WA People
BILL · 2015–16 SESSION · LATEST VERSION SHB 2662

HB 2662: Next gen educational savings

Creating the Washington next generation educational savings account program.

Summary

  • Establishes the Washington Next Generation Educational Savings Account program (program), which automatically establishes an educational savings account for every child born in the state with an initial deposit of $250, contingent on funding being available.
  • Provides an additional matching grant for low-income families of $279 if the beneficiary's family saves $250.
  • Requires that the program be established through a state 529 college savings plan if a college savings plan is established by June 30, 2019, or if not, through traditional savings accounts by contracting with a federally insured financial institution.
  • Requires a beneficiary to use the funds for a qualifying higher education expense before his or her twenty-ninth birthday.
  • Requires the Student Achievement Council (Council) to coordinate with the Financial Education Public Private Partnership to make financial literacy information available to beneficiary's families.
  • Requires the Department of Social and Health Services, adoption facilitators, and others involved in adoptions to provide information about the program to prospective adoptive parents.

From the House Bill Report (HB 2662), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · died in committee
  1. IntroducedJan 18, 2016
  2. Out of committeestopped here
  3. Passed House
  4. Passed Senate
  5. Governor
  6. Law
Prime sponsor
Chris Kilduff (D-28)
Introduced
January 18, 2016 in the House
Last action
March 10, 2016
Budget
Has a fiscal note
Versions
HB 2662, SHB 2662

AN ACT Relating to creating the Washington next generation educational savings account program;

Sponsors

Prime sponsor: Chris Kilduff (D-28)

13 co-sponsors (11 Democrats, 2 Republicans)

Larry Haler R-8Dick Muri R-28Lillian Ortiz-Self D-21Marcus Riccelli D-3Tina Orwall D-33Brady Walkinshaw D-43June Robinson D-38Jessyn Farrell D-46Steve Bergquist D-11Derek Stanford D-1Roger Goodman D-45Noel Frame D-36Jake Fey D-27

Votes

No recorded floor votes. This measure never reached a floor vote.

History

  1. By resolution, reintroduced and retained in present status. (SHB 2662)
  2. By resolution, reintroduced and retained in present status.
  3. HE - Majority; 1st substitute bill be substituted, do pass. (SHB 2662)
  4. Referred to Appropriations. (SHB 2662)
  5. Referred to Appropriations.
  6. HE - Majority; 1st substitute bill be substituted, do pass.
  7. First reading, referred to Higher Education (Not Officially read and referred until adoption of Introduction report).

HB 2662 in other sessions

Bill numbers restart every two years, so the same number is a different bill in each session.

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