RD71 - Virginia529 Oversight Report – 2024
Executive Summary: Biennial oversight report of Virginia529, now known as the Commonwealth Savers Plan. Key findings include: • Total defined benefit 529 liabilities have declined since the Legacy Prepaid529 program closed. • Defined Benefit 529 fund holds approximately $3 billion in assets and has underperformed benchmarks. • DB529 fund has a funded status of 183 percent and an actuarial reserve of $1.1 billion as of December 31, 2023. • Virginia529 board allocated $500 million in DB529 surplus funds to an Access Fund. • Majority of Invest529 options overperformed investment benchmarks for most periods. • CollegeAmerica participation and assets continue to grow. • CollegeAmerica investment options showed mixed to poor performance. • Virginia529 completed implementation of RetirePath Virginia in 2023, which is a state-sponsored automatic-enrollment retirement savings program for certain private-sector employees in Virginia. |