195-H:4 College Tuition Savings Plan. –
I. (a) The treasurer shall, as needed, issue requests for proposals to evaluate and determine the vehicle for investments of the savings plan and its administration.
(b) The commission shall consider and, if appropriate, give preference to proposals best meeting the following criteria:
(1) Ability to administer financial programs with individual account maintenance and reporting.
(2) Ability to develop and administer an investment program of a nature similar to the objectives of the college tuition savings plan.
(3) Ability to augment the college tuition savings plan with other programs or informational services considered beneficial by the commission.
(c) The final selection of the vehicle for investments and its administration shall be made by the commission.
II. The commission shall determine and make recommendations regarding the use of personnel in the treasurer's office with costs for such administrative support to be funded from the savings plan.
III. The savings plan shall be on a "cash only" basis, and shall include provisions for automatic deductions.
IV. The savings plan shall be established in such form as shall be determined by the commission and may be established as a trust to be declared by the state treasurer. The savings plan or such trust may be divided into multiple investment portfolios. If so divided, and if distinct records are maintained for any such portfolio and the assets associated with any such portfolio are accounted for separately from the other assets of the trust, then the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to a particular portfolio shall be enforceable against the assets of such portfolio only, and not against the assets of the trust generally.
V. [Repealed.]
Source. 1997, 304:2. 1998, 150:3. 2007, 196:3, 4, eff. Aug. 17, 2007. 2011, 224:123, eff. July 1, 2011. 2013, 144:92, eff. July 1, 2013.