To modify the terms of the Washington guaranteed education tuition (GET) program for future purchasers. After March 31, 2011, changes in these terms will include eliminating service and activities fees as part of the program; limiting the number of GET units purchased; prohibiting a discounted purchase price, and after the first unit is redeemed,, a beneficiary must use the remainder within six years.   Official Text and Analysis.

To provide that the changes in the Advanced College Tuition payment program take effect on August 1, 2011, instead of April 1, 2011.

Modifies the terms of the Washington guaranteed education tuition (GET) program for future purchasers. After July 31, 2011, changes in these terms will include eliminating service and activities fees as part of the program; limiting the number of GET units purchased; prohibiting a discounted purchase price; and, after the first unit is redeemed, a beneficiary must use the remainder within six years.

Removes the provisions requiring a variety of changes to tuition units purchased or contracted for purchase on a monthly plan that were to be effective after August 1, 2011. The specification of a term length of four years rather than an unspecified term length for members on the Committee on Advanced Tuition appointed by the Governor is retained. Provisions are added requiring that the Guaranteed Education Tuition (GET) committee utilize the State Actuary in reviewing the GET Program annually rather than a nationally recognized actuary, and that the program adopt an actuarially sound and prudently predictable payout value factor that provides long-term assets to meet the long-term obligations of the account.

To remove language that requires the GET governing body to adopt an actuarially sound and prudently predictable payout value factor and replaces it with language that requires the GET governing body to adopt an actuarially sound and prudently predictable reserving strategy for the GET program.

Senate refuses to concur with the House amendments and asks the House for a conference committee.

To, among other things, retain the provision that specifies the length of term for the members on the Committee on Advanced Tuition Payment appointed by the Governor for four-year terms instead of an unspecified period of time and adds two additional representatives of private business appointed by the Governor, who must consider names from a list provided by the President of the Senate and the Speaker of the House of Representatives.

To provide that the existing two members of the Committee on Advanced Tuition Payment (Committee) are appointed by the Governor for four-year terms instead of an unspecified period of time and two additional representatives of private business, also appointed by the Governor for four-year terms, are added. The Governor must consider names from a list provided by the Legislature when appointing private business representatives.

To veto section 1 which would expand the membership of the Committee on Advanced Tuition Payment, limit private sector and citizen representatives on the committee to four year terms and require Senate confirmation of citizen and business representatives. The work of this committee involves oversight of complex financial issues. The bill does not stagger the terms of the committee members, and expands the number of term-limited members to four of the committee’s seven members. Unstaggered and limited terms for a majority of the committee members would leave the committee highly vulnerable to the loss of expertise accumulated by citizen and business representatives and inhibit the work of this committee.