VA HB176

Expands eligible employer definition from businesses with 25+ employees to those with 5+ employees, and removes the requirement that employees work at least 30 hours per week to participate

Requires employers to remit withheld employee contributions within 10 business days of payroll withholding, with potential penalties under federal and state labor laws for failure to comply

Adds new Board powers including establishing a short-term emergency savings mechanism for participants, providing resources for financial literacy, and creating procedures for receiving federal matching contributions

Expands Program Advisory Committee duties from providing administrative and investment advice to also include program administration, design, and direction

Adds lifetime income investment option and reenrollment procedures, and allows the Board to adopt policies rather than regulations for program administration