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House amends higher‑education savings program rules; sponsor highlights fund size
Summary
House Bill 102 makes technical changes to the Higher Education Savings Incentive Plan; sponsor Scott Wyatt noted the program holds nearly $1 billion, with 92% invested by non‑residents, and the bill clarifies operations such as hiring investment advisers under state procurement rules. The House passed the bill unanimously.
House Bill 102, amendments to the Higher Education Savings Incentive Program, passed the House on Feb. 15 after brief floor discussion.
Sponsor Scott Wyatt said the program "has nearly a billion dollars invested in it" and that "92% of that money is from people outside of the state," saying the program’s strong management benefits Utah participants. Wyatt described the bill as minor "tweaking changes" to run the program more efficiently and said the commissioner’s office supports the amendments. Wyatt also noted the bill allows the board to retain investment advisers under normal state hiring requirements.
Representative Moss and others praised Lynn Ward, director of the program, and several representatives said they personally invest in the plan. The bill passed with a recorded 71 yes votes, 0 no votes, and will be referred to the Senate for further action.
Next steps: the bill as passed will be transmitted to the Senate for consideration.
