2018 Special Session I

Budget Amendments - HB5002 (Committee Approved)

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JLARC Review of Prepaid 529 Program (language only)

Item 31 #1h

Item 31 #1h

Legislative Department
Joint Legislative Audit and Review Commission


Page 24, after line 28, insert:

"11. The Joint Legislative Audit and Review Commission (JLARC) is hereby directed to review Virginia529's proposed weighted average tuition (WAT) payout model for the Prepaid529 program and report how the WAT payout model would change Prepaid529 relative to the existing model. In conducting the review, JLARC should address how the proposal would impact 1) program payout, 2) contract costs, 3) program sustainability, 4) overall complexity of the program, 5) any other factors relevant to the program.  JLARC should complete the review and submit a final report, including any recommendations, to JLARC and the Chairman of the House Appropriations and Senate Finance Committee by November 30, 2018. Virginia529 shall provide assistance on this review upon request."


(This amendment is self-explanatory.)