Tennessee Senate Bill SB0035

Tennessee 2023-2024 Regular Session

• Introduced: 12/29/22
• Engrossed: 2/6/23
• Enrolled: 2/14/23
• Passed: 3/6/23
• Chaptered: 3/23/23

Caption

AN ACT to amend Tennessee Code Annotated, Title 4, Chapter 29 and Title 49, Chapter 7, Part 8, relative to the board of trustees of the college savings trust fund program.

Impact

The legislative amendment proposed by SB0035 holds significant implications for state law, particularly in relation to how educational savings plans are governed. It emphasizes the state's commitment to supporting educational funding through structured savings programs. This bill may lead to improved stability and growth in the college savings trust fund, which is vital for families planning for higher education expenses. Furthermore, the changes could potentially influence how future educational policies are crafted, focusing more on incentivizing savings for education.

Summary

Senate Bill 35 (SB0035) seeks to amend the Tennessee Code Annotated by modifying regulations pertaining to the board of trustees of the college savings trust fund program. The bill intends to streamline the governance structure associated with this program to ensure efficient management and oversight of college savings initiatives in Tennessee. By making these regulatory changes, SB0035 aims to enhance the operational framework that governs how the state administers its college savings plan, which is crucial for facilitating educational funding for residents.

Sentiment

The sentiment surrounding SB0035 appears to be largely positive among stakeholders in the education sector. Proponents argue that the bill strengthens the oversight of college savings programs, thereby providing assurance to families that their savings are being managed responsibly. The collaborative effort from lawmakers reflects a unified approach to enhancing educational funding mechanisms, which resonates well with constituents prioritizing education. However, the lack of opposition in the voting records indicates a consensus, which sometimes can mask underlying issues that may not have been voiced publicly.

Contention

Despite the positive reception, there may be underlying contentions regarding the effectiveness of the board of trustees in administrating the college savings plan. Some might argue about the adequacy of oversight and whether the amendments sufficiently address possible inefficiencies in fund management. Furthermore, while the bill aims to improve the governance framework, it brings forth the need for ongoing evaluation of its impact on actual savings rates and accessibility for Tennessee residents, which could be points of debate as the program evolves post-implementation.