164A.330 Participation agreements for savings plan trust -- Confidentiality of information. The savings plan trust shall have the authority to enter into participation agreements with <br>participants on behalf of beneficiaries pursuant to the following terms and agreements: <br>(1) Each participation agreement shall require a participant to agree to invest a specific amount of money in the trust for a specific period of time for the benefit of a <br>specific beneficiary. Participation agreements may be amended to provide for <br>adjusted levels of contributions based upon changed circumstances or changes in <br>educational plans and may contain penalties for failure to make contributions when <br>scheduled; (2) Notwithstanding the provisions of subsection (1) of this section, participants may elect to enter into a lump-sum contribution participation agreement in connection <br>with which a single, lump-sum contribution is made by the participant for the <br>benefit of a beneficiary; (3) Execution of a participation agreement by the trust shall not guarantee in any way that higher education costs will be equal to projections and estimates provided by <br>the trust or that the beneficiary named in any participation agreement will: <br>(a) Be admitted to an institution of higher education; <br>(b) If admitted, be determined a resident for tuition purposes by the institution of higher education, unless the participation agreement is vested; (c) Be allowed to continue attendance at the institution of higher education following admission; or (d) Graduate from the institution of higher education; (4) Beneficiaries may be changed as permitted by the rules and regulations of the board upon written request of the participant provided, however, that the substitute <br>beneficiary shall be eligible; (5) Participation agreements shall be freely amended throughout their terms in order to enable participants to increase or decrease the level of participation, change the <br>designation of beneficiaries, and carry out similar matters; (6) Each participation agreement shall provide that for vested participation agreements, the beneficiary shall be considered a resident of the Commonwealth for tuition <br>purposes if the beneficiary enrolls in an institution of higher education in Kentucky; (7) Each participation agreement shall provide that it may be canceled under the terms and conditions, including payment of the fees and costs, set forth in the rules and <br>regulations promulgated by the board; (8) The participation agreement shall ensure that contributions made pursuant to subsections (1) and (2) of this section shall not be made in real or personal property <br>other than cash and shall not exceed the anticipated higher education costs of the <br>beneficiary; (9) The participation agreement shall provide that the participant and the beneficiary shall not directly or indirectly or otherwise control the investment of contributions <br>or earnings on contributions; (10) Information obtained from a participant or a beneficiary and other personally identifiable records made by the trust in the administration of this chapter shall not <br>be published or be open for public inspection pursuant to KRS 61.870 to 61.884, <br>except as provided below: <br>(a) Upon written request, a participant or beneficiary or his legal representative shall be entitled to be advised of the aggregate balance of contributions and <br>earnings for all participation agreements that designate that same beneficiary; (b) Information may be made available to public employees in the performance of their duties, but the agency receiving the information shall assure the <br>confidentiality, as provided for in this section, of all information so released; (c) Statistical information derived from information and records obtained or made by the trust may be published, if it in no way reveals the identity of any <br>participant or beneficiary; and (d) Nothing in this section shall preclude the program administrator or any employee of the board from testifying or introducing as evidence information <br>or records obtained or made by the trust in any proceeding under this chapter, <br>in an action to which the trust is a party, or upon order of a court. Effective: July 14, 2000 <br>History: Amended 2000 Ky. Acts ch. 382, sec. 5, effective July 14, 2000. -- Amended 1998 Ky. Acts ch. 132, sec. 4, effective March 26, 1998. -- Amended 1996 Ky. Acts <br>ch. 11, sec. 2, effective July 15, 1996. -- Amended 1992 Ky. Acts ch. 190, sec. 7, <br>effective July 14, 1992. -- Created 1988 Ky. Acts ch. 88, sec. 7, effective July 15, <br>1988.
164A.330 Participation agreements for savings plan trust -- Confidentiality of information. The savings plan trust shall have the authority to enter into participation agreements with <br>participants on behalf of beneficiaries pursuant to the following terms and agreements: <br>(1) Each participation agreement shall require a participant to agree to invest a specific amount of money in the trust for a specific period of time for the benefit of a <br>specific beneficiary. Participation agreements may be amended to provide for <br>adjusted levels of contributions based upon changed circumstances or changes in <br>educational plans and may contain penalties for failure to make contributions when <br>scheduled; (2) Notwithstanding the provisions of subsection (1) of this section, participants may elect to enter into a lump-sum contribution participation agreement in connection <br>with which a single, lump-sum contribution is made by the participant for the <br>benefit of a beneficiary; (3) Execution of a participation agreement by the trust shall not guarantee in any way that higher education costs will be equal to projections and estimates provided by <br>the trust or that the beneficiary named in any participation agreement will: <br>(a) Be admitted to an institution of higher education; <br>(b) If admitted, be determined a resident for tuition purposes by the institution of higher education, unless the participation agreement is vested; (c) Be allowed to continue attendance at the institution of higher education following admission; or (d) Graduate from the institution of higher education; (4) Beneficiaries may be changed as permitted by the rules and regulations of the board upon written request of the participant provided, however, that the substitute <br>beneficiary shall be eligible; (5) Participation agreements shall be freely amended throughout their terms in order to enable participants to increase or decrease the level of participation, change the <br>designation of beneficiaries, and carry out similar matters; (6) Each participation agreement shall provide that for vested participation agreements, the beneficiary shall be considered a resident of the Commonwealth for tuition <br>purposes if the beneficiary enrolls in an institution of higher education in Kentucky; (7) Each participation agreement shall provide that it may be canceled under the terms and conditions, including payment of the fees and costs, set forth in the rules and <br>regulations promulgated by the board; (8) The participation agreement shall ensure that contributions made pursuant to subsections (1) and (2) of this section shall not be made in real or personal property <br>other than cash and shall not exceed the anticipated higher education costs of the <br>beneficiary; (9) The participation agreement shall provide that the participant and the beneficiary shall not directly or indirectly or otherwise control the investment of contributions <br>or earnings on contributions; (10) Information obtained from a participant or a beneficiary and other personally identifiable records made by the trust in the administration of this chapter shall not <br>be published or be open for public inspection pursuant to KRS 61.870 to 61.884, <br>except as provided below: <br>(a) Upon written request, a participant or beneficiary or his legal representative shall be entitled to be advised of the aggregate balance of contributions and <br>earnings for all participation agreements that designate that same beneficiary; (b) Information may be made available to public employees in the performance of their duties, but the agency receiving the information shall assure the <br>confidentiality, as provided for in this section, of all information so released; (c) Statistical information derived from information and records obtained or made by the trust may be published, if it in no way reveals the identity of any <br>participant or beneficiary; and (d) Nothing in this section shall preclude the program administrator or any employee of the board from testifying or introducing as evidence information <br>or records obtained or made by the trust in any proceeding under this chapter, <br>in an action to which the trust is a party, or upon order of a court. Effective: July 14, 2000 <br>History: Amended 2000 Ky. Acts ch. 382, sec. 5, effective July 14, 2000. -- Amended 1998 Ky. Acts ch. 132, sec. 4, effective March 26, 1998. -- Amended 1996 Ky. Acts <br>ch. 11, sec. 2, effective July 15, 1996. -- Amended 1992 Ky. Acts ch. 190, sec. 7, <br>effective July 14, 1992. -- Created 1988 Ky. Acts ch. 88, sec. 7, effective July 15, <br>1988.
164A.330 Participation agreements for savings plan trust -- Confidentiality of information. The savings plan trust shall have the authority to enter into participation agreements with <br>participants on behalf of beneficiaries pursuant to the following terms and agreements: <br>(1) Each participation agreement shall require a participant to agree to invest a specific amount of money in the trust for a specific period of time for the benefit of a <br>specific beneficiary. Participation agreements may be amended to provide for <br>adjusted levels of contributions based upon changed circumstances or changes in <br>educational plans and may contain penalties for failure to make contributions when <br>scheduled; (2) Notwithstanding the provisions of subsection (1) of this section, participants may elect to enter into a lump-sum contribution participation agreement in connection <br>with which a single, lump-sum contribution is made by the participant for the <br>benefit of a beneficiary; (3) Execution of a participation agreement by the trust shall not guarantee in any way that higher education costs will be equal to projections and estimates provided by <br>the trust or that the beneficiary named in any participation agreement will: <br>(a) Be admitted to an institution of higher education; <br>(b) If admitted, be determined a resident for tuition purposes by the institution of higher education, unless the participation agreement is vested; (c) Be allowed to continue attendance at the institution of higher education following admission; or (d) Graduate from the institution of higher education; (4) Beneficiaries may be changed as permitted by the rules and regulations of the board upon written request of the participant provided, however, that the substitute <br>beneficiary shall be eligible; (5) Participation agreements shall be freely amended throughout their terms in order to enable participants to increase or decrease the level of participation, change the <br>designation of beneficiaries, and carry out similar matters; (6) Each participation agreement shall provide that for vested participation agreements, the beneficiary shall be considered a resident of the Commonwealth for tuition <br>purposes if the beneficiary enrolls in an institution of higher education in Kentucky; (7) Each participation agreement shall provide that it may be canceled under the terms and conditions, including payment of the fees and costs, set forth in the rules and <br>regulations promulgated by the board; (8) The participation agreement shall ensure that contributions made pursuant to subsections (1) and (2) of this section shall not be made in real or personal property <br>other than cash and shall not exceed the anticipated higher education costs of the <br>beneficiary; (9) The participation agreement shall provide that the participant and the beneficiary shall not directly or indirectly or otherwise control the investment of contributions <br>or earnings on contributions; (10) Information obtained from a participant or a beneficiary and other personally identifiable records made by the trust in the administration of this chapter shall not <br>be published or be open for public inspection pursuant to KRS 61.870 to 61.884, <br>except as provided below: <br>(a) Upon written request, a participant or beneficiary or his legal representative shall be entitled to be advised of the aggregate balance of contributions and <br>earnings for all participation agreements that designate that same beneficiary; (b) Information may be made available to public employees in the performance of their duties, but the agency receiving the information shall assure the <br>confidentiality, as provided for in this section, of all information so released; (c) Statistical information derived from information and records obtained or made by the trust may be published, if it in no way reveals the identity of any <br>participant or beneficiary; and (d) Nothing in this section shall preclude the program administrator or any employee of the board from testifying or introducing as evidence information <br>or records obtained or made by the trust in any proceeding under this chapter, <br>in an action to which the trust is a party, or upon order of a court. Effective: July 14, 2000 <br>History: Amended 2000 Ky. Acts ch. 382, sec. 5, effective July 14, 2000. -- Amended 1998 Ky. Acts ch. 132, sec. 4, effective March 26, 1998. -- Amended 1996 Ky. Acts <br>ch. 11, sec. 2, effective July 15, 1996. -- Amended 1992 Ky. Acts ch. 190, sec. 7, <br>effective July 14, 1992. -- Created 1988 Ky. Acts ch. 88, sec. 7, effective July 15, <br>1988.
