Virginia College Savings Plan; definitions, prepaid tuition contracts, pricing reserves. (HB1611)
Introduced By
Del. Steve Landes (R-Weyers Cave) with support from co-patrons Del. Tim Hugo (R-Centreville), Del. Kaye Kory (D-Falls Church), and Del. Dave LaRock (R-Loudoun)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Virginia College Savings Plan; prepaid tuition contracts; pricing reserves. Provides that in the event that the ratio of the assets of the Virginia College Savings Plan (the Plan) to the obligations of the Plan exceeds 105 percent, the pricing reserve, which the bill defines as the percentage by which the actuarially determined prepaid tuition contract price exceeds the amount estimated to meet the actuarially determined tuition obligation for such prepaid tuition contract, shall not exceed five percent. The bill provides that in the event that the ratio of the assets of the Plan to the obligations of the Plan does not meet or exceed 105 percent, the pricing reserve may exceed five percent but shall not exceed 10 percent. The bill also requires the governing board of the Plan to provide to the House Committee on Appropriations, the Senate Committee on Finance, and the Joint Legislative Audit and Review Commission written notification and a detailed explanation of any change to the pricing reserve within 30 days of such change. Read the Bill »
Outcome
History
Date | Action |
---|---|
08/08/2018 | Committee |
08/08/2018 | Prefiled and ordered printed; offered 01/09/19 19100157D |
08/08/2018 | Referred to Committee on Education |
01/11/2019 | Assigned Education sub: Subcommittee #3 |
01/14/2019 | Subcommittee recommends reporting (8-Y 0-N) |
01/14/2019 | Subcommittee recommends referring to Committee on Appropriations |
01/16/2019 | Impact statement from DPB (HB1611) |
01/21/2019 | Reported from Education (22-Y 0-N) (see vote tally) |
01/21/2019 | Referred to Committee on Appropriations |
01/21/2019 | Assigned App. sub: Higher Education |
01/25/2019 | Subcommittee recommends reporting (8-Y 0-N) |
01/30/2019 | Reported from Appropriations (22-Y 0-N) (see vote tally) |
02/01/2019 | Read first time |
02/04/2019 | Read second time and engrossed |
02/05/2019 | Read third time and passed House (94-Y 5-N) |
02/05/2019 | VOTE: PASSAGE (94-Y 5-N) (see vote tally) |
02/06/2019 | Constitutional reading dispensed |
02/06/2019 | Referred to Committee on Education and Health |
02/07/2019 | Rereferred from Education and Health (15-Y 0-N) (see vote tally) |
02/07/2019 | Rereferred to Finance |
02/12/2019 | Reported from Finance with substitute (14-Y 0-N) (see vote tally) |
02/12/2019 | Committee substitute printed 19106832D-S1 |
02/12/2019 | Impact statement from DPB (HB1611S1) |
02/13/2019 | Constitutional reading dispensed (39-Y 0-N) (see vote tally) |
02/14/2019 | Passed Senate with substitute |
02/14/2019 | Passed Senate (40-Y 0-N) (see vote tally) |
02/14/2019 | Read third time |
02/14/2019 | Reading of substitute waived |
02/14/2019 | Committee substitute agreed to 19106832D-S1 |
02/14/2019 | Engrossed by Senate - committee substitute HB1611S1 |
02/14/2019 | Passed Senate with substitute (40-Y 0-N) (see vote tally) |
02/18/2019 | Placed on Calendar |
02/18/2019 | Senate substitute agreed to by House 19106832D-S1 (97-Y 1-N) |
02/18/2019 | VOTE: ADOPTION (97-Y 1-N) (see vote tally) |
02/21/2019 | Bill text as passed House and Senate (HB1611ER) |
02/21/2019 | Impact statement from DPB (HB1611ER) |
02/21/2019 | Enrolled |
02/21/2019 | Signed by Speaker |
02/21/2019 | Signed by President |
02/28/2019 | Enrolled Bill communicated to Governor on February 28, 2019 |
02/28/2019 | G Governor's Action Deadline Midnight, March 26, 2019 |
03/21/2019 | G Approved by Governor-Chapter 806 (effective 7/1/19) |
03/25/2019 | G Approved by Governor-Chapter 806 (effective 7/1/19) |
03/25/2019 | G Acts of Assembly Chapter text (CHAP0806) |