summary
Introduced
01/07/2025
01/07/2025
In Committee
01/07/2025
01/07/2025
Crossed Over
Passed
Dead
02/22/2025
02/22/2025
Introduced Session
2025 Regular Session
Bill Summary
Commonwealth Savers Plan; Access Fund established; report. Establishes the Access Fund as a portion of the Fund of the Commonwealth Savers Plan (the Plan), to be managed by the governing board of the Plan (the board) as a part of the Fund but to be accounted for separately from the Fund, into which certain Fund moneys shall be allocated for the purpose of supporting the Plan's goal of enhancing the accessibility, attainability, and affordability of higher education for all citizens of the Commonwealth. The bill directs the board to (i) establish or identify and fund certain programs and partnerships to further the goal of enhancing the accessibility, attainability, and affordability of higher education for all citizens of the Commonwealth, including programs and partnerships that provide scholarships, grants, or mentoring and coaching services to certain identified populations of students; (ii) use certain distributions from the Access Fund, in accordance with the investment objectives and total return spending policy described in the bill and the standard of care set forth in applicable law, to support such programs and partnerships; (iii) appoint an Access Advisory Committee for the purpose of assisting the board by making recommendations relating to any such programs and partnerships for which distributions from the Access Fund could be used; and (iv) submit to relevant committees of the General Assembly and the Joint Legislative Audit and Review Commission by December 1 of each year a report on the Plan's activities relating to the Access Fund for the preceding year. Finally, the bill directs the Audit and Actuarial Committee to, in addition to its other duties set forth in applicable law, assess and make recommendations to the board regarding the availability of Fund moneys for allocation to the Access Fund.
AI Summary
This bill establishes an Access Fund as part of the Commonwealth Savers Plan to enhance the accessibility, affordability, and attainability of higher education for Virginia citizens. The Access Fund will be a separate account within the existing Plan fund, with a focus on supporting educational initiatives. The board overseeing the Plan will be required to establish or identify and fund programs and partnerships that provide scholarships, grants, or mentoring services, specifically targeting students who qualify for federal Pell Grants, first-generation undergraduate students, and those from households with incomes up to 400% of federal poverty guidelines. The bill creates an Access Advisory Committee to help recommend and oversee these programs, and mandates an annual report to legislative committees detailing the Access Fund's activities. The fund will use a total return spending policy, distributing approximately 4% of its 36-month rolling average market value annually, with the primary investment objective of maintaining its purchasing power above the inflation rate. The board must establish metrics and provide ongoing oversight of the programs and partnerships funded through the Access Fund, ensuring they effectively support educational access and attainment for Virginia residents.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Left in Appropriations (on 02/04/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://lis.virginia.gov/bill-details/20251/HB2225 | 01/08/2025 |
| Fiscal Note/Analysis - Fiscal Impact Statement from Department of Planning and Budget (HB2225) | https://lis.blob.core.windows.net/files/1026427.PDF | 01/22/2025 |
| BillText | https://lis.virginia.gov/bill-details/20251/HB2225/text/HB2225 | 01/08/2025 |
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