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State-Facilitated Private Retirement Program

In 2021, the Virginia General Assembly passed legislation directing Virginia529 to establish a retirement savings program.

Designed for Virginians whose employers do not offer a workplace retirement plan, the state-facilitated private retirement program is scheduled to launch on or before July 1, 2023. There is no cost to employers or taxpayers.

Establishing Legislation (2021)

Virginia529 Report (2020)

Virginia’s Opportunity

1/2

Approximately half of Virginia’s workers do not have a retirement plan1.

Approximately half of Virginia’s workers do not have a retirement plan1. This program will address the existing gaps and inequities by expanding access to retirement savings and providing more Virginians with a path to economic security.

Virginia will join a handful of other states that have successfully enacted similar retirement savings programs.

How it Works

15x

Employees are 15 times more likely to save for retirement if an option is available at work2.

The state-facilitated private retirement program will ensure that all Virginians have an easy way to save a portion of their pay in a professionally managed Individual Retirement Account (IRA). Participation will be voluntary and flexible.

Certain Virginia employers that do not sponsor a retirement plan must offer the state-facilitated private retirement program.

The program will also be available to individuals who choose to enroll independently from their employer.

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Program Advisory Committee

A seven-person Program Advisory Committee (PAC) assists Virginia529 with the development of Virginia’s state-facilitated private retirement program.

Dr. Edward H. Bersoff

Chairman, Greenwich Associates, LLC
Managing Director, PFF, LLC
(Board Chairman, Virginia529)

Manju Ganeriwala

State Treasurer
Virginia Department of the Treasury
(Board Member, Virginia529)

Michael L. Hadley

Partner
Davis & Harman LLP

Kelly L. Hiers

Defined Contribution Plans Administrator
Virginia Retirement System

Dante D. Jackson

Vice President
Atlantic Union Bank Wealth Management
(Board Member, Virginia529)

William S. Jaisen

Managing Director
StoneHedge Global Partners

Evelyn Small Traub

Partner
Troutman Pepper

In the News

These 9 states want to increase your retirement savings automatically

State-run ‘auto IRAs’ are gaining steam as a savings solution for workers lacking a retirement plan

New law to make saving for retirement easier for Virginia workers

Virginia to create retirement savings program for many workers who lack one

Virginia soon could push more workers to save for retirement

State-facilitated private retirement program with Virginia529

Contact

Questions about program development?

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