12D.2 CREATION OF IOWA EDUCATIONAL SAVINGS PLAN
TRUST.
An Iowa educational savings plan trust is created. The treasurer
of state is the trustee of the trust, and has all powers necessary to
carry out and effectuate the purposes, objectives, and provisions of
this chapter pertaining to the trust, including the power to do all
of the following:
1. Make and enter into contracts necessary for the administration
of the trust created under this chapter.
2. Enter into agreements with any institution of higher
education, the state, or any federal or other state agency, or other
entity as required to implement this chapter.
3. Carry out the duties and obligations of the trust pursuant to
this chapter.
4. Accept any grants, gifts, legislative appropriations, and
other moneys from the state, any unit of federal, state, or local
government, or any other person, firm, partnership, or corporation
which the treasurer of state shall deposit into the administrative
fund or the program fund.
5. Carry out studies and projections so the treasurer of state
may advise participants regarding present and estimated future higher
education costs and levels of financial participation in the trust
required in order to enable participants to achieve their educational
funding objectives.
6. Participate in any federal, state, or local governmental
program for the benefit of the trust.
7. Procure insurance against any loss in connection with the
property, assets, or activities of the trust.
8. Enter into participation agreements with participants.
9. Make payments to institutions of higher education,
participants, or beneficiaries, pursuant to participation agreements
on behalf of beneficiaries.
10. Make refunds to participants upon the termination of
participation agreements, and partial nonqualified distributions to
participants, pursuant to the provisions, limitations, and
restrictions set forth in this chapter.
11. Invest moneys from the program fund in any investments which
are determined by the treasurer of state to be appropriate.
12. Engage investment advisors, if necessary, to assist in the
investment of trust assets.
13. Contract for goods and services and engage personnel as
necessary, including consultants, actuaries, managers, legal counsel,
and auditors for the purpose of rendering professional, managerial,
and technical assistance and advice to the treasurer of state
regarding trust administration and operation.
14. Establish, impose, and collect administrative fees and
charges in connection with transactions of the trust, and provide for
reasonable service charges, including penalties for cancellations and
late payments with respect to participation agreements.
15. Administer the funds of the trust.
16. Adopt rules pursuant to chapter 17A for the administration of
the trust.
Section History: Recent Form
98 Acts, ch 1172, §2; 99 Acts, ch 114, §1; 99 Acts, ch 122, §1,
10; 2004 Acts, ch 1079, §2--6, 17
Referred to in §12D.1
12D.2 CREATION OF IOWA EDUCATIONAL SAVINGS PLAN
TRUST.
An Iowa educational savings plan trust is created. The treasurer
of state is the trustee of the trust, and has all powers necessary to
carry out and effectuate the purposes, objectives, and provisions of
this chapter pertaining to the trust, including the power to do all
of the following:
1. Make and enter into contracts necessary for the administration
of the trust created under this chapter.
2. Enter into agreements with any institution of higher
education, the state, or any federal or other state agency, or other
entity as required to implement this chapter.
3. Carry out the duties and obligations of the trust pursuant to
this chapter.
4. Accept any grants, gifts, legislative appropriations, and
other moneys from the state, any unit of federal, state, or local
government, or any other person, firm, partnership, or corporation
which the treasurer of state shall deposit into the administrative
fund or the program fund.
5. Carry out studies and projections so the treasurer of state
may advise participants regarding present and estimated future higher
education costs and levels of financial participation in the trust
required in order to enable participants to achieve their educational
funding objectives.
6. Participate in any federal, state, or local governmental
program for the benefit of the trust.
7. Procure insurance against any loss in connection with the
property, assets, or activities of the trust.
8. Enter into participation agreements with participants.
9. Make payments to institutions of higher education,
participants, or beneficiaries, pursuant to participation agreements
on behalf of beneficiaries.
10. Make refunds to participants upon the termination of
participation agreements, and partial nonqualified distributions to
participants, pursuant to the provisions, limitations, and
restrictions set forth in this chapter.
11. Invest moneys from the program fund in any investments which
are determined by the treasurer of state to be appropriate.
12. Engage investment advisors, if necessary, to assist in the
investment of trust assets.
13. Contract for goods and services and engage personnel as
necessary, including consultants, actuaries, managers, legal counsel,
and auditors for the purpose of rendering professional, managerial,
and technical assistance and advice to the treasurer of state
regarding trust administration and operation.
14. Establish, impose, and collect administrative fees and
charges in connection with transactions of the trust, and provide for
reasonable service charges, including penalties for cancellations and
late payments with respect to participation agreements.
15. Administer the funds of the trust.
16. Adopt rules pursuant to chapter 17A for the administration of
the trust.
Section History: Recent Form
98 Acts, ch 1172, §2; 99 Acts, ch 114, §1; 99 Acts, ch 122, §1,
10; 2004 Acts, ch 1079, §2--6, 17
Referred to in §12D.1
12D.2 CREATION OF IOWA EDUCATIONAL SAVINGS PLAN
TRUST.
An Iowa educational savings plan trust is created. The treasurer
of state is the trustee of the trust, and has all powers necessary to
carry out and effectuate the purposes, objectives, and provisions of
this chapter pertaining to the trust, including the power to do all
of the following:
1. Make and enter into contracts necessary for the administration
of the trust created under this chapter.
2. Enter into agreements with any institution of higher
education, the state, or any federal or other state agency, or other
entity as required to implement this chapter.
3. Carry out the duties and obligations of the trust pursuant to
this chapter.
4. Accept any grants, gifts, legislative appropriations, and
other moneys from the state, any unit of federal, state, or local
government, or any other person, firm, partnership, or corporation
which the treasurer of state shall deposit into the administrative
fund or the program fund.
5. Carry out studies and projections so the treasurer of state
may advise participants regarding present and estimated future higher
education costs and levels of financial participation in the trust
required in order to enable participants to achieve their educational
funding objectives.
6. Participate in any federal, state, or local governmental
program for the benefit of the trust.
7. Procure insurance against any loss in connection with the
property, assets, or activities of the trust.
8. Enter into participation agreements with participants.
9. Make payments to institutions of higher education,
participants, or beneficiaries, pursuant to participation agreements
on behalf of beneficiaries.
10. Make refunds to participants upon the termination of
participation agreements, and partial nonqualified distributions to
participants, pursuant to the provisions, limitations, and
restrictions set forth in this chapter.
11. Invest moneys from the program fund in any investments which
are determined by the treasurer of state to be appropriate.
12. Engage investment advisors, if necessary, to assist in the
investment of trust assets.
13. Contract for goods and services and engage personnel as
necessary, including consultants, actuaries, managers, legal counsel,
and auditors for the purpose of rendering professional, managerial,
and technical assistance and advice to the treasurer of state
regarding trust administration and operation.
14. Establish, impose, and collect administrative fees and
charges in connection with transactions of the trust, and provide for
reasonable service charges, including penalties for cancellations and
late payments with respect to participation agreements.
15. Administer the funds of the trust.
16. Adopt rules pursuant to chapter 17A for the administration of
the trust.
Section History: Recent Form
98 Acts, ch 1172, §2; 99 Acts, ch 114, §1; 99 Acts, ch 122, §1,
10; 2004 Acts, ch 1079, §2--6, 17
Referred to in §12D.1
