph-302392\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2751\/#A3\"><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\">Program<\/span> shall be established and enrollment of <span class=\"dictionary\">eligible employers<\/span> shall begin on July 1, 2023, or as soon thereafter as practicable. The <span class=\"dictionary\">Board<\/span> shall establish an implementation timeline under which <span class=\"dictionary\">eligible employers<\/span> shall enroll their <span class=\"dictionary\">eligible employees<\/span> in the <span class=\"dictionary\">Program<\/span>. <a id=\"paragraph-302393\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2751\/#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> The <span class=\"dictionary\">Board<\/span> shall develop a <span class=\"dictionary\">Program<\/span> rollout timeline, including deadlines for the enrollment of <span class=\"dictionary\">eligible employers<\/span>. The <span class=\"dictionary\">Board<\/span> may alter the rollout timeline in its discretion, though in all instances any alterations of established rollout dates shall include reasonable notice to affected <span class=\"dictionary\">eligible employers<\/span>. <a id=\"paragraph-302394\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2751\/#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> Participation in the <span class=\"dictionary\">Program<\/span> shall be mandatory for <span class=\"dictionary\">eligible employers<\/span>. <span class=\"dictionary\">Eligible employers<\/span> shall enroll in the <span class=\"dictionary\">Program<\/span> in accordance with the timeline established by the <span class=\"dictionary\">Plan<\/span>. <span class=\"dictionary\">Eligible employers<\/span> shall facilitate a <span class=\"dictionary\">payroll deposit retirement savings agreement<\/span> pursuant to this chapter for their <span class=\"dictionary\">eligible employees<\/span>. <a id=\"paragraph-302395\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2751\/#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> Each <span class=\"dictionary\">eligible employee<\/span> of an <span class=\"dictionary\">eligible employer<\/span> shall be enrolled in the <span class=\"dictionary\">Program<\/span> unless the employee elects not to participate in the <span class=\"dictionary\">Program<\/span> in a manner prescribed by the <span class=\"dictionary\">Board<\/span>. <a id=\"paragraph-302396\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2751\/#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> A <span class=\"dictionary\">participating employee<\/span> may also terminate his participation in the <span class=\"dictionary\">Program<\/span> at any time in a manner prescribed by the <span class=\"dictionary\">Board<\/span>. <a id=\"paragraph-302397\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2751\/#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> <span class=\"dictionary\">Participating employers<\/span> shall not have any liability for a <span class=\"dictionary\">participating employee<\/span>&#8217;s decision to participate in or opt out of the <span class=\"dictionary\">Program<\/span> or for the investment decisions of <span class=\"dictionary\">participating employees<\/span> whose <span class=\"dictionary\">assets<\/span> are deposited in the <span class=\"dictionary\">Program<\/span>. <a id=\"paragraph-302398\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2751\/#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> <span class=\"dictionary\">Participating employers<\/span> shall not be a fiduciary, or considered to be a fiduciary, over the <span class=\"dictionary\">Program<\/span>. The <span class=\"dictionary\">Program<\/span> is a state-administered <span class=\"dictionary\">program<\/span>, not an employer-sponsored <span class=\"dictionary\">program<\/span>. If the <span class=\"dictionary\">Program<\/span> is subsequently found to be preempted by any federal <span class=\"dictionary\">law<\/span> or regulation, <span class=\"dictionary\">participating employers<\/span> shall not be liable as <span class=\"dictionary\">Program<\/span> sponsors. A <span class=\"dictionary\">participating employer<\/span> shall not bear responsibility for the administration, investment, or investment performance of the <span class=\"dictionary\">Program<\/span>. A <span class=\"dictionary\">participating employer<\/span> shall not be liable with regard to investment returns, <span class=\"dictionary\">Program<\/span> design, and benefits paid to <span class=\"dictionary\">Program<\/span> participants. <a id=\"paragraph-302399\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2751\/#H\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"I\"><p><span class=\"prefix-number\">I.<\/span> A <span class=\"dictionary\">participating employer<\/span> shall not have civil liability, and no <span class=\"dictionary\">cause of action<\/span> shall arise against a <span class=\"dictionary\">participating employer<\/span>, for acting pursuant to this chapter. <a id=\"paragraph-302400\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2751\/#I\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"J\"><p><span class=\"prefix-number\">J.<\/span> The <span class=\"dictionary\">Board<\/span> shall develop and provide to <span class=\"dictionary\">participating employees<\/span> and <span class=\"dictionary\">participating individuals<\/span> <span class=\"dictionary\">Program<\/span> summaries and other information concerning participation in the <span class=\"dictionary\">Program<\/span>, including information on <span class=\"dictionary\">Program<\/span> investments and <span class=\"dictionary\">fees<\/span>, and the consequences of contributing to an <span class=\"dictionary\">IRA<\/span>, and a statement that the <span class=\"dictionary\">Program<\/span> is not an employer-sponsored retirement <span class=\"dictionary\">plan<\/span>, as required by applicable <span class=\"dictionary\">law<\/span> and as otherwise determined by the <span class=\"dictionary\">Board<\/span>. <a id=\"paragraph-302401\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2751\/#J\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"K\"><p><span class=\"prefix-number\">K.<\/span> <span class=\"dictionary\">Participating employers<\/span> shall retain the option at all times to set up any type of employer retirement <span class=\"dictionary\">plan<\/span>, including <span class=\"dictionary\">plans<\/span> qualified under &#xA7; 401(a), 403(a), 403(b), 408(k), or 408(p), of the Internal Revenue Code, in which event such employer shall no longer be considered an <span class=\"dictionary\">eligible employer<\/span> and shall cease facilitating contributions to the <span class=\"dictionary\">Program<\/span> in accordance with such procedures as shall be established by the <span class=\"dictionary\">Board<\/span>. <a id=\"paragraph-302402\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2751\/#K\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"L\"><p><span class=\"prefix-number\">L.<\/span> No employer shall be permitted to contribute to the <span class=\"dictionary\">Program<\/span> or to endorse or otherwise promote the <span class=\"dictionary\">Program<\/span>. <a id=\"paragraph-302403\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2751\/#L\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"M\"><p><span class=\"prefix-number\">M.<\/span> The <span class=\"dictionary\">Program<\/span> shall be exempt from the provisions of subsection C of &#xA7; <a class=\"law\" title=\"Time and medium of payment; withholding wages; written statement of earnings; agreement for forfeiture of wages; proceedings to enforce compliance; penalties\" href=\"\/40.1-29\/\">40.1-29<\/a>. <a id=\"paragraph-302404\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2751\/#M\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nPROGRAM ENROLLMENT; PARTICIPATING EMPLOYER LIABILITY AND STATUS UNDER THE\nPROGRAM (\u00a7 2.2-2751)\n\nA. 1. Any employer that is not an eligible employer may facilitate the\nparticipation of its eligible employees in the Program. However, such employer\nshall take all steps necessary to ensure that such facilitation does not\nconstitute an employee benefit plan regulated under Title I of the Employee\nRetirement Income Security Act (ERISA).\n\n   2. Any eligible employee whose employer does not facilitate his participation\n   in the Program pursuant to subdivision 1 or any self-employed individual may\n   participate in the Program under terms and conditions prescribed by the Board.\n\n   3. No eligible employee or self-employed individual shall be permitted to\n   participate in the Program unless such individual has Virginia taxable income,\n   as defined in Article 2 (&#xA7; 58.1-320 et seq.) of Chapter 3 of Title 58.1.\n\nB. The Program shall be established and enrollment of eligible employers shall\nbegin on July 1, 2023, or as soon thereafter as practicable. The Board shall\nestablish an implementation timeline under which eligible employers shall enroll\ntheir eligible employees in the Program.\n\nC. The Board shall develop a Program rollout timeline, including deadlines for\nthe enrollment of eligible employers. The Board may alter the rollout timeline\nin its discretion, though in all instances any alterations of established\nrollout dates shall include reasonable notice to affected eligible employers.\n\nD. Participation in the Program shall be mandatory for eligible employers.\nEligible employers shall enroll in the Program in accordance with the timeline\nestablished by the Plan. Eligible employers shall facilitate a payroll deposit\nretirement savings agreement pursuant to this chapter for their eligible\nemployees.\n\nE. Each eligible employee of an eligible employer shall be enrolled in the\nProgram unless the employee elects not to participate in the Program in a manner\nprescribed by the Board.\n\nF. A participating employee may also terminate his participation in the Program\nat any time in a manner prescribed by the Board.\n\nG. Participating employers shall not have any liability for a participating\nemployee&#8217;s decision to participate in or opt out of the Program or for the\ninvestment decisions of participating employees whose assets are deposited in\nthe Program.\n\nH. Participating employers shall not be a fiduciary, or considered to be a\nfiduciary, over the Program. The Program is a state-administered program, not an\nemployer-sponsored program. If the Program is subsequently found to be preempted\nby any federal law or regulation, participating employers shall not be liable as\nProgram sponsors. A participating employer shall not bear responsibility for the\nadministration, investment, or investment performance of the Program. A\nparticipating employer shall not be liable with regard to investment returns,\nProgram design, and benefits paid to Program participants.\n\nI. A participating employer shall not have civil liability, and no cause of\naction shall arise against a participating employer, for acting pursuant to this\nchapter.\n\nJ. The Board shall develop and provide to participating employees and\nparticipating individuals Program summaries and other information concerning\nparticipation in the Program, including information on Program investments and\nfees, and the consequences of contributing to an IRA, and a statement that the\nProgram is not an employer-sponsored retirement plan, as required by applicable\nlaw and as otherwise determined by the Board.\n\nK. Participating employers shall retain the option at all times to set up any\ntype of employer retirement plan, including plans qualified under &#xA7; 401(a),\n403(a), 403(b), 408(k), or 408(p), of the Internal Revenue Code, in which event\nsuch employer shall no longer be considered an eligible employer and shall cease\nfacilitating contributions to the Program in accordance with such procedures as\nshall be established by the Board.\n\nL. No employer shall be permitted to contribute to the Program or to endorse or\notherwise promote the Program.\n\nM. The Program shall be exempt from the provisions of subsection C of &#xA7;\n40.1-29.\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}}