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 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 »

Status

02/21/2019: Passed the General Assembly

History

DateAction
08/08/2018Committee
08/08/2018Prefiled and ordered printed; offered 01/09/19 19100157D
08/08/2018Referred to Committee on Education
01/11/2019Assigned Education sub: Subcommittee #3
01/14/2019Subcommittee recommends reporting (8-Y 0-N)
01/14/2019Subcommittee recommends referring to Committee on Appropriations
01/16/2019Impact statement from DPB (HB1611)
01/21/2019Reported from Education (22-Y 0-N) (see vote tally)
01/21/2019Referred to Committee on Appropriations
01/21/2019Assigned App. sub: Higher Education
01/25/2019Subcommittee recommends reporting (8-Y 0-N)
01/30/2019Reported from Appropriations (22-Y 0-N) (see vote tally)
02/01/2019Read first time
02/04/2019Read second time and engrossed
02/05/2019Read third time and passed House (94-Y 5-N)
02/05/2019VOTE: PASSAGE (94-Y 5-N) (see vote tally)
02/06/2019Constitutional reading dispensed
02/06/2019Referred to Committee on Education and Health
02/07/2019Rereferred from Education and Health (15-Y 0-N) (see vote tally)
02/07/2019Rereferred to Finance
02/12/2019Reported from Finance with substitute (14-Y 0-N) (see vote tally)
02/12/2019Committee substitute printed 19106832D-S1
02/12/2019Impact statement from DPB (HB1611S1)
02/13/2019Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/14/2019Passed Senate with substitute
02/14/2019Passed Senate (40-Y 0-N) (see vote tally)
02/14/2019Read third time
02/14/2019Reading of substitute waived
02/14/2019Committee substitute agreed to 19106832D-S1
02/14/2019Engrossed by Senate - committee substitute HB1611S1
02/14/2019Passed Senate with substitute (40-Y 0-N) (see vote tally)
02/18/2019Placed on Calendar
02/18/2019Senate substitute agreed to by House 19106832D-S1 (97-Y 1-N)
02/18/2019VOTE: ADOPTION (97-Y 1-N) (see vote tally)
02/21/2019Bill text as passed House and Senate (HB1611ER)
02/21/2019Impact statement from DPB (HB1611ER)
02/21/2019Enrolled
02/21/2019Signed by Speaker
02/21/2019Signed by President
02/28/2019Enrolled Bill communicated to Governor on February 28, 2019
02/28/2019G Governor's Action Deadline Midnight, March 26, 2019
03/21/2019G Approved by Governor-Chapter 806 (effective 7/1/19)
03/25/2019G Approved by Governor-Chapter 806 (effective 7/1/19)
03/25/2019G Acts of Assembly Chapter text (CHAP0806)

Duplicate Bills

The following bills are identical to this one: SB1368.

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