Commonwealth Savers Oversight

JLARC is responsible for oversight of the Commonwealth Savers Plan (Commonwealth Savers Plan Oversight Act, §§ 30-330 through 30-335). Commonwealth Savers is an independent state agency responsible for administering college savings programs authorized by Section 529 of the Internal Revenue Code, tax-advantaged savings accounts for individuals with disabilities, and a state-sponsored private retirement savings program. JLARC’s areas of review and evaluation include, but are not limited to:

  • Structure and governance of the plan;
  • Structure of investment portfolios;
  • Investment practices, policies and performance;
  • Actuarial policy and the actuarial soundness of Commonwealth Savers’ prepaid tuition program; and
  • Administration and management of the plan.

JLARC staff produce biennial oversight reports on the status of Commonwealth Savers, oversee a quadrennial actuarial audit of Commonwealth Savers' prepaid tuition program (Prepaid529), and publish an informational guide to Commonwealth Savers for members of the General Assembly. JLARC is also required to perform special studies of Commonwealth Savers as requested by the General Assembly, the House Appropriations Committee, or the Senate Finance Committee.

The Commonwealth Savers chief executive officer makes an annual presentation to JLARC.

Oversight documents

August 2024 - Virginia529 Risk Model Review (consultant review)
July 2024 - Review of VRS and Virginia529 Investment Benchmarks | Presentation
July 2024 - Virginia529 Oversight Report | Presentation
November 2022 - Defined Benefit 529 Surplus Funds | Presentation | Online Appendices
July 2022 – Virginia529 Oversight Report | Presentation
July 2020 – Virginia529 Oversight Report | Presentation
Dec 2018 – Prepaid529 Investment Benchmarks (consultant review) 
Nov 2018 – Proposed Change to Payout Model of Prepaid529 Program  
June 2018 – Virginia529 Oversight Report (biennial)
Nov 2017 – Funded Status of Prepaid529
July 2017 – Prepaid529 Investment Management
July 2016 – Virginia529 Oversight Report (biennial)
July 2014 – Virginia529 Oversight Report (biennial)

Actuarial audits of Virginia529 (quadrennial)