HB 775 — Virginia College Savings Plan; analyzing current programs to encourage citizens to save.
Last action — Approved by Governor-Chapter 506 (effective 7/1/20)
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✓Introduced
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✓In Committee
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✓Passed House of Delegates
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✓Passed Senate
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✓To Executive
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6Enacted
This bill has been enacted into law. Introduced January 07, 2020. Enacted.
Prognosis
Where this bill stands today.
Odds of enactment
HighHow often bills like it became law.
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Enacted
Current position in the legislative process.
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2 sponsors
1 primary, 1 co-sponsors signed on.
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Mixed recorded votes
7 passed, 1 failed in recorded votes so far.
Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.
Summary
Virginia College Savings Plan; stakeholder group to analyze private retirement plans; report. Directs the Virginia College Savings Plan to convene a stakeholder group, analyze private retirement options and develop recommendations, and report to the General Assembly by December 15, 2020. The scope of the study would include (i) an examination of potential retirement savings options for self-employed individuals, part-time employees, and full-time employees whose employers do not offer a retirement savings plan; (ii) the level of interest by Virginia employers in participating in a voluntary state-sponsored private retirement option; (iii) the likely costs to start up such a plan and an estimate of time to reach self-sufficiency and potential funding options; (iv) the experience of other states that have implemented or are implementing a state-sponsored private retirement solution for employers and employees; and (v) the appropriate state agency and structure to implement the solution.
Bill Text
What changed in the latest version
7 added · 115 removedPlain-language change summary
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SESSION history | hilite | pdf | print version VIRGINIA ACTS OF ASSEMBLY -- CHAPTER An Act to direct the Virginia College Savings Plan to, in consultation with a group of stakeholders, analyze current state and federal programs that encourage citizens to save for retirement by participating in retirement savings plans.
[H 775] Approved Be it enacted by the General Assembly of Virginia:
1.
§ 1.
That the Virginia College Savings Plan shall analyze current state and federal programs that encourage citizens to save for retirement by participating in retirement savings plans, including plans pursuant to §§ 401(k), 403(b), 408(k), 408(p), and 457(b) of the Internal Revenue Code.
The scope of the analysis shall include (i) an examination of potential retirement savings options for self-employed individuals, part-time employees, and full-time employees whose employers do not offer a retirement savings plan;
(ii) the level of interest by Virginia employers in participating in a voluntary state-sponsored private retirement option;
(iii) the likely costs to start up such a plan and an estimate of time to reach self-sufficiency and potential funding options;
(iv) the experience of other states that have implemented or are implementing a state-sponsored private retirement solution for employers and employees;
and (v) the appropriate state agency and structure to implement the solution.
The analysis may include recommendations for statutory changes or amendments to the general appropriation act.
The Virginia College Savings Plan, in undertaking the analysis, shall convene a group of stakeholders to assist and provide insight into the feasibility and preferred structure of such a plan.
The Virginia College Savings Plan shall report its findings and recommendations to the General Assembly on or before December 15, 2020.
View plain text versions (6)
- Acts of Assembly Chapter text (CHAP0506) View text Current html March 27, 2020
- Bill text as passed House and Senate (HB775ER) View text html March 02, 2020
- Committee Substitute Engrossed by Senate - committee substitute HB775S1 html February 19, 2020
- Committee Substitute Engrossed by House - committee substitute with amendments HB775EH1 html February 05, 2020
- Impact statement from DPB (HB775H1) View text html January 29, 2020
- Impact statement from DPB (HB775) View text html January 07, 2020
Action History
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Approved by Governor-Chapter 506 (effective 7/1/20)
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Governor's Action Deadline 11:59 p.m., April 11, 2020
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Enrolled Bill communicated to Governor on March 12, 2020
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Signed by President
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Signed by Speaker
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Impact statement from DPB (HB775ER)
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Enrolled
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VOTE: Adoption (91-Y 7-N)
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Senate substitute agreed to by House 20108194D-S1 (91-Y 7-N)
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Placed on Calendar
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Passed Senate with substitute (38-Y 0-N)
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Engrossed by Senate - committee substitute HB775S1
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Committee substitute agreed to 20108194D-S1
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Reading of substitute waived
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Read third time
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Constitutional reading dispensed (40-Y 0-N)
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Committee substitute printed 20108194D-S1
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Reported from Finance and Appropriations with substitute (15-Y 0-N)
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Referred to Committee on Finance and Appropriations
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Constitutional reading dispensed
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VOTE: Passage (93-Y 5-N)
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Impact statement from DPB (HB775EH1)
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Read third time and passed House (93-Y 5-N)
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Printed as engrossed 20106638D-EH1
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Impact statement from DPB (HB775H1)
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Engrossed by House - committee substitute with amendments HB775EH1
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Amendments by Delegate Ayala agreed to
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Committee substitute agreed to 20106638D-H1
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Read second time
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House committee, floor amendments and substitutes offered
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Passed by for the day
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Read second time
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Passed by for the day
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Read first time
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Reported from Appropriations with substitute (17-Y 0-N)
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Committee substitute printed 20106638D-H1
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House committee, floor amendments and substitutes offered
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Subcommittee recommends reporting with substitute (4-Y 1-N)
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Assigned App. sub: Compensation & General Government
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Referred to Committee on Appropriations
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Referred from General Laws
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Impact statement from DPB (HB775)
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Referred to Committee on General Laws
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Prefiled and ordered printed; offered 01/08/20 20104487D
Sponsors
- Ibraheem S. Samirah · Cosponsor
- Hala S. Ayala · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 1 co-sponsors · 146 not signed on · 9 voted No
Sponsors (1)
Co-sponsors (1)
Not signed on (146)
146 members have not signed on to this bill.
Show all 146 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 90 | 7 | 0 | 2 |
| Total | 90 | 7 | 0 | 2 |
| % of votes cast | 91% | 7% | 0% | 2% |
How each member voted (99)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 38 | 0 | 0 | 2 |
| Total | 38 | 0 | 0 | 2 |
| % of votes cast | 95% | 0% | 0% | 5% |
How each member voted (40)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 40 | 0 | 0 | 0 |
| Total | 40 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (40)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 15 | 0 | 0 | 0 |
| Total | 15 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (15)
| Member | Party | Vote |
|---|---|---|
| McClellan, Jennifer L. | — | Yea |
| Barker, George L. | — | Yea |
| David W. Marsden | — | Yea |
| Ebbin, Adam P. | — | Yea |
| Hanger, Emmett W., Jr. | — | Yea |
| Howell, Janet D. | — | Yea |
| L. Louise Lucas | — | Yea |
| Mamie E. Locke | — | Yea |
| Newman, Stephen D. | — | Yea |
| Norment, Thomas K., Jr. | — | Yea |
| Petersen, J. Chapman | — | Yea |
| R. Creigh Deeds | — | Yea |
| Ruff, Frank M., Jr. | — | Yea |
| Saslaw, Richard L. | — | Yea |
| Vogel, Jill Holtzman | — | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 92 | 5 | 0 | 2 |
| Total | 92 | 5 | 0 | 2 |
| % of votes cast | 93% | 5% | 0% | 2% |
How each member voted (99)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 17 | 0 | 0 | 5 |
| Total | 17 | 0 | 0 | 5 |
| % of votes cast | 77% | 0% | 0% | 23% |
How each member voted (22)
| Member | Party | Vote |
|---|---|---|
| Brewer, Emily M. | — | Not Voting |
| Aird, Lashrecse D. | — | Yea |
| Betsy B. Carr | — | Yea |
| Bulova, David L. | — | Yea |
| C.E. Cliff Hayes, Jr. | — | Yea |
| Cox, M. Kirkland | — | Yea |
| David A. Reid | — | Yea |
| Davis, Glenn R. | — | Not Voting |
| Delores L. McQuinn | — | Not Voting |
| Fariss, C. Matthew | — | Not Voting |
| Hurst, Chris L. | — | Yea |
| James W. Morefield | — | Yea |
| Jones, Jerrauld C. "Jay" | — | Yea |
| Knight, Barry D. | — | Yea |
| Luke E. Torian | — | Yea |
| Paul E. Krizek | — | Yea |
| Plum, Kenneth R. | — | Not Voting |
| Robert S. Bloxom, Jr. | — | Yea |
| Rush, Nick | — | Yea |
| Sickles, Mark D. | — | Yea |
| Terry L. Austin | — | Yea |
| Tyler, Roslyn C. | — | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 4 | 1 | 0 | 4 |
| Total | 4 | 1 | 0 | 4 |
| % of votes cast | 44% | 11% | 0% | 44% |
How each member voted (9)
| Member | Party | Vote |
|---|---|---|
| Tyler, Roslyn C. | — | Yea |
| Rush, Nick | — | Nay |
| Betsy B. Carr | — | Not Voting |
| David L. Bulova | — | Yea |
| Delores L. McQuinn | — | Yea |
| Lashrecse D. Aird | — | Not Voting |
| Luke E. Torian | — | Not Voting |
| Robert S. Bloxom, Jr. | — | Not Voting |
| Will Davis | — | Yea |
Roll call published as PDF — view source.
Subjects
Frequently asked questions
- What does HB 775 do?
- Virginia College Savings Plan; stakeholder group to analyze private retirement plans; report. Directs the Virginia College Savings Plan to convene a stakeholder group, analyze private retirement options and develop recommendations, and report to the General Assembly by December 15, 2020. The scope of the study would include (i) an examination of potential retirement savings options for self-employed individuals, part-time employees, and full-time employees whose employers do not offer a retirement savings plan; (ii) the level of interest by Virginia employers in participating in a voluntary state-sponsored private retirement option; (iii) the likely costs to start up such a plan and an estimate of time to reach self-sufficiency and potential funding options; (iv) the experience of other states that have implemented or are implementing a state-sponsored private retirement solution for employers and employees; and (v) the appropriate state agency and structure to implement the solution.
- Who sponsors HB 775?
- HB 775 is sponsored by Samirah, Ibraheem S. and Ayala, Hala S..
- What is the current status of HB 775?
- This bill has been enacted into law. Introduced January 07, 2020. Enacted.
- Where can I track HB 775?
- Track HB 775 free on One Click Politics — get push/email alerts when it moves.
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