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AL HB122
Bill
Status
1/12/2010
Primary Sponsor
Mike Curtis
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AI Summary
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Expresses legislative intent that the Alabama Prepaid Affordable College Tuition Program (PACT), created as part of the Wallace-Folsom College Savings Investment Plan, will honor all contract benefits regardless of contract issue date.
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Requires the state to honor all benefits payable under PACT contracts in force as of the effective date, even if the PACT Trust Fund assets become insufficient to cover obligations to all beneficiaries.
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Clarifies that PACT contract purchasers' intention was clear: the program would pay tuition and mandatory fees for all beneficiaries, and the Legislature intends to honor promises in each contract despite non-uniform contract language.
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Becomes effective immediately upon passage and approval by the Governor or upon otherwise becoming law.
Legislative Description
Prepaid Affordable College Tuition (PACT) Program, contracts, Legislative intent regarding expressed, each contract in force on effective date of this act to be honored regardless of date issued
Prepaid Affordable College Tuition (PACT) Program
Last Action
Read for the first time and referred to the House of Representatives committee on Education Appropriations
1/12/2010