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2001 SESSION

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HB 2823 Educators' Higher Education Opportunity Program.

Introduced by: Kathy J. Byron | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Educators' Higher Education Opportunity Program. Creates the Educators' Higher Education Opportunity Program, comprised of the voluntary contributions of educators employed on a full-time basis as licensed instructional or administrative personnel in good standing by a public school board in Virginia, to fund savings trust accounts pursuant to the Virginia College Savings Plan. The Board of Education must make an annual contribution to the Fund on behalf of eligible educators who have completed five years of full-time employment in a seven-year period. Savings trust account funds cannot be disbursed prior to an eligible educator or designee being admitted and enrolled at an eligible institution. The Board, in consultation with the Board of the Virginia College Savings Plan, shall establish regulations addressing (i) minimum amounts of educator contributions to the Fund; (ii) amounts of annual Board contributions to accounts in which the educator's interest has vested; (iii) changes in employing school boards; iv) the voluntary participation of local school boards in making contributions to the Fund on behalf of employees; and (v) such other matters as it deems necessary for the implementation of the Program. The program expires on July 1, 2006.


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