HB122 Alabama 2010 Session
Bill Summary
The Alabama Prepaid Affordable College Tuition Program (PACT) was created as part of the Wallace-Folsom College Savings Investment Plan by the Alabama Legislature. Confusion exists regarding whether some PACT contract benefits, specifically those benefits payable under contracts issued after 1995, will be honored by the state in the event assets of the PACT Trust Fund become insufficient to cover the obligations owed to all beneficiaries of PACT contracts
This bill expresses the intent of the Legislature that the benefits provided under each PACT contract in force as of the effective date of this act will be honored, regardless of the date the contract was issued
Regarding the Alabama Prepaid Affordable College Tuition Program (PACT) created as part of the Wallace-Folsom College Savings Investment Plan by the Alabama Legislature, to express the intent of the Legislature regarding PACT contracts; and to provide that the benefits provided under each PACT contract in force as of the effective date of this act shall be honored, regardless of the date the contract was issued.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| January 12, 2010 | Read for the first time and referred to the House of Representatives committee on Education Appropriations |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB122 Alabama 2010 Session - Introduced |