SB835
Virginia College Opportunity Endowment and Fund; established, report.
Summary
As Introduced. Commonwealth Savers Plan; Virginia College Opportunity Endowment and Fund established; report.
Establishes (i) the Endowment Scholarship Program for the purpose of providing scholarships to students at eligible institutions, as defined in the bill; (ii) the Virginia College Opportunity Endowment as an agency of the Commonwealth for the purpose of establishing and administering the Endowment Scholarship Program; (iii) as a subfund of ... (More) the Commonwealth Savers Plan's fund, the DB529 Fund for the purpose of holding in trust the assets of prepaid tuition contracts to meet contractual obligations; (iv) as a subfund of the Commonwealth Savers Plan's fund, the Virginia College Opportunity Fund (the Opportunity Fund), into which certain funds from the DB529 Fund shall be deposited for the purpose of funding, by income generated from investments of such deposits, the Endowment Scholarship Program and other programs established for the purpose of enhancing educational access and affordability for students with recognized financial need, as set forth in the bill; and (v) the College Opportunity Investment Advisory Committee for the purpose of making recommendations to and assisting the General Assembly in determining the prudence of directing deposits, and the amounts of any such deposits, of actuarial surpluses of the Commonwealth Savers Plan from the DB529 Fund into the Opportunity Fund. (Less)-
Bill History
- 01/01/2025 - Senate: Prefiled and ordered printed; Offered 01-08-2025 25102163D
- 01/01/2025 - Senate: Referred to Committee on Finance and Appropriations
- 01/21/2025 - Senate: Fiscal Impact Statement from Department of Planning and Budget (SB835)
- 02/05/2025 - Senate: Left in Finance and Appropriations
