VA HB1611 | 2019 | Regular Session

Status

Spectrum: Slight Partisan Bill (Republican 3-1)
Status: Introduced on August 8 2018 - 25% progression
Action: 2018-08-08 - Referred to Committee on Education
Pending: House Education Committee
Text: Latest bill text (Prefiled) [HTML]

Summary

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.

Tracking Information

Register now for our free OneVote public service or GAITS Professional trial account and you can begin tracking this and other legislation, all driven by the real-time data of the LegiScan API. Providing tools allowing you to research pending legislation, stay informed with email alerts, content feeds, and share dynamic reports. Use our new PolitiCorps to join with friends and collegaues to monitor & discuss bills through the process.

Monitor Legislation or view this same bill number from multiple sessions or take advantage of our national legislative search.

Title

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

Sponsors


History

DateChamberAction
2018-08-08HouseReferred to Committee on Education
2018-08-08HousePrefiled and ordered printed; offered 01/09/19 19100157D

Code Citations

ChapterArticleSectionCitation TypeStatute Text
231707.1(n/a)See Bill Text

Virginia State Sources


Bill Comments

feedback