FOR IMMEDIATE RELEASE
RICHMOND, VA – House Appropriations Chair Luke Torian’s House Bill 2174, establishing the VirginiaSaves retirement savings program within Virginia529, passed the General Assembly on Saturday after a conference report was adopted by the House of Delegates and Senate. The bill will become law with Governor Northam’s signature.
VirginiaSaves will be an automatic enrollment, payroll deduction individual retirement account (IRA) program housed in Virginia529 to promote retirement savings for private sector employees whose employers do not otherwise offer a qualified retirement plan. The plan will be optional for employees and portable between eligible employers. Employers with 25 or more full-time employees who do not already offer a retirement benefit will be required to allow employees to participate. Enrollment will begin on or near July 1, 2023.
Chair Torian issued the following statement: “Approximately 45% of Virginia’s workforce does not have access to a retirement savings plan at work. VirginiaSaves will afford workers a retirement savings vehicle at no cost and no liability to private employers. This is an opportunity for more Virginia workers to build long-term savings not tied to a single employer. VirginiaSaves will be a crucial wealth-building mechanism so that a single unexpected expense does not force Virginians to borrow or cut essentials from a fixed budget. I am grateful for all the stakeholders and advocates who worked with us to make this legislation a reality.”
“Del. Luke Torian is a proven champion for Virginia workers who want to build retirement nest eggs. Since AARP Virginia started working with him on this legislation in 2015, we have been proud and grateful for the opportunity to work together and help put financial security within reach for more hard-working Virginians,” said Jim Dau, AARP Virginia State Director
Delegate Luke Torian represents House District 52 in the Virginia House of Delegates, serving Dale City, Woodbridge, and the towns of Dumfries and Occoquan. He has held office since 2009 and serves as Chair of the House Appropriations Committee. He is also a member of the House Rules and General Laws committees.