FISCAL NOTE

Senate Bill 201 as introduced extends the contract period, from 10 to 12 years after the date of college entrance, for an Alabama Prepaid Affordable College Tuition (PACT) Program beneficiary to utilize benefits. According to the actuary for the PACT Program, administered by the State Treasurer’s Office, this bill would increase the obligations of the Education Trust Fund, for the life of the program, by an estimated $8 million. The provisions of this bill would violate the PACT settlement agreement.