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Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20150&cosponId=17711
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House of Representatives
Session of 2015 - 2016 Regular Session

MEMORANDUM

Posted: March 10, 2015 11:59 AM
From: Representative Todd Stephens
To: All House members
Subject: Allowing for Additional Options to Save for Higher Education
 

I am introducing legislation 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 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.

Please join me in co-sponsoring this legislation.



Introduced as HB852