Virginia College Savings Plan; 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 sum of advanced payments to be made pursuant to each prepaid tuition contract of the Plan exceeds the amount estimated to be required to provide tuition at the fixed, guaranteed level that is specified in 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

08/08/2018: Awaiting a Vote in the Education Committee

History

DateAction
08/08/2018Prefiled and ordered printed; offered 01/09/19 19100157D
08/08/2018Committee
08/08/2018Referred to Committee on Education

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