Virginia legislation · 2026 Regular Session
Virginia SB507: A BILL to amend and reenact §§ 51.1-124.30, 51.1-803, and 51.1-1003 of the Code of Virginia and to amend the Code of Virginia by adding in Article 3.1 of Chapter 1 of Title 51.1 a section numbered 51.1-124.41, relating to Virginia retirement system; investments in companies with elected official interests.
Status: Failed, January 28, 2026
Virginia retirement system; investments in companies with elected official interests. Prohibits investments by the Virginia Retirement System and local retirement systems in (i) companies with a majority ownership interest held by those holding elected federal positions or (ii) in investment funds with holdings of such companies in their portfolios on and after January 1, 2027, unless such investments or holdings are held in a blind trust established pursuant to federal law.
What the bill says
To amend and reenact §§ 51.1-124.30, 51.1-803, and 51.1-1003 of the Code of Virginia and to amend the Code of Virginia by adding in Article 3.1 of Chapter 1 of Title 51.1 a section numbered 51.1-124.41, relating to Virginia retirement system; investments in companies with elected official interests. ---------- Patron--McPike ---------- Referred to Committee on Finance and Appropriations ---------- 1. That §§ 51.1-124.30, 51.1-803, and 51.1-1003 of the Code of Virginia are amended and reenacted and that the Code of Virginia is amended by adding in Article 3.1 of Chapter 1 of Title 51.1 a.
From the introduced text, January 13, 2026:
A BILL to amend and reenact §§ 51.1-124.30, 51.1-803, and 51.1-1003 of the Code of Virginia and to amend the Code of Virginia by adding in Article 3.1 of Chapter 1 of Title 51.1 a section numbered 51.1-124.41, relating to Virginia retirement system; investments in companies with elected official interests. ---------- Patron--McPike ---------- Referred to Committee on Finance and Appropriations ---------- 1. That §§ 51.1-124.30, 51.1-803, and 51.1-1003 of the Code of Virginia are amended and reenacted and that the Code of Virginia is amended by adding in Article 3.1 of Chapter 1 of Title 51.1 a section numbered 51.1-124.41 as investments; standard of care; liability for losses. A. The Board shall be the trustee of the funds of the Retirement System that it administers and of those resulting from the abolished system. Subject to the provisions of this chapter, the Board shall have full power to invest and reinvest such funds as authorized by law. B. The Board shall have the power to borrow money in such amounts as may be necessary to discharge current obligations under this chapter whenever in its judgment it would be more advantageous to borrow money than to sell securities held by the Retirement System. Any debt so incurred may be evidenced by notes duly authorized by resolution of the Board, but in no …