Virginia · 2026 Regular Session
Commonwealth Savers Plan; State Council of Higher Education for Virginia; Virginia College Access and Affordability Scholarship Fund established; work group; report. Directs the transfer of actuarial surplus defined benefit prepaid tuition contract funds from the Commonwealth Savers Plan (the Plan) Fund into a DB529 Fund established by the bill to be deposited into the Virginia College Access and Affordability Scholarship Fund (the Access Fund) established by the bill. Under the bill, the DB529 Fund and the Access Fund operate as subfunds of the Commonwealth Savers Plan Fund. The bill further provides that the Plan shall initially deposit $500 million from the DB529 Fund into the Access Fund to be invested and managed by the Plan. The Joint Legislative Audit and Review Commission shall no less than biennially complete an independent evaluation and risk assessment of the Plan's risk assessment model, assumptions, and other measures employed by the Plan related to the DB529 Fund and the Access Fund. Funds in the Access Fund shall be used to establish a scholarship program that is managed and administered by the State Council of Higher Education for Virginia (the Council). The…
Left in Committee Appropriations (2026-02-18)