HOUSE CONCURRENT RESOLUTION NO. 142
(By Delegate Nelson, Anderson, Armstead, Ashley, Border, Canterbury, Carmichael, Cowles, Craig, Ellem, Gearheart, Howell, Ireland, Kump, Lane, C. Miller, O’Neal, Pasdon, Sigler, Snuffer and Sumner)
Requesting the Joint Committee on Government and Finance study methods to insure the long-term fiscal stability of the 529 education savings plans offered by the state.
Whereas, Our 529 savings plans offer a vital mechanism for funding education opportunities for West Virginia’s youth; and
Whereas, The continued maintenance of our 529 savings is vital to the well-being of the state; and
Whereas, It is the desire of the Legislature to provide a safe and efficient funding mechanism for students to have their education funded with as little incurred debt as possible; and
Whereas, It is the desire of the Legislature to insure that the 529 savings plans be managed in such manner as to provide both for the future of West Virginia’s young scholars and their own continued viability; therefore, be it
Resolved by the Legislature of West Virginia:
That the Joint Committee on Government and Finance is hereby requested to study the history of the 529 savings programs, including delineating precisely the amount of funds invested in each year, the number of persons in each year depositing funds in our savings programs, and the number and type of each of the savings funds available; and, be it
Further Resolved, That the committee shall examine and have data compiled delineating the annual return on each fund since its inception, the number and kind of such funds that are and have been available, the management of each fund, and other important factors; and, be it
Further Resolved, That the committee shall consider the impact of various strategies employed by other states, including comparing West Virginia’s offered plans to other states in type, kind and performance; and, be it
Further Resolved, That the committee shall consider the impact of fund management methods used by other states, including, but not limited to, putting management services for the funds out for competitive bidding; and, be it
Further Resolved, That the committee shall examine the expenses tallied by the 529 funds offered by the State of West Virginia since the program began; and, be it
Further Resolved, That the committee shall consider all such information or documentation as the committee may request in order to achieve the goals of this resolution; and, be it
Further Resolved, That the Committee report to the regular session of the Legislature, 2013, on its findings, conclusions and recommendations, together with drafts of any legislation necessary to effectuate its recommendations; and, be it
Further Resolved, That the expenses necessary to conduct this study, to prepare a report and to draft necessary legislation be paid from legislative appropriations to the Joint Committee on Government and Finance.