Virginia delegate seeks changes to Commonwealth Savers Plan through new bill

A bill sponsored by State Del. Luke E. Torian aims to modify the Commonwealth Savers Plan by refining eligibility rules and enhancing program oversight, according to the Virginia State House.

The measure, introduced as HB176 on Jan. 14, 2026, during the 2026 regular session, is officially described as: “State-facilitated IRA savings program; various changes to the program.”

Below is a summary based on the bill text, with interpretations provided for clarity.

This proposal would update Virginia’s state-facilitated IRA savings program, known as the Commonwealth Savers Plan, by changing important definitions. It narrows employer eligibility to those with at least 25 eligible employees who work 30 hours or more per week and specifies that qualified employees and self-employed individuals must have Virginia taxable income. The bill grants greater responsibility to the advisory committee, instructs the board to establish detailed guidelines for enrollment, contributions, investment options, and fees, as well as enforcement mechanisms and penalties of up to $200 per eligible employee each year. The legislation permits consideration of emergency savings features and incentives, such as grants for small businesses. It affirms the requirement for participating employers, sets specific remittance timelines, restricts employer liability and fiduciary obligations, and mandates data sharing by state agencies for administrative purposes. The enrollment period for employers would start July 1, 2023, or as soon as is feasible.

Rep. Luke E. Torian (Democrat-24th District) is the sole sponsor of the bill.

Since the session began, Torian has brought forward four additional pieces of legislation.

Torian earned his BA from Winston-Salem State University in 1980.

Representing the 24th House district, Torian was elected to the Virginia State House in 2024, succeeding former state representative Ellen Campbell.

In Virginia, the legislative process starts when legislation is introduced in either chamber. Bills are referred to committees for review and possible amendment. If a committee approves, the full chamber debates and votes on the bill. Measures that pass both the House and Senate move to the governor, who can sign, veto, or allow them to become law without a signature. The Virginia General Assembly holds its regular session each year beginning the second Monday of January. Hundreds of bills are introduced annually, but only some advance to become law.

Details for this story were sourced from the Virginia State House. Original data is available here.