SB 162 - PACT Funding and Tuition Restrictions - Alabama Key Vote
H. Mac Gipson, Jr. voted Yea (Conference Report Vote) on this Legislation.
Timeline
- Senate Concurrence Vote Passed
- April 22, 2010
- House Concurrence Vote Passed
- April 22, 2010
- Executive Vetoed
- April 21, 2010
- House Conference Report Adopted
- April 21, 2010
- Senate Conference Report Adopted
- April 21, 2010
- Senate Nonconcurrence Vote Passed
- April 13, 2010
- House Bill Passed
- April 8, 2010
- Senate Bill Passed
- Feb. 11, 2010
- Introduced
- Jan. 12, 2010
Related Issues
Stage Details
More Info About this Vote
NOTE: THIS IS A VOTE ON CONCURRENCE WITH AN EXECUTIVE AMENDMENT(S) ISSUED BY THE GOVERNOR, RATHER THAN A VOTE ON THE ENTIRE BILL.
More Info About this Vote
NOTE: THIS IS A VOTE ON CONCURRENCE WITH AN EXECUTIVE AMENDMENT(S) ISSUED BY THE GOVERNOR, RATHER THAN A VOTE ON THE ENTIRE BILL.
Title: PACT Funding and Tuition Restrictions
Title: PACT Funding and Tuition Restrictions
Vote Smart's Synopsis:
Vote to adopt a conference report that appropriates funds from the Education Trust Fund to the PACT Program Trust Fund for the continuance of the PACT Program.
Highlights:
- Appropriates the following funds from the Education Trust Fund to the Trust Fund of the Prepaid Affordable College Tuition Fund (PACT) (Sec. 1):
- $23.56 million for fiscal year ending 2015;
- $23.95 million for fiscal year ending 2016;
- $22.62 million for fiscal year ending 2017;
- $41.78 million for fiscal year ending 2018;
- $42.54 million for fiscal year ending 2019;
- $81.65 million for fiscal year ending 2020.
- Appropriates the following funds from the Education Trust Fund to the PACT Trust Fund (Sec. 2):
- $7.09 million for fiscal year 2010;
- $31.88 million for fiscal year ending 2021;
- $32.18 million for fiscal year ending 2022;
- $33.5 million for fiscal year ending 2023;
- $33.72 million for fiscal year ending 2024;
- $38.45 million for fiscal year ending 2025;
- $39.2 million for fiscal year ending 2026; and
- $32.5 million for fiscal year ending 2027.
- Appropriates the following additional funds from the Education Trust Fund to the PACT Trust Fund (Sec. 3):
- $10 million for fiscal year 2016;
- $20 million for fiscal year 2017;
- $20 million for fiscal year 2018; and
- $13 million for fiscal year 2019.
- Establishes a 2.5 percent cap for tuition increases for any PACT plan contract owners (Sec. 4).
- Specifies that any funds in the PACT Trust Fund remaining after the payment of all of the obligations of the fund shall be transferred to the Education Trust Fund in the fiscal year following the year in which the last obligations are met (Sec. 6).
- Establishes the PACT Board, which will consist of the board of directors and trustees of the PACT Trust Fund, and will be responsible for, but not limited to, the following (Sec. 7):
- Submitting a report that includes details regarding the soundness of the program;
- Submitting requests for proposals;
- Submitting any administrative contract;
- Preparing a quarterly report detailing the current projected funding of the program; and
- Establishing specific investment guidelines.
Title: PACT Funding and Tuition Restrictions
Vote Smart's Synopsis:
Vote to adopt a conference report that appropriates funds from the Education Trust Fund to the PACT Program Trust Fund for the continuance of the PACT Program.
Highlights:
- Appropriates the following funds from the Education Trust Fund to the Trust Fund of the Prepaid Affordable College Tuition Fund (PACT) (Sec. 1):
- $23.56 million for fiscal year ending 2015;
- $23.95 million for fiscal year ending 2016;
- $22.62 million for fiscal year ending 2017;
- $41.78 million for fiscal year ending 2018;
- $42.54 million for fiscal year ending 2019;
- $81.65 million for fiscal year ending 2020.
- Appropriates the following funds from the Education Trust Fund to the PACT Trust Fund (Sec. 2):
- $7.09 million for fiscal year 2010;
- $31.88 million for fiscal year ending 2021;
- $32.18 million for fiscal year ending 2022;
- $33.5 million for fiscal year ending 2023;
- $33.72 million for fiscal year ending 2024;
- $38.45 million for fiscal year ending 2025;
- $39.2 million for fiscal year ending 2026; and
- $32.5 million for fiscal year ending 2027.
- Appropriates the following additional funds from the Education Trust Fund to the PACT Trust Fund (Sec. 3):
- $10 million for fiscal year 2016;
- $20 million for fiscal year 2017;
- $20 million for fiscal year 2018; and
- $13 million for fiscal year 2019.
- Establishes a 2.5 percent cap for tuition increases for any PACT plan contract owners (Sec. 4).
- Specifies that any funds in the PACT Trust Fund remaining after the payment of all of the obligations of the fund shall be transferred to the Education Trust Fund in the fiscal year following the year in which the last obligations are met (Sec. 6).
- Establishes the PACT Board, which will consist of the board of directors and trustees of the PACT Trust Fund, and will be responsible for, but not limited to, the following (Sec. 7):
- Submitting a report that includes details regarding the soundness of the program;
- Submitting requests for proposals;
- Submitting any administrative contract;
- Preparing a quarterly report detailing the current projected funding of the program; and
- Establishing specific investment guidelines.
Title: PACT Funding and Tuition Restrictions