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Bill

SB 149

IRA savings; makes various changes to state-facilitated program.

2026 Regular Session Introduced by Jeremy McPike

SB 149 modifies Virginia's state-facilitated IRA savings program through unspecified changes, advancing toward House consideration after unanimous Senate passage.

Referred to Committee on Appropriations
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Bill Summary · SB 149

Legislative bill overview

SB 149 modifies Virginia's state-facilitated Individual Retirement Account (IRA) savings program, making unspecified changes to how the program operates. The bill has already passed the Senate unanimously and is now under consideration in the House Appropriations Committee.

Why is this important

State-facilitated IRA programs help workers without employer-sponsored retirement plans save for retirement through automatic enrollment mechanisms. Changes to program rules can affect participation rates, contribution limits, investment options, or administrative costs—ultimately impacting retirement security for thousands of Virginia workers.

Potential points of contention

  • Lack of transparency in bill details: The bill summary provided contains no specifics about what changes are being made, making it difficult for the public or legislators to evaluate the merits and tradeoffs
  • Appropriations implications: Referral to the Appropriations Committee suggests budget impacts that could affect state spending or program funding
  • Program design choices: Depending on changes made, the bill could shift costs between employers, employees, or the state, or alter participation incentives in ways that benefit or burden different groups

Compiled from official sources — confirm details with the bill’s official record.

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