Title 30. General Assembly
Subtitle .
Chapter 51. Commonwealth Savers Plan Oversight Act
Chapter 51. Commonwealth Savers Plan Oversight Act.
§ 30-330. Title of chapter and purpose.The General Assembly hereby designates the Joint Legislative Audit and Review Commission (the Commission) to oversee and evaluate the Commonwealth Savers Plan on a continuing basis and to make such special studies and reports as may be requested by the General Assembly, the House Committee on Appropriations, or the Senate Committee on Finance and Appropriations.
A. The areas of review and evaluation to be conducted by the Commission shall include, but are not limited to, the following: (i) structure and governance of the Commonwealth Savers Plan; (ii) structure of the investment portfolio; (iii) investment practices, policies, and performance; (iv) actuarial policy; and (v) administration and management of the Commonwealth Savers Plan.
B. For purposes of carrying out its duties under this chapter, the Commission shall have the following powers, including but not limited to:
1. Access to the information, records, and facilities of the Commonwealth Savers Plan and any corporations or subsidiaries thereof or other entities owned, directly or indirectly, or otherwise created by or on behalf of the Plan.
2. Access to the public and executive session meetings and records of the Board of the Commonwealth Savers Plan, as well as those of any advisory committees. Access shall include the right to attend such meetings.
3. Access to the Commonwealth Savers Plan's employees, consultants, actuaries, investment managers, advisors, attorneys, accountants, or other contractors in the employ or hire of the Commonwealth Savers Plan. Such persons shall cooperate with the Commission and upon its request shall provide specific information or opinions in the form requested.
C. The chairman of the Commission may appoint a permanent subcommittee to provide guidance and direction for oversight activities, subject to the full Commission's supervision and such guidelines as the Commission itself may provide.
D. Confidential or proprietary records of the Commonwealth Savers Plan or its subsidiary corporations provided to the Commission shall be exempt from the Virginia Freedom of Information Act (§ 2.2-3700 et seq.).
A. The Commonwealth Savers Plan shall submit to the General Assembly, through the Commission, annual reports on the investment programs of the Commonwealth Savers Plan. The report shall be presented in a format approved by the Commission and shall include information concerning (i) planned or actual material changes in asset allocation, (ii) investment performance of all asset classes and subclasses, and (iii) investment policies and programs.
B. The Commonwealth Savers Plan shall submit an annual report on the actuarial soundness of the Plan's prepaid programs, which shall include (i) contract pricing policies and objectives, (ii) current and projected assets and actuarially estimated value of tuition obligations, and (iii) actuarial assumptions.
C. The Commonwealth Savers Plan shall furnish such reports or information as may be requested by the Commission or standing committees of the General Assembly having jurisdiction over the subject matter that is the basis of such committees' inquiry.
D. The Commission shall publish the following reports concerning the Commonwealth Savers Plan: (i) a biennial status report that shall include, at a minimum and where appropriate, findings and recommendations and (ii) with the assistance of an actuary, a review of the Commonwealth Savers Plan's annual actuarial valuation reports once every four years.
The Commission may employ on a consulting basis such investment, actuarial, and other professional or technical experts as may be reasonably necessary for the Commission to fulfill its responsibilities under this chapter. Such consultants shall provide, upon request, assistance to the House Committee on Appropriations and Senate Committee on Finance and Appropriations on matters related to the Commonwealth Savers Plan.
All agencies of the Commonwealth shall cooperate as requested by the Commission in the performance of its duties under this chapter.
The Commission's reasonable and necessary expenses related to its duties under this chapter shall be paid by the Commonwealth Savers Plan. On or before September 30 of each year, the Commission shall submit to the Board of the Commonwealth Savers Plan an itemized estimate for the next fiscal year of the amounts necessary to pay the Commission's expenses related to its duties under this chapter and shall include the estimate as part of the agency's budget submission to the House Committee on Appropriations and the Senate Committee on Finance and Appropriations.
