| TO: | Honorable Allan Ritter, Chair, House Committee on Pensions & Investments |
| FROM: | John Keel, Director, Legislative Budget Board |
| IN RE: | SB1588 by Whitmire (Relating to exempting college savings plan accounts from attachment, execution, and seizure for the satisfaction of debts.), As Engrossed |
SB 1588 As Engrossed resolves that College Savings Plan assets, which meet the requirements of Section 529 of the Internal Revenue Code; of a prepaid tuition contract as established in Chapter 54, Subchapter F of the Education Code; or of a savings trust account as established in Chapter 54, Subchapter G of the Education Code are exempt from attachment, execution, and seizure for the satisfaction of debts. The bill, if enacted, will have no actuarial effect because it does not propose to change the funding or obligations of any public retirement system.
| Source Agencies: | 338 Pension Review Board
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| LBB Staff: | JK, WM
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