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AL SB452
Bill
Status
3/22/2012
Primary Sponsor
Trip Pittman
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AI Summary
SB452 Summary
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Repeals Sections 16-33C-17 and 16-33C-19 from the 2010 PACT law that previously prevented the PACT Board from modifying the contractual relationship with purchasers involved in a class action lawsuit.
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Authorizes the PACT Board to develop and implement any financially viable resolution with PACT purchasers and beneficiaries to address the actuarial deficit in the PACT Trust Fund.
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Appropriates $63 million total from the Education Trust Fund to the PACT Trust Fund in four fiscal years: $10 million (2016), $20 million (2017), $20 million (2018), and $13 million (2019).
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Removes language requiring these appropriations to fully fund the PACT Program at 100 percent and instead allows the Board flexibility in pursuing deficit resolutions.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Prepaid Affordable College Tuition (PACT) Program, PACT Board authorized to revise program to meet actuarial requirements, Sec. 16-33C-23 added; Secs. 16-33C-17, 16-33C-19 repealed; Secs. 16-33C-16, 16-33C-20 am'd
Prepaid Affordable College Tuition (PACT) Program
Last Action
Indefinitely Postponed
5/9/2012