{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-702.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-702.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-702.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-702.html"}],"law_id":64579,"edition_id":1,"section_id":64579,"structure_id":13113,"section_number":"23.1-702","catch_line":"Advisory committees to the board; membership; terms; qualifications; duties","history":"2009, cc. 827, \u00a7 23-38.79:1, 845; 2011, cc. 18, 26; 2016, c. 588.","full_text":"A\n\nTo assist the board in fulfilling its fiduciary duty as trustee of the funds of the Plan and to assist the chief executive officer in directing, managing, and administering the Plan’s assets, the board shall appoint an Investment Advisory Committee to provide sophisticated, objective, and prudent investment advice and direction.1\n\nMembers of the Investment Advisory Committee shall demonstrate extensive experience in any one or more of the following areas: domestic or international equity or fixed-income securities, cash management, alternative investments, institutional real estate investments, or managed futures.2\n\nThe Investment Advisory Committee shall (i) review, evaluate, and monitor investments and investment opportunities; (ii) make appropriate recommendations to the board about such investments and investment opportunities; (iii) make appropriate recommendations to the board about overall asset allocation; and (iv) perform such other duties as the board may delegate to the Investment Advisory Committee.B\n\nTo assist the board in fulfilling its responsibilities relating to the integrity of the Plan’s financial statements, financial reporting process, and systems of internal accounting and financial controls, the board shall appoint an Audit and Actuarial Committee.1\n\nMembers of the Audit and Actuarial Committee shall demonstrate an understanding of generally accepted accounting principles, generally accepted auditing standards, enterprise risk management principles, and financial statements, and evidence an ability to assess the general application of such principles to the Plan’s activities. The members should have experience in preparing, auditing, analyzing, or evaluating financial statements of the same complexity as those of the Plan, and an understanding of internal controls and procedures for financial reporting.2\n\nIn order to establish and maintain its effectiveness and independence, the following individuals shall not be members of the Audit and Actuarial Committee: (i) current Plan employees; (ii) individuals who have been employees of the Plan in any of the prior three fiscal years; and (iii) immediate family members of an individual currently employed as an officer of the Plan or who has been employed in such a capacity within the past three fiscal years.3\n\nThe Audit and Actuarial Committee shall (i) review, examine, and monitor the Plan’s accounting and financial reporting processes and systems of internal controls; (ii) review and examine financial statements and financial disclosures and discuss any findings with the Plan’s senior management; (iii) make appropriate recommendations and reports to the board; (iv) monitor the Plan’s external audit function by (a) participating in the retention, review, and discharge of independent auditors; (b) discussing the Plan’s financial statements and accounting policies with independent auditors; and (c) reviewing the independence of independent auditors; and (v) perform such other duties as the board may delegate to the Audit and Actuarial Committee.C\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.D\n\nAdvisory committee members shall serve at the pleasure of the board and may be removed by a majority vote of the board.E\n\nMembers of advisory committees shall receive no compensation but shall be reimbursed for actual expenses incurred in the performance of their duties.F\n\nThe disclosure requirements of subsection B of § 2.2-3114 shall apply to each member of any advisory committee established pursuant to this section who is not also a board member.G\n\nThe recommendations of an advisory committee are not binding upon the board or the designee appointed by the board to make investment decisions pursuant to subsections A and B of § 23.1-706.","order_by":null,"text":{"0":{"id":235051,"text":"To assist the board in fulfilling its fiduciary duty as trustee of the funds of the Plan and to assist the chief executive officer in directing, managing, and administering the Plan’s assets, the board shall appoint an Investment Advisory Committee to provide sophisticated, objective, and prudent investment advice and direction.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":235052,"text":"Members of the Investment Advisory Committee shall demonstrate extensive experience in any one or more of the following areas: domestic or international equity or fixed-income securities, cash management, alternative investments, institutional real estate investments, or managed futures.","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":235053,"text":"The Investment Advisory Committee shall (i) review, evaluate, and monitor investments and investment opportunities; (ii) make appropriate recommendations to the board about such investments and investment opportunities; (iii) make appropriate recommendations to the board about overall asset allocation; and (iv) perform such other duties as the board may delegate to the Investment Advisory Committee.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":235054,"text":"To assist the board in fulfilling its responsibilities relating to the integrity of the Plan’s financial statements, financial reporting process, and systems of internal accounting and financial controls, the board shall appoint an Audit and Actuarial Committee.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2","next_prefix":"B1"},"4":{"id":235055,"text":"Members of the Audit and Actuarial Committee shall demonstrate an understanding of generally accepted accounting principles, generally accepted auditing standards, enterprise risk management principles, and financial statements, and evidence an ability to assess the general application of such principles to the Plan’s activities. The members should have experience in preparing, auditing, analyzing, or evaluating financial statements of the same complexity as those of the Plan, and an understanding of internal controls and procedures for financial reporting.","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"5":{"id":235056,"text":"In order to establish and maintain its effectiveness and independence, the following individuals shall not be members of the Audit and Actuarial Committee: (i) current Plan employees; (ii) individuals who have been employees of the Plan in any of the prior three fiscal years; and (iii) immediate family members of an individual currently employed as an officer of the Plan or who has been employed in such a capacity within the past three fiscal years.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"6":{"id":235057,"text":"The Audit and Actuarial Committee shall (i) review, examine, and monitor the Plan’s accounting and financial reporting processes and systems of internal controls; (ii) review and examine financial statements and financial disclosures and discuss any findings with the Plan’s senior management; (iii) make appropriate recommendations and reports to the board; (iv) monitor the Plan’s external audit function by (a) participating in the retention, review, and discharge of independent auditors; (b) discussing the Plan’s financial statements and accounting policies with independent auditors; and (c) reviewing the independence of independent auditors; and (v) perform such other duties as the board may delegate to the Audit and Actuarial Committee.","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"C"},"7":{"id":235058,"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":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B3","next_prefix":"D"},"8":{"id":235059,"text":"Advisory committee members 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"},"9":{"id":235060,"text":"Members of advisory committees 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"},"10":{"id":235061,"text":"The disclosure requirements of subsection B of § 2.2-3114 shall apply to each member of any advisory committee established pursuant to this section who is not also a board member.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"11":{"id":235062,"text":"The recommendations of an advisory committee are not binding upon the board or the designee appointed by the board to make investment decisions pursuant to subsections A and B of § 23.1-706.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F"}},"ancestry":[{"id":13113,"edition_id":1,"name":"Commonwealth Savers Plan and Able Savings Trust Accounts","identifier":"7","label":"chapter","depth":3,"order_by":1,"parent_id":13112,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":185235,"object_type":"structure","relational_id":13113,"identifier":"7","token":"23.1\/II\/7","url":"\/23.1\/II\/7\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13112,"edition_id":1,"name":"Students and Campus","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":13111,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":184847,"object_type":"structure","relational_id":13112,"identifier":"II","token":"23.1\/II","url":"\/23.1\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13111,"edition_id":1,"name":"Institutions of Higher Education; Other Educational and Cultural Institutions","identifier":"23.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":184581,"object_type":"structure","relational_id":13111,"identifier":"23.1","token":"23.1","url":"\/23.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":66160,"structure_id":13113,"section_number":"23.1-700","catch_line":"Definitions","url":"\/23.1-700\/","token":"23.1\/II\/7\/23.1-700","metadata":false},{"id":78668,"structure_id":13113,"section_number":"23.1-701","catch_line":"Plan established; moneys; governing board","url":"\/23.1-701\/","token":"23.1\/II\/7\/23.1-701","metadata":false},{"id":64579,"structure_id":13113,"section_number":"23.1-702","catch_line":"Advisory committees to the board; membership; terms; qualifications; duties","url":"\/23.1-702\/","token":"23.1\/II\/7\/23.1-702","metadata":false},{"id":86791,"structure_id":13113,"section_number":"23.1-703","catch_line":"Chief executive officer of the Plan","url":"\/23.1-703\/","token":"23.1\/II\/7\/23.1-703","metadata":false},{"id":86977,"structure_id":13113,"section_number":"23.1-704","catch_line":"Powers and duties of the board","url":"\/23.1-704\/","token":"23.1\/II\/7\/23.1-704","metadata":false},{"id":77185,"structure_id":13113,"section_number":"23.1-705","catch_line":"Board actions not a debt of Commonwealth","url":"\/23.1-705\/","token":"23.1\/II\/7\/23.1-705","metadata":false},{"id":72372,"structure_id":13113,"section_number":"23.1-706","catch_line":"Standard of care; investment and administration of the Plan","url":"\/23.1-706\/","token":"23.1\/II\/7\/23.1-706","metadata":false},{"id":57132,"structure_id":13113,"section_number":"23.1-707","catch_line":"Prepaid tuition contracts and college and ABLE savings trust agreements","url":"\/23.1-707\/","token":"23.1\/II\/7\/23.1-707","metadata":false},{"id":54148,"structure_id":13113,"section_number":"23.1-707.1","catch_line":"Prepaid tuition contracts; pricing reserves; limitations","url":"\/23.1-707.1\/","token":"23.1\/II\/7\/23.1-707.1","metadata":false},{"id":62682,"structure_id":13113,"section_number":"23.1-708","catch_line":"Assets of the Plan exempt from taxation","url":"\/23.1-708\/","token":"23.1\/II\/7\/23.1-708","metadata":false},{"id":77258,"structure_id":13113,"section_number":"23.1-709","catch_line":"Annual report","url":"\/23.1-709\/","token":"23.1\/II\/7\/23.1-709","metadata":false},{"id":74025,"structure_id":13113,"section_number":"23.1-710","catch_line":"Forms and audit of accounts and records","url":"\/23.1-710\/","token":"23.1\/II\/7\/23.1-710","metadata":false},{"id":82160,"structure_id":13113,"section_number":"23.1-711","catch_line":"Admission to institutions not guaranteed; coverage limitations","url":"\/23.1-711\/","token":"23.1\/II\/7\/23.1-711","metadata":false},{"id":72325,"structure_id":13113,"section_number":"23.1-712","catch_line":"Payroll deductions","url":"\/23.1-712\/","token":"23.1\/II\/7\/23.1-712","metadata":false},{"id":84958,"structure_id":13113,"section_number":"23.1-713","catch_line":"Liberal construction of chapter","url":"\/23.1-713\/","token":"23.1\/II\/7\/23.1-713","metadata":false}],"previous_section":{"id":78668,"structure_id":13113,"section_number":"23.1-701","catch_line":"Plan established; moneys; governing board","url":"\/23.1-701\/","token":"23.1\/II\/7\/23.1-701","metadata":false},"next_section":{"id":86791,"structure_id":13113,"section_number":"23.1-703","catch_line":"Chief executive officer of the Plan","url":"\/23.1-703\/","token":"23.1\/II\/7\/23.1-703","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-702\/","history_text":"

This law was first created in 2009. The record of its establishment is cataloged in chapter 827<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 2 times. 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. Those modifications are as follows: in 2011, chapters 18<\/a> and 26<\/a>; in 2016, chapter 588<\/a>.<\/p>","references":[{"id":72789,"section_number":"2.2-3711","catch_line":"(Effective July 1, 2026) Closed meetings authorized for certain limited purposes","order_by":null,"url":"\/2.2-3711\/"}],"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":72372,"section_number":"23.1-706","catch_line":"Standard of care; investment and administration of the Plan","order_by":null,"url":"\/23.1-706\/"}],"permalink":{"id":185245,"object_type":"law","relational_id":64579,"identifier":"23.1-702","token":"23.1\/II\/7\/23.1-702","url":"\/23.1-702\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-702\/","token":"23.1\/II\/7\/23.1-702","dublin_core":{"Title":"Advisory committees to the board; membership; terms; qualifications; duties","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-702","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> To assist the board<\/span> in fulfilling its fiduciary duty as trustee of the funds of the Plan<\/span> and to assist the chief executive officer<\/span> in directing, managing, and administering the Plan<\/span>’s assets<\/span>, the board<\/span> shall appoint an Investment Advisory Committee to provide sophisticated, objective, and prudent investment advice and direction. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Members of the Investment Advisory Committee shall demonstrate extensive experience in any one or more of the following areas: domestic or international equity<\/span> or fixed-income securities, cash management, alternative investments, institutional real estate investments, or managed futures. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The Investment Advisory Committee shall (i) review, evaluate, and monitor investments and investment opportunities; (ii) make appropriate recommendations to the board<\/span> about such investments and investment opportunities; (iii) make appropriate recommendations to the board<\/span> about overall asset allocation; and (iv) perform such other duties as the board<\/span> may delegate to the Investment Advisory Committee. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> To assist the board<\/span> in fulfilling its responsibilities relating to the integrity of the Plan<\/span>’s financial statements, financial reporting process, and systems<\/span> of internal accounting and financial controls, the board<\/span> shall appoint an Audit and Actuarial Committee. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Members of the Audit and Actuarial Committee shall demonstrate an understanding of generally accepted accounting principles, generally accepted auditing standards, enterprise risk management principles, and financial statements, and evidence<\/span> an ability to assess the general application of such principles to the Plan<\/span>’s activities. The members should have experience in preparing, auditing, analyzing, or evaluating financial statements of the same complexity as those of the Plan<\/span>, and an understanding of internal controls and procedures for financial reporting. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> In order<\/span> to establish and maintain its effectiveness and independence, the following individuals shall not be members of the Audit and Actuarial Committee: (i) current Plan<\/span> employees; (ii) individuals who have been employees of the Plan<\/span> in any of the prior three fiscal years; and (iii) immediate family members of an individual currently employed as an officer of the Plan<\/span> or who has been employed in such a capacity within the past three fiscal years. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The Audit and Actuarial Committee shall (i) review, examine, and monitor the Plan<\/span>’s accounting and financial reporting processes and systems<\/span> of internal controls; (ii) review and examine financial statements and financial disclosures and discuss any findings<\/span> with the Plan<\/span>’s senior management; (iii) make appropriate recommendations and reports to the board<\/span>; (iv) monitor the Plan<\/span>’s external audit function by (a) participating in the retention, review, and discharge of independent auditors; (b) discussing the Plan<\/span>’s financial statements and accounting policies with independent auditors; and (c) reviewing the independence of independent auditors; and (v) perform such other duties as the board<\/span> may delegate to the Audit and Actuarial Committee. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The board<\/span> may appoint such other advisory committees as it deems necessary and shall set the qualifications for members of any such advisory committee by resolution. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Advisory committee members shall serve at the pleasure of the board<\/span> and may be removed by a majority vote of the board<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Members of advisory committees shall receive no compensation but shall be reimbursed for actual expenses incurred in the performance of their duties. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> The disclosure requirements of subsection B of § 2.2-3114<\/a> shall apply to each member of any advisory committee established pursuant to this section who is not also a board<\/span> member. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> The recommendations of an advisory committee are not binding upon the board<\/span> or the designee appointed by the board<\/span> to make investment decisions pursuant to subsections A and B of § 23.1-706<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nADVISORY COMMITTEES TO THE BOARD; MEMBERSHIP; TERMS; QUALIFICATIONS; DUTIES (\u00a7\n23.1-702)\n\nA. To assist the board in fulfilling its fiduciary duty as trustee of the funds\nof the Plan and to assist the chief executive officer in directing, managing,\nand administering the Plan’s assets, the board shall appoint an Investment\nAdvisory Committee to provide sophisticated, objective, and prudent investment\nadvice and direction.\n\n 1. Members of the Investment Advisory Committee shall demonstrate extensive\n experience in any one or more of the following areas: domestic or\n international equity or fixed-income securities, cash management, alternative\n investments, institutional real estate investments, or managed futures.\n\n 2. The Investment Advisory Committee shall (i) review, evaluate, and monitor\n investments and investment opportunities; (ii) make appropriate\n recommendations to the board about such investments and investment\n opportunities; (iii) make appropriate recommendations to the board about\n overall asset allocation; and (iv) perform such other duties as the board may\n delegate to the Investment Advisory Committee.\n\nB. To assist the board in fulfilling its responsibilities relating to the\nintegrity of the Plan’s financial statements, financial reporting process,\nand systems of internal accounting and financial controls, the board shall\nappoint an Audit and Actuarial Committee.\n\n 1. Members of the Audit and Actuarial Committee shall demonstrate an\n understanding of generally accepted accounting principles, generally accepted\n auditing standards, enterprise risk management principles, and financial\n statements, and evidence an ability to assess the general application of such\n principles to the Plan’s activities. The members should have experience\n in preparing, auditing, analyzing, or evaluating financial statements of the\n same complexity as those of the Plan, and an understanding of internal\n controls and procedures for financial reporting.\n\n 2. In order to establish and maintain its effectiveness and independence, the\n following individuals shall not be members of the Audit and Actuarial\n Committee: (i) current Plan employees; (ii) individuals who have been\n employees of the Plan in any of the prior three fiscal years; and (iii)\n immediate family members of an individual currently employed as an officer of\n the Plan or who has been employed in such a capacity within the past three\n fiscal years.\n\n 3. The Audit and Actuarial Committee shall (i) review, examine, and monitor\n the Plan’s accounting and financial reporting processes and systems of\n internal controls; (ii) review and examine financial statements and financial\n disclosures and discuss any findings with the Plan’s senior management;\n (iii) make appropriate recommendations and reports to the board; (iv) monitor\n the Plan’s external audit function by (a) participating in the\n retention, review, and discharge of independent auditors; (b) discussing the\n Plan’s financial statements and accounting policies with independent\n auditors; and (c) reviewing the independence of independent auditors; and (v)\n perform such other duties as the board may delegate to the Audit and Actuarial\n Committee.\n\nC. 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\nD. Advisory committee members shall serve at the pleasure of the board and may\nbe removed by a majority vote of the board.\n\nE. Members of advisory committees shall receive no compensation but shall be\nreimbursed for actual expenses incurred in the performance of their duties.\n\nF. The disclosure requirements of subsection B of § 2.2-3114 shall apply to\neach member of any advisory committee established pursuant to this section who\nis not also a board member.\n\nG. The recommendations of an advisory committee are not binding upon the board\nor the designee appointed by the board to make investment decisions pursuant to\nsubsections A and B of § 23.1-706.\n\nHISTORY: 2009, cc. 827, \u00a7 23-38.79:1, 845; 2011, cc. 18, 26; 2016, c. 588.","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}}