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Key Votes

HB 1508 - State-Sponsored Children's Savings Accounts - Key Vote

North Dakota Key Votes

Rick Berg voted Nay (Passage) on this legislation.

Read recent statements Rick Berg made in this general time period.

Stages

Family

Issues

Stage Details

Legislation - Bill Failed (House) (28-64) - (Key vote)

Title: State-Sponsored Children's Savings Accounts

Vote Smart's Synopsis:

Vote to pass a bill that would establish savings accounts for all eligible children born on or after January 1, 2010 with an initial deposit of $500 from the state.

Highlights:
-Specifies that the state may match up to $500 of eligible deposits to a child account per year, and limits the total aggregate contributions to any child's account to no more than $2,000 per year (Secs. 2 and 4). -Prohibits withdrawals from a child's account prior to the child reaching the age of 18 (Sec. 2). -Specifies that upon reaching the age of 18 a child may withdraw money out of his or her account for the following purposes (Sec. 4):
    -to pay for postsecondary education, career technical education, or training; -to purchase a first home; -to purchase a vehicle for transportation to work; -to start a business; or -to fund retirement.
-Limits the fees for management of each account to no more than 1.5% of the net asset value of the account, and specifies that those fees must be deducted from the account (Sec. 5). -Appropriates up to $8.82 million to the state treasurer to fund this program for the biennium ending on June 30, 2011 (Sec. 8).
See The Voting Record

Legislation - Introduced (House) - (Key vote)

Title: State-Sponsored Children's Savings Accounts

See The Voting Record

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