Delegate Luke Torian’s bill to create a “Work and Save” group passed on the floor at the General Assembly today.
The delegate from House District 52 drafted the legislation as a way to boost the amount of citizens saving for retirement.
The bill – HB 1998 – will authorize the Virginia Retirement System (VRS) to create the group that will promote retirement saving.
“I would like to thank the Virginia Retirement System for their willingness to convene this Work and Save work group. This bill will allow us to begin to bring stakeholders together so that we can create a better retirement for all Virginians,” said Torian in a press release.
According to a press release, there are 1.3 million Virginians that do not have a retirement savings plan, and almost one-third of elderly Virginias, 65 and older, have Social Security as their only source of income.
One of the initiatives of the “Work and Save Group” would be finding new retirement options. These options will be geared to helping small businesses to fund retirement savings.
The bill will now be sent to Senate for a second floor vote.
