Bill > HB1133

This bill renames the Virginia College Savings Plan as the Commonwealth Savers Plan. The Commonwealth Savers Plan is a state-run program that helps individuals and families save for higher education expenses and disability expenses. The bill makes various changes to the definitions, governance, reporting, and oversight of the Plan. Key provisions include: - Renaming the "Virginia College Savings Plan" to the "Commonwealth Savers Plan" - Clarifying the definitions of various account types, contributors, and beneficiaries - Establishing an 11-member governing board for the Plan - Requiring the Joint Legislative Audit and Review Commission to oversee and evaluate the Plan - Requiring the Plan to submit annual reports on its investment programs and actuarial soundness - Allowing taxpayers to designate their state tax refund to be contributed to a Commonwealth Savers Plan account Overall, this bill focuses on updating the name and providing more oversight and transparency for the state's college and disability savings program.