BILL ANALYSIS                                                                                                                                                                                                    Ó



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          Date of Hearing:   April 27, 2015


                             ASSEMBLY COMMITTEE ON RULES


                                Richard Gordon, Chair


          ACR 47  
          (Chau) - As Introduced March 18, 2015


          SUBJECT:  529 College Savings Day.


          SUMMARY:  Designates May 29, 2015, as 529 College Savings Day,  
          to raise awareness about the importance of saving for college  
          with the help of 529 college savings plan.  Specifically, this  
          resolution makes the following legislative findings:


          1)529 college savings plans are important tools for California  
            families that want to save for their children's college  
            education, offering a diverse range of investment options,  
            tax-deferred growth, and withdrawals are used for qualified  
            higher education expenses such as tuition, fees, books,  
            certain room and board costs, and required supplies.


          2)The ScholarShare College Savings Plan, which has served as  
            California's official state-sponsored 529 college savings plan  
            since its launch in 1999, has grown to more than $6.3 billion  
            in total plan assets held in over 260,000 ScholarShare  
            accounts.


          3)Today, 49 states and the District of Columbia offer 529  
            college savings plans, nearly 12 million 529 accounts have  








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            been opened, more than $244 billion have been saved for future  
            higher education expenses, and more than one million students  
            nationwide have withdrawn funds from 529 accounts to help pay  
            higher education expenses.


          4)College savings plans, such as the ScholarShare College  
            Savings Plan, help families to limit or eliminate future  
            student loan debt by helping them save for future higher  
            education expenses.


          FISCAL EFFECT:  None


          REGISTERED SUPPORT / OPPOSITION:




          Support


          California State Treasurer




          Opposition


          None on file




          Analysis Prepared by:Nicole Willis / RLS. / (916) 319-2800










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