Thomas K. Norment, Jr.
- District 3
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.
Title replaced 19106509D-H1
Committee substitute agreed to 19106509D-H1
Read third time
Engrossed by House - committee substitute SB1368H1
Passed House with substitute (96-Y 2-N)
Read second time
Assigned App. sub: Higher Education
Placed on Calendar
Read first time
Referred to Committee on Appropriations
Reading of substitute waived
Engrossed by Senate - committee substitute SB1368S1
Read second time
Committee substitute agreed to 19104911D-S1
Rereferred to Finance
Prefiled and ordered printed; offered 01/09/19 19101483D
Referred to Committee on Education and Health
|Bill Text Versions||Format|
|Senate: Prefiled and ordered printed; offered 01/09/19 19101483D||HTML|
|Senate: Committee substitute printed 19104911D-S1||HTML|
|House: Committee substitute printed 19106509D-H1||HTML|
|Senate: Bill text as passed Senate and House (SB1368ER)||HTML|
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