HB603 Summary

• Appropriates $63 million to the PACT Trust Fund from the Education Trust Fund across fiscal years 2016-2019 ($10M, $20M, $20M, and $13M respectively) to fully fund the program according to actuarial analysis.

• Repeals Sections 16-33C-17 and 16-33C-19 retroactively to April 30, 2010, with payments made between Act 2010-725 and this act's effective date deemed full payment of tuition and mandatory fees.

• Adds Section 16-33C-23 granting the PACT Board express authority to negotiate and implement legally binding resolutions with purchasers and beneficiaries to address any actuarial deficit in the PACT Trust Fund.

• Modifies Section 16-33C-20 to allow the PACT Board to certify to the Legislature when appropriations are no longer necessary for full funding based on actuarial reports.

• All amendments and repeals are declared remedial and curative with retroactive effectiveness to April 30, 2010, with the act becoming effective immediately upon passage and gubernatorial approval.