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Pennsylvania House of Representatives
04/19/2024 06:21 AM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20170&cosponId=22273
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House of Representatives
Session of 2017 - 2018 Regular Session

MEMORANDUM

Posted: January 19, 2017 10:43 AM
From: Representative Todd Stephens
To: All House members
Subject: Allowing for Additional Options to Save for Higher Education
 

I am re-introducing legislation (prior HB 852) to help families save for college.

This legislation will allow judges another option when it comes to preserving money awarded to a minor. Currently, a judge may order funds awarded to a minor, whether through a lawsuit, inheritance or trust, to be placed only in a savings account until the minor reaches 21 years of age.

My legislation would amend the law to allow a court to order the funds to be deposited into a “529 account”. A 529 account is an educational savings plan that helps families save for higher education expenses under the Tuition Account Program and College Saving Bond Act. Just as with a savings account, the money could not be removed before the minor reaches majority, unless ordered by a court.

Prior co-sponsors: STEPHENS, LONGIETTI, BAKER, SCHLOSSBERG, MILLARD, MASSER, CUTLER, V. BROWN, GABLER, LAWRENCE, HANNA, MURT and WATSON