The Plan is authorized, in accordance with this chapter, to establish a state-facilitated IRA savings program for private-sector workers. All forms are fillable and ready for download and printing.RetirePath Virginia is a basic, one-size-fits-all retirement savings program for businesses that do not wish to sponsor a plan for their own employees. Requirements for retirement plans. As a participant in the Plan you are entitled to certain rights and protections under ERISA. Virginia Retirement System for Members and Retirees. In other words, a retirement plan audit is a specialty audit that requires more than foundational knowledge of basic accounting and auditing principles. ERISA is a federal law that establishes certain standards for retirement plans in the private industry. If your employee benefit plan covers 100 employees or more, you know that annual plan audits are required under ERISA. Will receive retirement benefits through your participation in the Plan.