SB 1528 Summary

• Transfers administration of the family college savings program from the Commission for Postsecondary Education to the State Treasurer and State Board of Investment.

• Expands qualified higher education expenses to include apprenticeship program fees, student loan repayment (up to $10,000 lifetime limit), and elementary/secondary school tuition (up to $10,000 annually).

• Allows rollovers of up to $15,000 from 529 college savings accounts to ABLE accounts (for individuals with disabilities) through December 31, 2025.

• Creates a new family college savings program advisory committee with representatives from community colleges, universities, private schools, apprenticeship programs, Indian tribes, and teachers to promote program awareness among underserved populations.

• Effective September 30, 2020, with all existing contracts, rules, and appropriations transferring to the State Treasurer's office.