It is our pleasure to present the Annual Comprehensive Financial Report (the Report) of Commonwealth Savers Plan for the fiscal year ended June 30, 2025, as required by Section 23.1-709 of the Code of Virginia. This Report is delivered to the Governor, the Senate Committee on Finance and Appropriations, the House Committees on Appropriations and Finance, and the Joint Legislative Audit and Review Commission. The Report is also available on our website at commonwealthsavers.com and contains information about Commonwealth Savers’ different programs as well as financial and programmatic information.

Commonwealth Savers, a body politic and corporate and an independent state agency of the Commonwealth of Virginia, administers education savings programs, including the Defined Benefit 529 Program (consisting of the legacy Prepaid529SM and the Invest529SM Tuition Track Portfolio), Invest529SM, and CollegeAmerica®. The Invest529 Program and CollegeAmerica are direct-sold and advisor-sold programs, respectively. Commonwealth Savers meets it mission to help make college more affordable and accessible to ALL Virginians through its access and affordability initiatives, which started 14 years ago with SOAR Virginia® and has expanded in recent years with the creation of a new fund to support these future initiatives. Commonwealth Savers’ disability savings programs include ABLEnow® and ABLEAmerica® which both provide tax-advantaged savings options to individuals with disabilities, which are direct-sold and advisor-sold programs, respectively. RetirePath, which was launched in June 2023 is Commonwealth Savers’ state facilitated workplace retirement program, providing an auto-enrollment individual retirement account (IRA) savings option to Virginia workers who would not otherwise have access to retirement savings plans.

In fiscal 2025, Commonwealth Savers earned multiple awards and national recognitions. Morningstar, a provider of independent investment research and advice, evaluates 529 education savings plans on four key pillars - Process, People, Parent and Price. Both the Invest529 and CollegeAmerica programs received medalist ratings of Bronze and Silver, respectively, based on these attributes in the fall of 2024. In 2025, the Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Commonwealth Savers for its annual comprehensive financial report for the fiscal year ended June 30, 2024.

Commonwealth Savers remains committed to helping make the financial lives of Virginians, and all Americans, better through its commitment to affordable and accessible education; disability and retirement savings programs; financial education and to being responsible stewards of the funds in our care. We appreciate the opportunity to present this Report to the Governor and above referenced stakeholders. We welcome any questions or comments.

Mary G. Morris,
Chief Executive Officer