State Codes and Statutes

Statutes > Nebraska > Chapter85 > 85-1804

85-1804. Nebraska educationalsavings plan trust; created; State Treasurer; Nebraska Investment Council;powers and duties.The Nebraska educational savingsplan trust is created. The State Treasurer is the trustee of the trust andas such is responsible for the administration, operation, and maintenanceof the program and has all powers necessary to carry out and effectuate thepurposes, objectives, and provisions of sections 85-1801 to 85-1814 pertainingto the administration, operation, and maintenance of the trust and program,except that the state investment officer shall have fiduciary responsibilityto make all decisions regarding the investment of the money in the administrativefund, expense fund, and programfund, including the selection of all investment options and the approval ofall fees and other costs charged to trust assets except costs for administration,operation, and maintenance of the trust as appropriated by the Legislature,pursuant to the directions, guidelines, and policies established by the NebraskaInvestment Council. The State Treasurer may adopt and promulgate rules andregulations to provide for the efficient administration, operation, and maintenanceof the trust and program. The State Treasurer shall not adopt and promulgaterules and regulations that in any way interfere with the fiduciary responsibilityof the state investment officer to make all decisions regarding the investmentof money in the administrative fund, expense fund, andprogram fund. The State Treasurer or his or her designee shall have the powerto:(1) Enter into agreements with any institution of higher education,the state, any federal or other state agency, or any other entity to implementsections 85-1801 to 85-1814, except agreements which pertain to the investmentof money in the administrative fund, expense fund, orprogram fund;(2) Carry out the duties and obligations of the trust;(3) Carry out studies andprojections to advise participants regarding present and estimated futurehigher education costs and levels of financial participation in the trustrequired in order to enable participants to achieve their educational fundingobjectives;(4) Participate in any federal,state, or local governmental program for the benefit of the trust;(5) Procure insurance againstany loss in connection with the property, assets, or activities of the trustas provided in section 81-8,239.01;(6) Enterinto participation agreements with participants;(7) Make payments to institutionsof higher education pursuant to participation agreements on behalf of beneficiaries;(8) Make refunds to participantsupon the termination of participation agreements pursuant to the provisions,limitations, and restrictions set forth in sections 85-1801 to 85-1814;(9) Contract for goods andservices and engage personnel as necessary, including consultants, actuaries,managers, legal counsels, and auditors for the purpose of rendering professional,managerial, and technical assistance and advice regarding trust administrationand operation, except contracts which pertain to the investment of the administrative, expense, or program funds; and(10) Establish, impose, andcollect administrative fees and charges in connection with transactions ofthe trust, and provide for reasonable service charges, including penaltiesfor cancellations, refund penalties, and late payments with respect to participationagreements.The Nebraska Investment Council may adopt and promulgate rulesand regulations to provide for the prudent investment of the assets of thetrust. The council or its designee also has the authority to select and enterinto agreements with individuals and entities to provide investment adviceand management of the assets held by the trust, establish investment guidelines,objectives, and performance standards with respect to the assets held by thetrust, and approve any fees, commissions, and expenses, which directly orindirectly affect the return on assets. SourceLaws 2000, LB 1003, § 4; Laws 2001, LB 750, § 2; Laws 2003, LB 574, § 28; Laws 2010, LB197, § 4.Operative Date: July 1, 2010