Virginia College Savings Plan; prepaid tuition contracts, pricing reserves. (SB1368)

Introduced By

Sen. Tommy Norment (R-Williamsburg)

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

01/10/2019: passed committee

History

DateAction
01/08/2019Prefiled and ordered printed; offered 01/09/19 19101483D
01/08/2019Referred to Committee on Education and Health
01/10/2019Rereferred from Education and Health (13-Y 0-N) (see vote tally)
01/10/2019Rereferred to Finance
01/16/2019Impact statement from DPB (SB1368)

Duplicate Bills

The following bills are identical to this one: HB1611.

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