Item 481 | First Year - FY2027 | Second Year - FY2028 |
|---|---|---|
| Investment, Trust, and Insurance Services (72500) a sum sufficient, estimated at | $250,000,000 | $250,000,000 |
| Payments for Educational Benefits Expense (72505) | FY2027 $250,000,000 | FY2028 $250,000,000 |
| Fund Sources: | ||
| Enterprise | FY2027 $250,000,000 | FY2028 $250,000,000 |
Authority: Title 23.1, Chapter 7, Code of Virginia.
A. Amounts for Payments for Educational Benefits Expense represent the payment of benefits to postsecondary educational institutions and individuals on behalf of program participants under the Defined Benefit 529 Programs, which include Prepaid529 and the Tuition Track Portfolio of Invest529, and under other Education Savings Programs, from nongeneral funds pursuant to § 23.1-701, Code of Virginia.
B.1. Any moneys collected, distributed, or held for the benefit of participants under Education Savings Programs other than the Defined Benefit 529 Programs, including any income from such funds, are subject to the provisions of § 23.1-701.B., Code of Virginia.
2. Any moneys collected, distributed, or held for the benefit of participants under the Defined Benefit 529 Programs, and any Plan administrative revenue, including any income from such funds, are subject to § 23.1-701.C., Code of Virginia.
C. Amounts for Payments for Educational Benefits Expense cover the current obligations of the funds as provided in § 23.1-705, Code of Virginia.
D. Notwithstanding any contrary provision of law, the Commonwealth Savers Plan with assistance from the State Comptroller, shall transfer $75,000,000 each year from actuarial surplus amounts of Defined Benefit 529 Programs to the State Council of Higher Education for Virginia to offset the impact of programs under Title 23.1, Chapter 6, Code of Virginia, pursuant to Paragraph J, Item 131 of this act.