• Date Due: October 15, 2024
  • Author: Review of the Actuarial Surplus of the VA529 Defined Benefit Trust Fund Workgroup
  • Enabling Authority: Appropriation Act - Item 1 R.3. (Special Session I, 2024)
  • Description:
    Report on the findings and recommendations of the workgroup convened to review the recommendations of a November 2022 report from the Joint Legislative and Audit Review Commission (JLARC) regarding the actuarial surplus of the VA529 Defined Benefit Trust Fund, with regard to: (i) the method, timing, and amount of any withdrawals from the Fund, including the appropriate funded status at which withdrawals should be considered, with consideration to maintaining sufficient assets to ensure Fund solvency for future obligations; (ii) provide guidelines for the appropriate allocation and subsequent use of monies withdrawn from the Fund, to include returning funds to Legacy Prepaid529 account holders, and for programs supporting higher education access and affordability; and (iii) ongoing oversight of Fund balances to determine availability of any future actuarial surpluses.