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State-facilitated Private Retirement Plan Study

Nearly 2 million Virginians are not covered by an employer-sponsored retirement plan. During the 2020 Virginia General Assembly legislative session, Virginia529 was tasked by lawmakers to study the interest in and feasibility of offering a new program that encourages individuals to save for this important life goal.

During 2020, Virginia529 engaged the public, businesses and key stakeholders. A final report on findings was filed with the General Assembly in December 2020.


Final Report due to the General Assembly

State-Facilitated Private Retirement Plan Study 101

Topics include:

  • An overview of the survey measuring employer and employee interest
  • The four retirement models Virginia529 is evaluating
  • Examples of other state-facilitated retirement programs

Virginia529's study will explore:

  1. 1

    Potential retirement savings options for self-employed individuals, part-time employees and full-time employees whose employers do not offer a retirement savings plan.

  2. 2

    Virginia employers' level of interest in participating in a state-sponsored private retirement option.

  3. 3

    Costs associated with launching a state-sponsored private retirement option, and an estimated timetable that includes milestones such as reaching self-sufficiency.

  4. 4

    Other state examples/experiences with state-sponsored private retirement plans.

  5. 5

    Potential state agencies that would be responsible for launching and managing the private retirement option.

State-Facilitated Private Retirement Program Interview with Virginia this Morning

Topics include:

  • An overview of the state-facilitated retirement study Virginia529 is leading
  • Retirement model options being examined
  • The factors driving the program study (number of Virginians without retirement accounts)

Share your opinion on HB 2174 and a state-facilitated private retirement program in Virginia.

Submit your thoughts about a state-facilitated private retirement program for the 1.8 million Virginians not currently covered by such a plan through their employer.

Thank you for your comments.

Submit your question or comment on HB 2174

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On Demand

Retirement Programs Overview

Recorded: October 8, 2020

Hear from representatives from The Pew Charitable Trusts who will give a broad overview of private sector retirement models and discuss the experiences of states around the country implementing state-facilitated private retirement programs. Learn more about the financial consequences of insufficient retirement savings through a presentation by Econsult Solutions, Inc., as well as how the Virginia529 study team crafted the study to assess and address the retirement savings gap. This presentation was previously recorded at the Virginia College Savings Plan October Board Retreat.

On Demand

State Perspectives on Private Retirement

Recorded: November 18, 2020

Join Virginia529 to learn about its state-facilitated private retirement study. Hear from retirement savings program leadership in California, Illinois, and Oregon who oversee programs in their respective states, as well as retirement industry experts. This webinar also explores insights into the state of retirement savings for employers and employees in Virginia, addressing current gaps and potential solutions.

Additional Resources

Other State Retirement Savings Programs