VA SB149

Lowers the eligible employer threshold from 25 or more employees to five or more employees, expanding mandatory participation in Virginia's state-facilitated IRA savings program (Commonwealth Savers Plan)

Removes the requirement that eligible employees work at least 30 hours per week, allowing all employees aged 18+ receiving wages to participate

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

Directs the Board to establish a short-term emergency savings mechanism for participants and procedures for receiving federal matching contributions (Saver's Match) as allowed by federal law

Expands the Program Advisory Committee's role to include program administration and design, and adds lifetime income options to available investment fund selections