SB149
IRA savings; makes various changes to state-facilitated program.
Status:
In House
Latest Action:
Feb. 5, 2026
House: Referred to Committee on Appropriations
Chief Patron:
Jeremy McPike (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
- 01/07/2026 - Senate: Prefiled and ordered printed; Offered 01-14-2026 26101585D
- 01/07/2026 - Senate: Referred to Committee on Finance and Appropriations
- 01/16/2026 - Senate: Fiscal Impact Statement from Department of Planning and Budget (SB149)
- 01/28/2026 - Senate: Reported from Finance and Appropriations (13-Y 0-N)
- 01/29/2026 - Senate: Rules suspended
- 01/29/2026 - Senate: Constitutional reading dispensed (on 1st reading) (40-Y 0-N 0-A)
- 01/29/2026 - Senate: Passed by for the day (Voice Vote)
- 01/29/2026 - Senate: Passed by for the day
- 01/30/2026 - Senate: Read second time
- 01/30/2026 - Senate: Engrossed by Senate (Voice Vote)
- 02/02/2026 - Senate: Read third time and passed Senate (40-Y 0-N 0-A)
- 02/05/2026 - House: Placed on Calendar
- 02/05/2026 - House: Read first time
- 02/05/2026 - House: Referred to Committee on Appropriations
