CHAPTER 8. INDIANA FAMILY COLLEGE SAVINGS TRUST PROGRAM

IC 21-9-8
    Chapter 8. Indiana Family College Savings Trust Program

IC 21-9-8-1
College choice plan; administration of trust funds
    Sec. 1. (a) The board shall establish a trust program known as thecollege choice plan.
    (b) The board shall administer any trust fund established underthis article, including the college choice plan, in a manner designedto be actuarially sound, so that the assets of the trust fund aresufficient to defray the obligations of the trust fund, including theprogram account.
As added by P.L.165-1996, SEC.1. Amended by P.L.135-2002,SEC.27.

IC 21-9-8-2
Deposits of money; division of trust fund into separate accounts
    Sec. 2. (a) The money received under the trust program, includingthe college choice plan, by the authority from account owners andcontributors for the benefit of account beneficiaries shall bedeposited in the program account.
    (b) Any appropriations made by the general assembly for:
        (1) operating, administrative, and capital expenses;
        (2) benefits and incentives; or
        (3) any other purpose related to the trust program or the trustfund;
shall be deposited in the administrative account.
    (c) The money received under the trust program by the authorityby gift, bequest, donation, or devise or from a source that is notdescribed in subsection (a) or (b) shall be deposited:
        (1) in the endowment fund for the benefit of the trust program;or
        (2) to individual accounts as determined by the board to beappropriate.
    (d) The board may divide the trust fund into further separateaccounts. The accounts of the trust fund may be divided into separatesubaccounts as the board may determine periodically.
As added by P.L.165-1996, SEC.1. Amended by P.L.135-2002,SEC.28.