A. The Virginia College Savings Plan shall submit to the General Assembly, through the Commission, annual reports on the investment programs of the Virginia College Savings Plan. The report shall be presented in a format approved by the Commission and shall include information concerning (i) planned or actual material changes in asset allocation, (ii) investment performance of all asset classes and subclasses, and (iii) investment policies and programs.

B. The Virginia College Savings Plan shall submit an annual report on the actuarial soundness of the Plan’s prepaid programs, which shall include (i) contract pricing policies and objectives, (ii) current and projected assets and actuarially estimated value of tuition obligations, and (iii) actuarial assumptions.

C. The Virginia College Savings Plan shall furnish such reports or information as may be requested by the Commission or standing committees of the General Assembly having jurisdiction over the subject matter that is the basis of such committees’ inquiry.

D. The Commission shall publish the following reports concerning the Virginia College Savings Plan: (i) a biennial status report that shall include, at a minimum and where appropriate, findings and recommendations and (ii) with the assistance of an actuary, a review of the Virginia College Savings Plan’s annual actuarial valuation reports once every four years.

History

2012, cc. 591, 659.