Alaska Statutes 47.14.400 – Higher education savings program

(a) The department shall administer a program to encourage investment by a person or entity in the

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Terms Used In Alaska Statutes 47.14.400

Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
Contract: A legal written agreement that becomes binding when signed.
department: means the Department of Family and Community Services. See Alaska Statutes 47.14.990
Donor: The person who makes a gift.
person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060

(1) a central office, dedicated to faith-based and community services, for development and marketing of the program;

(2) a mechanism for the department to establish and maintain an education savings plan under Alaska Stat. § 14.40.802 – 14.40.817 for an eligible child who is a beneficiary of the program;

(3) a process for identifying donors and eligible beneficiaries;

(4) a process for distributing nonidentifying information about an eligible beneficiary to a potential donor, including the age, sex, and general location of the beneficiary, unless the information readily leads to the identification of the eligible beneficiary;

(5) terms and conditions for participation in the program that are consistent with the education savings plan restrictions and with federal law pertaining to education savings accounts; and

(6) a procedure for monitoring success of the program, for record keeping, and for maintaining confidentiality of records as required by federal and state law.

(b) A person is eligible for participation in the higher education savings program for children as a beneficiary if the person was ordered committed to the custody of the department under Alaska Stat. § 47.10.080 (c) or Alaska Stat. § 47.12.120 (b)(1) or (3), was placed in out-of-home care for not less than two years, and is a resident of the state.

(c) The commissioner of family and community services or the commissioner’s designee may name a new beneficiary to an existing college savings plan established under (a) of this section if the new designation is not prohibited under federal law or under the University of Alaska college savings plan and if the named beneficiary dies, fails to enroll in an eligible program before the beneficiary becomes 30 years of age, or fails to meet conditions established in regulations adopted by the commissioner of family and community services.

(d) Identifying information of a beneficiary contained in records related to the program is confidential.

(e) In this section,

(1) “beneficiary” has the meaning given in Alaska Stat. § 14.40.802;

(2) “college savings plan” means a postsecondary education savings program or advance college tuition savings contract established under Alaska Stat. § 14.40.802 – 14.40.817;

(3) “donor” means the person or entity who contributes to the education savings program for children for the purpose of establishing or contributing to an education savings plan established for a child under this section;

(4) “out-of-home care” means care at the residence or facility at which a child is placed by the state, and does not include care at the residence from which the child was removed;

(5) “education savings plan” means an education savings program established under Alaska Stat. § 14.40.802 – 14.40.817.

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