Legislative Summary:

House Bill 2174 was sponsored by Representative Luke Torian (D) in January 2021, which passed the House on January 26th and the Senate on February 27th. The program was renamed Virginia RetirePath.

Program Description:

The Virginia RetirePath program is administered by the Governing Board of the Virginia College Savings Plan, to provide a state-facilitated payroll-deduction individual retirement savings plan for private sector employees who do not have access to employer-sponsored retirement savings plans.

Affected Employers:

All employers with 25+ employees that have been in operation for at least two years, and do not currently offer a qualified retirement plan. Employees must be over 18 years of age and work 30+ hours per week.

General Requirement:

Automatic enroll employees at 5% deferral with annual increases of 1% (up to a maximum of 10%) of the enrollee’s wages.

Launch Status:

July 1, 2023

Full Implementation:

February 15, 2024

Compliance Deadline:

February 15, 2024 – 25+ employees

Non-Compliance Penalties:

$200/ employee for every calendar year the plan is out of compliance.

Employer Costs:


Employee Costs:



The program is anticipated to offer a suite of target date funds (TDFs), as the default investment option, and additional investment options – including a capital preservation, fixed-income, equity funds.

Program Website: