SB1368
Virginia College Savings Plan; 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 sum of advanced payments to be made pursuant to ... (More) 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. (Less)-
Bill History
- 01/08/2019 - Senate: Prefiled and ordered printed; offered 01/09/19 19101483D
- 01/08/2019 - Senate: Referred to Committee on Education and Health
- 01/10/2019 - Senate: Rereferred from Education and Health (13-Y 0-N)
- 01/10/2019 - Senate: Rereferred to Finance
- 01/16/2019 - Senate: Impact statement from DPB (SB1368)
- 01/22/2019 - Senate: Reported from Finance with substitute (16-Y 0-N)
- 01/22/2019 - Senate: Committee substitute printed 19104911D-S1
- 01/23/2019 - Senate: Constitutional reading dispensed (39-Y 0-N)
- 01/24/2019 - Senate: Read second time
- 01/24/2019 - Senate: Reading of substitute waived
- 01/24/2019 - Senate: Committee substitute agreed to 19104911D-S1
- 01/24/2019 - Senate: Engrossed by Senate - committee substitute SB1368S1
- 01/24/2019 - Senate: Impact statement from DPB (SB1368S1)
- 01/25/2019 - Senate: Read third time and passed Senate (39-Y 0-N)
- 01/25/2019 - Senate: Reconsideration of passage agreed to by Senate (40-Y 0-N)
- 01/25/2019 - Senate: Passed Senate (40-Y 0-N)
- 01/29/2019 - House: Placed on Calendar
- 01/29/2019 - House: Read first time
- 01/29/2019 - House: Referred to Committee on Appropriations
- 02/05/2019 - House: Assigned App. sub: Higher Education
- 02/06/2019 - House: House committee, floor amendments and substitutes offered
- 02/06/2019 - House: Reported from Appropriations with substitute (22-Y 0-N)
- 02/06/2019 - House: Committee substitute printed 19106509D-H1
- 02/07/2019 - Senate: Impact statement from DPB (SB1368H1)
- 02/08/2019 - House: Read second time
- 02/11/2019 - House: Read third time
- 02/11/2019 - House: Committee substitute agreed to 19106509D-H1
- 02/11/2019 - House: Engrossed by House - committee substitute SB1368H1
- 02/11/2019 - House: Passed House with substitute (96-Y 2-N)
- 02/11/2019 - House: VOTE: PASSAGE (96-Y 2-N)
- 02/13/2019 - Senate: House substitute agreed to by Senate (39-Y 0-N)
- 02/13/2019 - Senate: Title replaced 19106509D-H1
- 02/18/2019 - Senate: Enrolled
- 02/18/2019 - Senate: Bill text as passed Senate and House (SB1368ER)
- 02/18/2019 - Senate: Impact statement from DPB (SB1368ER)
- 02/18/2019 - House: Signed by Speaker
- 02/19/2019 - Senate: Signed by President
- 02/20/2019 - Senate: Enrolled Bill Communicated to Governor on February 20, 2019
- 02/20/2019 - Governor: Governor's Action Deadline Midnight, March 26, 2019
- 03/25/2019 - Governor: Approved by Governor-Chapter 805 (effective 7/1/19)
- 03/25/2019 - Governor: Acts of Assembly Chapter text (CHAP0805)
