Commonwealth Savers Oversight

JLARC is responsible for oversight of the Virginia College Savings Plan (Virginia College Savings Plan Oversight Act, §§ 30-330 through 30-335). The Virginia College Savings Plan (Commonwealth Savers) is an independent state agency responsible for administering college savings programs authorized by Section 529 of the Internal Revenue Code. 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 ofCommonwealth 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 ofCommonwealth Savers as requested by the General Assembly, the House Appropriations Committee, or the Senate Finance Committee.

TheCommonwealth Savers chief executive officer makes an annual presentation to JLARC.

Oversight documents