Virginia Code 2.2-2745: Program authorized
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To promote greater voluntary retirement savings for private-sector workers in a convenient and portable manner, the Plan is authorized, in accordance with this chapter, to establish a state-facilitated IRA savings program for private-sector workers. The Program shall be sponsored and administered by the Plan. In addition to the provisions of this chapter, the Program shall be subject to the provisions of Chapter 7 of Title 23.1.
Terms Used In Virginia Code 2.2-2745
- IRA: means a Roth or traditional individual retirement account or annuity under § 408 or 408A of the Internal Revenue Code. See Virginia Code 2.2-2744
- Plan: means the Virginia College Savings Plan. See Virginia Code 2.2-2744
- Program: means the state-facilitated IRA savings program established in this chapter and administered by the Plan. See Virginia Code 2.2-2744
2021, Sp. Sess. I, c. 556.