Bill No.: SF0062 Drafter: DKG

LSO No.: 06LSO-0325 Effective Date:

Enrolled Act No.: SEA0035

Chapter No.: 46

Prime Sponsor: Select Committee on Capital Financing and Investments

Catch Title: Family college savings program.

Subject: The family college savings program administered by the state treasurer.

Summary/Major Elements:

· The state has previously established a family college savings program under which persons may save for college and receive favorable income tax treatment for earnings on the monies set aside (often referenced as 529 savings plans in reference to the IRS code provision).

· The plan is administered through the office of the state treasurer who contracts with a program manager.

· Given the small size of the Wyoming plan, the state treasurer sought flexibility to allow different options for the Wyoming plan, which might include combining the plan in some fashion with other state plans.

· This bill allows that flexibility by removing the requirement for the state treasurer to establish a plan. The bill makes conforming amendments to current law in recognition of this change.

· The bill removes the select committee on capital financing and investments from taking part in administration of the plan.

Comments:

· Popular name – College savings program or 529 savings plan.

· Report required – Annual report from state treasurer to the select committee on capital financing and investments.