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House finance committee reports HB 176 to full House for state-facilitated IRA savings program
Summary
The House Finance Committee voted 22–0 to report HB 176, which clarifies eligibility for a state-facilitated IRA savings program administered by Commonwealth Savers; witnesses said the bill has no net cost to the state and administrative costs can be absorbed by the plan.
HB 176, a bill aimed at clarifying eligibility for the state-facilitated IRA savings program known as Retire Path, was reported out of the House Finance Committee by a unanimous recorded vote of 22–0.
Andrea, a committee staff member, introduced the measure to the full committee, describing it as a clarification of eligibility rules for Retire Path, which is administered by Commonwealth Savers. Committee staff said the bill would impose no net cost on the state and that any administrative costs could be absorbed by the Commonwealth Savers plan.
Peter Thompson, retirement program director for Retire Path, testified in support. "I want to personally thank you for your support," Thompson said, adding that Retire Path is supported by AARP and Freedom Virginia and that he was available to answer questions. The chair then moved to report the bill, the clerk closed the roll, and the committee recorded the vote as 22 yes, 0 no.
The committee took no further amendment or debate on the measure and formally reported HB 176 to the next stage in the House process. No additional committee-level fiscal actions were recorded.
