{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-707.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-707.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-707.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-707.1.html"}],"law_id":54148,"edition_id":1,"section_id":54148,"structure_id":13113,"section_number":"23.1-707.1","catch_line":"Prepaid tuition contracts; pricing reserves; limitations","history":"2019, cc. 805, 806.","full_text":"A\n\nAs used in this section:\n\t\t\t“Funded status” means the ratio of the assets of the Plan to the actuarially estimated value of tuition obligations of the Plan, expressed as a percentage.\n\t\t\t“Pricing reserve” means the percentage by which the actuarially determined prepaid tuition contract price exceeds the amount estimated to meet the actuarially determined tuition obligation for such prepaid tuition contract.B\n\nIn the event that the funded status of the Plan meets or exceeds 105 percent, the pricing reserve shall not exceed five percent.C\n\nIn the event that the funded status of the Plan does not meet or exceed 105 percent, the pricing reserve may exceed five percent but shall not exceed 10 percent.D\n\nThe board shall provide to the House Committee on Appropriations, the Senate Committee on Finance and Appropriations, and the Joint Legislative Audit and Review Commission written notification and a detailed explanation of any change to the pricing reserve within 30 days of such change.","order_by":null,"text":{"0":{"id":198748,"text":"As used in this section:\n\t\t\t“Funded status” means the ratio of the assets of the Plan to the actuarially estimated value of tuition obligations of the Plan, expressed as a percentage.\n\t\t\t“Pricing reserve” means the percentage by which the actuarially determined prepaid tuition contract price exceeds the amount estimated to meet the actuarially determined tuition obligation for such prepaid tuition contract.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":198749,"text":"In the event that the funded status of the Plan meets or exceeds 105 percent, the pricing reserve shall not exceed five percent.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":198750,"text":"In the event that the funded status of the Plan does not meet or exceed 105 percent, the pricing reserve may exceed five percent but shall not exceed 10 percent.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":198751,"text":"The board shall provide to the House Committee on Appropriations, the Senate Committee on Finance and Appropriations, and the Joint Legislative Audit and Review Commission written notification and a detailed explanation of any change to the pricing reserve within 30 days of such change.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":13113,"edition_id":1,"name":"Commonwealth Savers Plan and Able Savings Trust Accounts","identifier":"7","label":"chapter","depth":3,"order_by":1,"parent_id":13112,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":185235,"object_type":"structure","relational_id":13113,"identifier":"7","token":"23.1\/II\/7","url":"\/23.1\/II\/7\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13112,"edition_id":1,"name":"Students and Campus","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":13111,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":184847,"object_type":"structure","relational_id":13112,"identifier":"II","token":"23.1\/II","url":"\/23.1\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13111,"edition_id":1,"name":"Institutions of Higher Education; Other Educational and Cultural Institutions","identifier":"23.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":184581,"object_type":"structure","relational_id":13111,"identifier":"23.1","token":"23.1","url":"\/23.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":66160,"structure_id":13113,"section_number":"23.1-700","catch_line":"Definitions","url":"\/23.1-700\/","token":"23.1\/II\/7\/23.1-700","metadata":false},{"id":78668,"structure_id":13113,"section_number":"23.1-701","catch_line":"Plan established; moneys; governing board","url":"\/23.1-701\/","token":"23.1\/II\/7\/23.1-701","metadata":false},{"id":64579,"structure_id":13113,"section_number":"23.1-702","catch_line":"Advisory committees to the board; membership; terms; qualifications; duties","url":"\/23.1-702\/","token":"23.1\/II\/7\/23.1-702","metadata":false},{"id":86791,"structure_id":13113,"section_number":"23.1-703","catch_line":"Chief executive officer of the Plan","url":"\/23.1-703\/","token":"23.1\/II\/7\/23.1-703","metadata":false},{"id":86977,"structure_id":13113,"section_number":"23.1-704","catch_line":"Powers and duties of the board","url":"\/23.1-704\/","token":"23.1\/II\/7\/23.1-704","metadata":false},{"id":77185,"structure_id":13113,"section_number":"23.1-705","catch_line":"Board actions not a debt of Commonwealth","url":"\/23.1-705\/","token":"23.1\/II\/7\/23.1-705","metadata":false},{"id":72372,"structure_id":13113,"section_number":"23.1-706","catch_line":"Standard of care; investment and administration of the Plan","url":"\/23.1-706\/","token":"23.1\/II\/7\/23.1-706","metadata":false},{"id":57132,"structure_id":13113,"section_number":"23.1-707","catch_line":"Prepaid tuition contracts and college and ABLE savings trust agreements","url":"\/23.1-707\/","token":"23.1\/II\/7\/23.1-707","metadata":false},{"id":54148,"structure_id":13113,"section_number":"23.1-707.1","catch_line":"Prepaid tuition contracts; pricing reserves; limitations","url":"\/23.1-707.1\/","token":"23.1\/II\/7\/23.1-707.1","metadata":false},{"id":62682,"structure_id":13113,"section_number":"23.1-708","catch_line":"Assets of the Plan exempt from taxation","url":"\/23.1-708\/","token":"23.1\/II\/7\/23.1-708","metadata":false},{"id":77258,"structure_id":13113,"section_number":"23.1-709","catch_line":"Annual report","url":"\/23.1-709\/","token":"23.1\/II\/7\/23.1-709","metadata":false},{"id":74025,"structure_id":13113,"section_number":"23.1-710","catch_line":"Forms and audit of accounts and records","url":"\/23.1-710\/","token":"23.1\/II\/7\/23.1-710","metadata":false},{"id":82160,"structure_id":13113,"section_number":"23.1-711","catch_line":"Admission to institutions not guaranteed; coverage limitations","url":"\/23.1-711\/","token":"23.1\/II\/7\/23.1-711","metadata":false},{"id":72325,"structure_id":13113,"section_number":"23.1-712","catch_line":"Payroll deductions","url":"\/23.1-712\/","token":"23.1\/II\/7\/23.1-712","metadata":false},{"id":84958,"structure_id":13113,"section_number":"23.1-713","catch_line":"Liberal construction of chapter","url":"\/23.1-713\/","token":"23.1\/II\/7\/23.1-713","metadata":false}],"previous_section":{"id":57132,"structure_id":13113,"section_number":"23.1-707","catch_line":"Prepaid tuition contracts and college and ABLE savings trust agreements","url":"\/23.1-707\/","token":"23.1\/II\/7\/23.1-707","metadata":false},"next_section":{"id":62682,"structure_id":13113,"section_number":"23.1-708","catch_line":"Assets of the Plan exempt from taxation","url":"\/23.1-708\/","token":"23.1\/II\/7\/23.1-708","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-707.1\/","history_text":"

This law was first created in 2019. The record of its establishment is cataloged in chapters 805<\/a> and 806<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":false,"permalink":{"id":185269,"object_type":"law","relational_id":54148,"identifier":"23.1-707.1","token":"23.1\/II\/7\/23.1-707.1","url":"\/23.1-707.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-707.1\/","token":"23.1\/II\/7\/23.1-707.1","dublin_core":{"Title":"Prepaid tuition contracts; pricing reserves; limitations","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-707.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> As used in this section:\n\t\t\t“Funded status<\/span>” means the ratio of the assets<\/span> of the Plan<\/span> to the actuarially estimated value of tuition obligations of the Plan<\/span>, expressed as a percentage.\n\t\t\t“Pricing reserve<\/span>” means the percentage by which the actuarially determined prepaid tuition contract<\/span> price exceeds the amount estimated to meet the actuarially determined tuition obligation for such prepaid tuition contract<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> In the event that the funded status<\/span> of the Plan<\/span> meets or exceeds 105 percent, the pricing reserve<\/span> shall not exceed five percent. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> In the event that the funded status<\/span> of the Plan<\/span> does not meet or exceed 105 percent, the pricing reserve<\/span> may exceed five percent but shall not exceed 10 percent. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The board<\/span> shall provide to the House Committee on Appropriations, the Senate Committee on Finance and Appropriations, and the Joint Legislative Audit and Review Commission written notification and a detailed explanation of any change to the pricing reserve<\/span> within 30 days of such change. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPREPAID TUITION CONTRACTS; PRICING RESERVES; LIMITATIONS (\u00a7 23.1-707.1)\n\nA. As used in this section:\n\t\t\t“Funded status” means the ratio of the assets of the Plan to the\nactuarially estimated value of tuition obligations of the Plan, expressed as a\npercentage.\n\t\t\t“Pricing reserve” means the percentage by which the actuarially\ndetermined prepaid tuition contract price exceeds the amount estimated to meet\nthe actuarially determined tuition obligation for such prepaid tuition contract.\n\nB. In the event that the funded status of the Plan meets or exceeds 105 percent,\nthe pricing reserve shall not exceed five percent.\n\nC. In the event that the funded status of the Plan does not meet or exceed 105\npercent, the pricing reserve may exceed five percent but shall not exceed 10\npercent.\n\nD. The board shall provide to the House Committee on Appropriations, the Senate\nCommittee on Finance and Appropriations, and the Joint Legislative Audit and\nReview Commission written notification and a detailed explanation of any change\nto the pricing reserve within 30 days of such change.\n\nHISTORY: 2019, cc. 805, 806.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}