Virginia Code 2.2-2755: Coverage limitations
Nothing in this chapter or any payroll deposit retirement savings agreement entered into pursuant to this chapter shall be construed as a promise or guarantee that the expenses associated with a participating employee‘s or participating individual‘s retirement will be covered in full by contributions to or earnings on any account, nor that the contributions to or earnings on any account will be sufficient to fund any particular level of benefit upon retirement. In no event shall the Commonwealth, the Program, the Board, any Board member, or any participating employer be liable for any losses incurred by Program Trust investments or otherwise by any employee or other person as a result of participating in the Program.
Terms Used In Virginia Code 2.2-2755
- Board: means the governing board of the Commonwealth Savers Plan. See Virginia Code 2.2-2744
- Participating employee: means any eligible employee who is enrolled in the Program. See Virginia Code 2.2-2744
- Participating employer: means an employer that facilitates a payroll deposit retirement savings agreement pursuant to this chapter for its eligible employees. See Virginia Code 2.2-2744
- Participating individual: means any individual who enrolls in the Program independent of an employment relationship with an eligible employer, maintains an account in the Program, and is not a participating employee. See Virginia Code 2.2-2744
- Payroll deposit retirement savings agreement: means an arrangement by which an employer allows employees to remit payroll deduction contributions to the Program. See Virginia Code 2.2-2744
- Program: means the state-facilitated IRA savings program established in this chapter and administered by the Plan. See Virginia Code 2.2-2744
- Program Trust: means the Program trust fund established by § Virginia Code 2.2-2744
2021, Sp. Sess. I, c. 556.