Virginia · 2025 Regular Session · Bill
SB 1065: Commonwealth Savers Plan; Access Fund established, definitions, report.
In committee Official data
- Introduced
- In committee
- Passed one chamber
- Passed both chambers
- Enacted
Last official action: ·Record last updated:
Plain-language summary
SB 1065 is a bill introduced in the Virginia Senate on January 7, 2025. According to its official title, it concerns: Commonwealth Savers Plan; Access Fund established, definitions, report. Primary sponsor: Ghazala F. Hashmi. Most recent recorded action (February 5, 2025): Left in Finance and Appropriations.
Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written
Official summary
Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.
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 demographics 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.
Sponsors
| Name | Role | Party | Chamber | District |
|---|---|---|---|---|
| Ghazala F. Hashmi | Primary sponsor | Not applicable (committee) | — | — |
“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.
Recent official actions
- Left in Finance and Appropriations
- Fiscal Impact Statement from Department of Planning and Budget (SB1065)
- Referred to Committee on Finance and Appropriations
- Prefiled and ordered printed; Offered 01-08-2025 25104363D