Higher Education Reacting to suggestions that the


prepaid fund balance may be higher than needed, Morris says, “In actuarial terms, if you’re funded 100 percent, it means you only have a 50-50 chance of meeting your long-term obligations.” She adds that the Virginia529


Delegate Steven Landes of Augusta County is a sponsor of legislation proposing changes in the Prepaid529 plan.


board has a fiduciary responsibility to ensure the long-term solvency of the prepaid plan, recalling the stock market dropped 35 percent during the last recession. By the time the 2019-20 enroll-


ment period opens for Prepaid529, she believes the Virginia529 board will have a policy that says, “at a certain funding status, we’ll take a look at adjusting our pricing reserve.” In response to concerns about


program’s 21-year history. A larger cut in the pricing reserve


is proposed in legislation introduced by Delegates Steven Landes of Augusta County and Tim Hugo of Fairfax County. In a recent opinion piece in the


Richmond Times-Dispatch, Landes proposed lowering the price reserve


from 10 percent to 5 percent. That move, he says, would reduce the cost of an eight-semester prepaid contract by $3,000. Mary Morris, Virginia529’s


executive director, says the delegates’ proposal was a surprise. “I don’t think that’s the right percentage,” she says of Landes’ 5 percent recommendation.


the current model, Virginia529 also is proposing a payout plan for the Pre- paid529 plan called WAT (Weighted Average Tuition). Today, Prepaid529 pays tuition


costs and mandatory fees for those attending state public institutions of higher education (and an adjusted benefit to those attending out-of-state


Make Your Business Event or Party


Monumental


Reserve The Commanding General’s Residence and Garden at Fort Monroe


Make the kind of impression that only a historic property can provide. From holiday parties to retirement receptions, this elegant, Classic Revival 


Up to 150 guests Overlooks Chesapeake Bay Tables, chairs & linens provided


FortMonroe.org/Venues | 757-637-7778


68 NOVEMBER 2018


AP photo by Bob Brown/Richmond Times-Dispatch


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