VA SB 375
Status unknownVirginia College Opportunity Fund; established, reports.
Virginia · 2026 Regular Session · upper
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Quick answers
Did VA SB 375 pass?
The current status of VA SB 375 is not known from the official record. Latest recorded action (2026-03-04): Tabled in Appropriations (21-Y 1-N)
What is VA SB 375 about?
Commonwealth Savers Plan; Virginia College Opportunity Endowment and Fund established; report. Establishes (i) the Endowment Scholarship Program for the purpose of providing scholarships to students at eligible institutions, as defined in the bill; (ii) the Virginia College Opportunity Endowment as an agency of the Commonwealth for the purpose of establishing and administering the Endowment Scholarship Program; and (iii) as subfunds of the Commonwealth Savers Plan fund, (a) the DB529 Fund for the purpose of holding in trust the assets of prepaid tuition contracts to meet contractual obligations and (b) the Virginia College Opportunity Fund (the Opportunity Fund), into which certain funds from the DB529 Fund shall be deposited for the purpose of funding, by income generated from investments of such deposits, the Endowment Scholarship Program and other applicable programs, as set forth in the bill. The bill requires the Commonwealth Savers Plan (the Plan) to (a) after the fiscal year beginning on July 1, 2026, deposit $500 million into the Opportunity Fund from the DB529 Fund; (b) each fiscal year thereafter, in accordance with the timeline set forth in the bill, submit to the General Assembly a report on the funded status, as defined by applicable law, of the DB529 Fund and the recommendations of the Plan on the prudence of directing deposits, and the amounts of any such deposits, of additional actuarial surpluses of the Plan from the DB529 Fund into the Opportunity Fund; and (c) each subsequent year, deposit additional actuarial surpluses into the Opportunity Fund in accordance with the provisions of the bill. The bill also requires the Joint Legislative Audit and Review Commission to, no less than biennially, complete an independent evaluation and risk assessment of the Plan's risk assessment model, assumptions, and other measures employed by the Plan relating to the DB529 Fund and Opportunity Fund. Finally, the bill contains provisions (1) relating to voluntary contributions to the Opportunity Fund for the purpose of receiving tax fund contributions and income tax deductions, and (2) exempting from mandatory disclosure requirements certain information contained in a public record relating to the Commonwealth Savers Plan or the Virginia College Opportunity Endowment and Fund.
Who sponsors VA SB 375?
Scott A. Surovell is the primary sponsor of VA SB 375.
Description
Commonwealth Savers Plan; Virginia College Opportunity Endowment and Fund established; report. Establishes (i) the Endowment Scholarship Program for the purpose of providing scholarships to students at eligible institutions, as defined in the bill; (ii) the Virginia College Opportunity Endowment as an agency of the Commonwealth for the purpose of establishing and administering the Endowment Scholarship Program; and (iii) as subfunds of the Commonwealth Savers Plan fund, (a) the DB529 Fund for the purpose of holding in trust the assets of prepaid tuition contracts to meet contractual obligations and (b) the Virginia College Opportunity Fund (the Opportunity Fund), into which certain funds from the DB529 Fund shall be deposited for the purpose of funding, by income generated from investments of such deposits, the Endowment Scholarship Program and other applicable programs, as set forth in the bill. The bill requires the Commonwealth Savers Plan (the Plan) to (a) after the fiscal year beginning on July 1, 2026, deposit $500 million into the Opportunity Fund from the DB529 Fund; (b) each fiscal year thereafter, in accordance with the timeline set forth in the bill, submit to the General Assembly a report on the funded status, as defined by applicable law, of the DB529 Fund and the recommendations of the Plan on the prudence of directing deposits, and the amounts of any such deposits, of additional actuarial surpluses of the Plan from the DB529 Fund into the Opportunity Fund; and (c) each subsequent year, deposit additional actuarial surpluses into the Opportunity Fund in accordance with the provisions of the bill. The bill also requires the Joint Legislative Audit and Review Commission to, no less than biennially, complete an independent evaluation and risk assessment of the Plan's risk assessment model, assumptions, and other measures employed by the Plan relating to the DB529 Fund and Opportunity Fund. Finally, the bill contains provisions (1) relating to voluntary contributions to the Opportunity Fund for the purpose of receiving tax fund contributions and income tax deductions, and (2) exempting from mandatory disclosure requirements certain information contained in a public record relating to the Commonwealth Savers Plan or the Virginia College Opportunity Endowment and Fund.
- Introduced
- 2026-01-13
- Latest action
- 2026-03-04 — Tabled in Appropriations (21-Y 1-N)
- Bill type
- bill
- Last updated
- —
Sponsors
- Scott A. Surovellprimary
Committees
Not provided by source.
Action timeline
Newest first
2026-03-04
Tabled in Appropriations (21-Y 1-N)
deferral
2026-02-24
Referred to Committee on Appropriations
referral-committee
2026-02-24
Read first time
reading-1
2026-02-24
Placed on Calendar
2026-02-17
Read third time and passed Senate (38-Y 2-N 0-A)
passage,reading-3
2026-02-16
Engrossed by Senate - committee substitute (Voice Vote)
substitution
2026-02-16
Finance and Appropriations Substitute agreed to
2026-02-16
Education and Health Amendment rejected
amendment-failure
2026-02-16
Read second time
reading-2
2026-02-16
Committee substitute printed 26108035D-S1
substitution
2026-02-13
Passed by for the day
2026-02-13
Constitutional reading dispensed (on 1st reading) (35-Y 0-N 0-A)
2026-02-13
Rules suspended
2026-02-12
Reported from Finance and Appropriations with substitute (15-Y 0-N)
committee-passage
2026-02-05
Reported from Education and Health with amendments and rereferred to Finance and Appropriations (12-Y 0-N 2-A)
committee-passage
2026-02-02
Senate subcommittee amendments offered
2026-02-02
Assigned Education sub: Higher Education
referral-committee
2026-01-13
Referred to Committee on Education and Health
referral-committee
2026-01-13
Prefiled and ordered printed; Offered 01-14-2026 26105337D
filing,introduction
Versions
Documents
Votes
Reported from Education and Health with amendments
2026-02-05 · pass · 12-0
Member-level votes (15)
- Barbara A. Favola: yes
- L. Louise Lucas: yes
- Mamie E. Locke: yes
- David R. Suetterlein: abstain
- Mark J. Peake: abstain
- Todd E. Pillion: not voting
- Jennifer B. Boysko: yes
- Lamont Bagby: yes
- Christopher T. Head: yes
- Lashrecse D. Aird: yes
- Schuyler T. VanValkenburg: yes
- Tara A. Durant: yes
- Stella G. Pekarsky: yes
- Christie New Craig: yes
- Russet Perry: yes
Reported from Finance and Appropriations with substitute
2026-02-12 · pass · 15-0
Member-level votes (15)
- L. Louise Lucas: yes
- R. Creigh Deeds: yes
- Mamie E. Locke: yes
- David W. Marsden: yes
- Adam P. Ebbin: yes
- Ryan T. McDougle: yes
- Mark D. Obenshain: yes
- Richard H. Stuart: yes
- Bryce E. Reeves: yes
- Barbara A. Favola: yes
- Scott A. Surovell: yes
- Jeremy S. McPike: yes
- Jennifer B. Boysko: yes
- Todd E. Pillion: yes
- Aaron R. Rouse: yes
Constitutional reading dispensed R
2026-02-13 · pass · 35-0
Member-level votes (40)
- Lashrecse D. Aird: yes
- Lamont Bagby: yes
- Jennifer B. Boysko: yes
- Jennifer D. Carroll Foy: yes
- Luther Cifers, III: yes
- Christie New Craig: yes
- R. Creigh Deeds: yes
- Bill DeSteph: yes
- J.D. "Danny" Diggs: yes
- Tara A. Durant: yes
- Adam P. Ebbin: yes
- Barbara A. Favola: yes
- Timmy French: not voting
- T. Travis Hackworth: not voting
- Christopher T. Head: not voting
- Michael J. Jones: yes
- Emily M. Jordan: yes
- Mamie E. Locke: yes
- L. Louise Lucas: yes
- David W. Marsden: yes
- Ryan T. McDougle: yes
- Jeremy S. McPike: not voting
- Tammy Brankley Mulchi: yes
- Mark D. Obenshain: yes
- Mark J. Peake: yes
- Stella G. Pekarsky: yes
- Russet Perry: yes
- Todd E. Pillion: not voting
- Bryce E. Reeves: yes
- Danica A. Roem: yes
- Aaron R. Rouse: yes
- Saddam Azlan Salim: yes
- Kannan Srinivasan: yes
- William M. Stanley, Jr.: yes
- Richard H. Stuart: yes
- Glen H. Sturtevant, Jr.: yes
- David R. Suetterlein: yes
- Scott A. Surovell: yes
- Schuyler T. VanValkenburg: yes
- Angelia Williams Graves: yes
Passage R
2026-02-17 · pass · 38-2
Member-level votes (40)
- Lashrecse D. Aird: yes
- Lamont Bagby: yes
- Jennifer B. Boysko: yes
- Jennifer D. Carroll Foy: yes
- Luther Cifers, III: yes
- Christie New Craig: yes
- R. Creigh Deeds: yes
- Bill DeSteph: yes
- J.D. "Danny" Diggs: yes
- Tara A. Durant: yes
- Adam P. Ebbin: yes
- Barbara A. Favola: yes
- Timmy French: yes
- T. Travis Hackworth: yes
- Christopher T. Head: yes
- Michael J. Jones: yes
- Emily M. Jordan: yes
- Mamie E. Locke: yes
- L. Louise Lucas: yes
- David W. Marsden: yes
- Ryan T. McDougle: yes
- Jeremy S. McPike: yes
- Tammy Brankley Mulchi: yes
- Mark D. Obenshain: yes
- Mark J. Peake: no
- Stella G. Pekarsky: yes
- Russet Perry: yes
- Todd E. Pillion: yes
- Bryce E. Reeves: yes
- Danica A. Roem: yes
- Aaron R. Rouse: yes
- Saddam Azlan Salim: yes
- Kannan Srinivasan: yes
- William M. Stanley, Jr.: yes
- Richard H. Stuart: yes
- Glen H. Sturtevant, Jr.: yes
- David R. Suetterlein: no
- Scott A. Surovell: yes
- Schuyler T. VanValkenburg: yes
- Angelia Williams Graves: yes
Tabled in Appropriations
2026-03-04 · pass · 21-1
Member-level votes (22)
- Luke E. Torian: yes
- Betsy B. Carr: yes
- Delores L. McQuinn: yes
- Paul E. Krizek: no
- C.E. Cliff Hayes, Jr.: yes
- David A. Reid: yes
- Rodney T. Willett: yes
- Briana D. Sewell: yes
- Alex Q. Askew: yes
- Charniele L. Herring: yes
- Marcia S. "Cia" Price: yes
- Kathy K.L. Tran: yes
- Shelly A. Simonds: yes
- Joshua E. Thomas: yes
- Amy J. Laufer: yes
- Terry L. Austin: yes
- James W. Morefield: yes
- Robert S. Bloxom, Jr.: yes
- M. Keith Hodges: yes
- Scott A. Wyatt: yes
- Bill Wiley: yes
- Ellen H. McLaughlin: yes
Related bills
No related bills recorded for this bill.
Official source
Attribution
Data from openstates_bulk_csv, retrieved 2026-07-24T05:35:59.552682Z
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