HB176
State-facilitated IRA saving program; various changes to the program.
Status:
In Senate
Latest Action:
Jan. 28, 2026
Senate: Referred to Committee on Finance and Appropriations
Chief Patron:
Luke Torian (D)
Session:
2026 Regular Session
Summary
As Introduced. State-facilitated IRA savings program.
Makes various changes to the state-facilitated IRA savings program administered by the Commonwealth Savers Plan. For purposes of defining an eligible employer, the bill (i) reduces the minimum number of eligible employees an organization must have in its employ from 25 to five for the period ending December 31 of ... (More) the preceding calendar year prior to the program's open enrollment period for that calendar year and (ii) clarifies that such term does not include employers offering and sponsoring a qualified retirement plan, including 401(k) plans. The bill also removes the requirement that an eligible employee, for purposes of the program, works at least 30 hours a week and adds the requirement that participating individuals enrolling in the program independent of an employment relationship with an eligible employer be at least 18 years of age. (Less)-
Bill History
- 01/06/2026 - House: Prefiled and ordered printed; Offered 01-14-2026 26101238D
- 01/06/2026 - House: Referred to Committee on Appropriations
- 01/15/2026 - House: Assigned HAPP sub: General Government and Capital Outlay
- 01/16/2026 - House: Fiscal Impact Statement from Department of Planning and Budget (HB176)
- 01/20/2026 - House: Placed on Appropriations Agenda
- 01/21/2026 - House: Reported from Appropriations (22-Y 0-N)
- 01/23/2026 - House: Read first time
- 01/26/2026 - House: Read second time and engrossed
- 01/27/2026 - House: Read third time and passed House (99-Y 0-N 0-A)
- 01/28/2026 - Senate: Constitutional reading dispensed (on 1st reading)
- 01/28/2026 - Senate: Referred to Committee on Finance and Appropriations
