{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2752.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2752.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2752.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2752.html"}],"law_id":62711,"edition_id":1,"section_id":62711,"structure_id":14361,"section_number":"2.2-2752","catch_line":"Program Trust Fund","history":"2021, Sp. Sess. I, c. 556.","full_text":"A\n\nThere is hereby established a permanent and perpetual fund to be known as the Program Trust Fund (the Fund). The moneys in the Fund shall be (i) deemed separate and independent trust funds, (ii) segregated and accounted for separately from all other funds of the Commonwealth, and (iii) administered solely in the interests of the individuals who are participants in the Program established pursuant to this chapter.B\n\nThe assets of IRAs established for Program participants shall be allocated to the Fund and combined for investment purposes. Fund assets shall be managed and administered for the exclusive purpose of providing benefits to Program participants and defraying reasonable expenses of administering, maintaining, and managing investments of the IRAs and the Program Trust. No property rights in Fund assets shall exist in favor of the Commonwealth or any participating employer.C\n\nThe Board shall establish within the Fund one or more investment funds, each pursuing an investment strategy and policy established by the Board in accordance with § 2.2-2747.D\n\nNotwithstanding any provision to the contrary, the Fund shall be exempt from the securities registration requirements provided in Chapter 5 (§ 13.1-501 et seq.) of Title 13.1.","order_by":null,"text":{"0":{"id":228658,"text":"There is hereby established a permanent and perpetual fund to be known as the Program Trust Fund (the Fund). The moneys in the Fund shall be (i) deemed separate and independent trust funds, (ii) segregated and accounted for separately from all other funds of the Commonwealth, and (iii) administered solely in the interests of the individuals who are participants in the Program established pursuant to this chapter.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":228659,"text":"The assets of IRAs established for Program participants shall be allocated to the Fund and combined for investment purposes. Fund assets shall be managed and administered for the exclusive purpose of providing benefits to Program participants and defraying reasonable expenses of administering, maintaining, and managing investments of the IRAs and the Program Trust. No property rights in Fund assets shall exist in favor of the Commonwealth or any participating employer.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":228660,"text":"The Board shall establish within the Fund one or more investment funds, each pursuing an investment strategy and policy established by the Board in accordance with § 2.2-2747.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":228661,"text":"Notwithstanding any provision to the contrary, the Fund shall be exempt from the securities registration requirements provided in Chapter 5 (§ 13.1-501 et seq.) of Title 13.1.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"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":84380,"structure_id":14361,"section_number":"2.2-2751","catch_line":"Program enrollment; 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A.<\/span> There is hereby established a permanent and perpetual fund to be known as the Program Trust<\/span> Fund (the Fund). The moneys in the Fund shall be (i) deemed separate and independent trust funds, (ii) segregated and accounted for separately from all other funds of the Commonwealth, and (iii) administered solely in the interests of the individuals who are participants in the Program established pursuant to this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The assets<\/span> of IRAs<\/span> established for Program participants shall be allocated to the Fund and combined for investment purposes. Fund assets<\/span> shall be managed and administered for the exclusive purpose of providing benefits to Program participants and defraying reasonable expenses of administering, maintaining, and managing investments of the IRAs<\/span> and the Program Trust<\/span>. No property rights in Fund assets<\/span> shall exist in favor of the Commonwealth or any participating employer<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Board<\/span> shall establish within the Fund one or more investment funds, each pursuing an investment strategy and policy established by the Board<\/span> in accordance with § 2.2-2747<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Notwithstanding any provision to the contrary, the Fund shall be exempt from the securities registration requirements provided in Chapter 5 (§ 13.1-501<\/a> et seq.) of Title 13.1. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPROGRAM TRUST FUND (\u00a7 2.2-2752)\n\nA. There is hereby established a permanent and perpetual fund to be known as the\nProgram Trust Fund (the Fund). The moneys in the Fund shall be (i) deemed\nseparate and independent trust funds, (ii) segregated and accounted for\nseparately from all other funds of the Commonwealth, and (iii) administered\nsolely in the interests of the individuals who are participants in the Program\nestablished pursuant to this chapter.\n\nB. The assets of IRAs established for Program participants shall be allocated to\nthe Fund and combined for investment purposes. Fund assets shall be managed and\nadministered for the exclusive purpose of providing benefits to Program\nparticipants and defraying reasonable expenses of administering, maintaining,\nand managing investments of the IRAs and the Program Trust. No property rights\nin Fund assets shall exist in favor of the Commonwealth or any participating\nemployer.\n\nC. The Board shall establish within the Fund one or more investment funds, each\npursuing an investment strategy and policy established by the Board in\naccordance with § 2.2-2747.\n\nD. Notwithstanding any provision to the contrary, the Fund shall be exempt from\nthe securities registration requirements provided in Chapter 5 (§ 13.1-501\net seq.) of Title 13.1.\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}}