A. There is hereby established a permanent and perpetual fund to be known as the Program Trust Fund (the Fund). The moneys in the Fund shall be (i) deemed separate and independent trust funds, (ii) segregated and accounted for separately from all other funds of the Commonwealth, and (iii) administered solely in the interests of the individuals who are participants in the Program established pursuant to this chapter.

Terms Used In Virginia Code 2.2-2752

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Board: means the governing board of the Virginia College Savings Plan. See Virginia Code 2.2-2744
  • Participating employer: means an employer that facilitates a payroll deposit retirement savings agreement pursuant to this chapter for its eligible employees. 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
  • Program Trust: means the Program trust fund established by § 2. See Virginia Code 2.2-2744

B. The assets of IRAs established for Program participants shall be allocated to the Fund and combined for investment purposes. Fund assets shall be managed and administered for the exclusive purpose of providing benefits to Program participants and defraying reasonable expenses of administering, maintaining, and managing investments of the IRAs and the Program Trust. No property rights in Fund assets shall exist in favor of the Commonwealth or any participating employer.

C. The Board shall establish within the Fund one or more investment funds, each pursuing an investment strategy and policy established by the Board in accordance with § 2.2-2747.

D. Notwithstanding any provision to the contrary, the Fund shall be exempt from the securities registration requirements provided in Chapter 5 of Title 13.1.

2021, Sp. Sess. I, c. 556.