Government Relations

UW System Position on Bills Introduced in the Legislature During the 2005-2006 Session

Pending Legislation

SB 661

College Savings Program

Full Description

(Darling) Establishes a college savings program bank deposit trust fund in which the investment is an account held by a state or national bank, a state or federal savings bank, a state or federal savings and loan association, or a savings and trust company that has its main or home office or a branch office located in the state and is insured by the Federal Deposit Insurance Corporation (FDIC). The bill also establishes a college savings program credit union deposit trust fund in which the investment is an account held by a state or federal credit union, including a corporate central credit union that has its main or home office or a branch office located in this state and is insured by the National Credit Union Administration.

Referred to: Senate Higher Education and Tourism Committee

UW System Position

SUPPORT. The bill provides additional options for people to save for college. The EdVest Board has supported opening up additional savings opportunities because some individuals are not comfortable putting money into mutual funds because they can lose money. The Board is supportive of options that encourage college savings believing individuals should choose the savings option best suited to their own financial circumstances.