Va. Code Ann. § 2.2-2744
This is the official text of Va. Code Ann. § 2.2-2744, part of Virginia’s Code of Virginia — the complete compiled statutory law of Virginia, organized into 60+ numbered titles by subject.
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Definitions
Official statutory text
As used in this chapter, unless the context requires a different meaning:
"Board" means the governing board of the Commonwealth Savers Plan.
"Committee" means the Program Advisory Committee established pursuant to § 2.2-2746 .
"Eligible employee" means any individual who is (i) 18 years of age or older, (ii) currently employed, and (iii) receiving wages.
"Eligible employer" means a nongovernmental business, industry, trade, profession, or other enterprise in the Commonwealth, whether conducted on a for-profit or nonprofit basis, that employed five or more eligible employees for the period ending December 31 of the preceding calendar year prior to the Program's open enrollment period for that calendar year. "Eligible employer" does not include an employer that sponsors, maintains, or contributes to a qualified employer-sponsored retirement plan in compliance with federal law for its employees, including plans qualified under § 401(a), 401(k),403(a), 403(b), 408(k), or 408(p) of the Internal Revenue Code. An employer shall become an eligible employer at any time if it meets the eligibility requirements under this chapter.
"Fee" means any investment management charges, administrative charges, investment advice charges, trading fees, marketing and sales fees, revenue sharing, broker fees, and other costs necessary to run the Program.
"Individual retirement account" or "IRA" means a Roth or traditional individual retirement account or annuity under § 408 or 408A of the Internal Revenue Code.
"Participating employee" means any eligible employee who is enrolled in the Program.
"Participating employer" means an employer that facilitates a payroll deposit retirement savings agreement pursuant to this chapter for its eligible employees.
"Participating individual" means any individual who enrolls in the Program independent of an employment relationship with an eligible employer, is at least 18 years of age, maintains an account in the Program, and is not a participating employee.
"Payroll deposit retirement savings agreement" means an arrangement by which an employer allows employees to remit payroll deduction contributions to the Program.
"Plan" means the Commonwealth Savers Plan.
"Program" means the state-facilitated IRA savings program established in this chapter and administered by the Plan.
"Program Trust" means the Program trust fund established by § 2.2-2752 .
"Wages" means any compensation, as such term is defined in § 219(f)(1) of the Internal Revenue Code, that is paid to an eligible employee by his employer during the calendar year.
2021, Sp. Sess. I, c. 556 ; 2024, c. 217 ; 2026, cc. 84 , 85 .
"Board" means the governing board of the Commonwealth Savers Plan.
"Committee" means the Program Advisory Committee established pursuant to § 2.2-2746 .
"Eligible employee" means any individual who is (i) 18 years of age or older, (ii) currently employed, and (iii) receiving wages.
"Eligible employer" means a nongovernmental business, industry, trade, profession, or other enterprise in the Commonwealth, whether conducted on a for-profit or nonprofit basis, that employed five or more eligible employees for the period ending December 31 of the preceding calendar year prior to the Program's open enrollment period for that calendar year. "Eligible employer" does not include an employer that sponsors, maintains, or contributes to a qualified employer-sponsored retirement plan in compliance with federal law for its employees, including plans qualified under § 401(a), 401(k),403(a), 403(b), 408(k), or 408(p) of the Internal Revenue Code. An employer shall become an eligible employer at any time if it meets the eligibility requirements under this chapter.
"Fee" means any investment management charges, administrative charges, investment advice charges, trading fees, marketing and sales fees, revenue sharing, broker fees, and other costs necessary to run the Program.
"Individual retirement account" or "IRA" means a Roth or traditional individual retirement account or annuity under § 408 or 408A of the Internal Revenue Code.
"Participating employee" means any eligible employee who is enrolled in the Program.
"Participating employer" means an employer that facilitates a payroll deposit retirement savings agreement pursuant to this chapter for its eligible employees.
"Participating individual" means any individual who enrolls in the Program independent of an employment relationship with an eligible employer, is at least 18 years of age, maintains an account in the Program, and is not a participating employee.
"Payroll deposit retirement savings agreement" means an arrangement by which an employer allows employees to remit payroll deduction contributions to the Program.
"Plan" means the Commonwealth Savers Plan.
"Program" means the state-facilitated IRA savings program established in this chapter and administered by the Plan.
"Program Trust" means the Program trust fund established by § 2.2-2752 .
"Wages" means any compensation, as such term is defined in § 219(f)(1) of the Internal Revenue Code, that is paid to an eligible employee by his employer during the calendar year.
2021, Sp. Sess. I, c. 556 ; 2024, c. 217 ; 2026, cc. 84 , 85 .
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