Virginia § 23.1-707.1 - Prepaid tuition contracts; pricing reserves; limitations
Full text of Virginia Code of Virginia § 23.1-707.1 — Prepaid tuition contracts; pricing reserves; limitations, with citation guidance and answers to common questions.
§ 23.1-707.1. Prepaid tuition contracts; pricing reserves; limitations
A. As used in this section:
"Funded status" means the ratio of the assets of the Plan to the actuarially estimated value of tuition obligations of the Plan, expressed as a percentage.
"Pricing reserve" means the percentage by which the actuarially determined prepaid tuition contract price exceeds the amount estimated to meet the actuarially determined tuition obligation for such prepaid tuition contract.
B. In the event that the funded status of the Plan meets or exceeds 105 percent, the pricing reserve shall not exceed five percent.
C. In the event that the funded status of the Plan does not meet or exceed 105 percent, the pricing reserve may exceed five percent but shall not exceed 10 percent.
D. The board shall provide to the House Committee on Appropriations, the Senate Committee on Finance and Appropriations, and the Joint Legislative Audit and Review Commission written notification and a detailed explanation of any change to the pricing reserve within 30 days of such change.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 23.1-707.1
What does Code of Virginia § 23.1-707.1 cover?
Section 23.1-707.1 ("Prepaid tuition contracts; pricing reserves; limitations") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 23.1-707.1?
A common citation format is "Code of Virginia § 23.1-707.1" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 23.1-707.1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.