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