Iowa Code 12D.2 – Creation of Iowa educational savings plan trust
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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.
Terms Used In Iowa Code 12D.2
- Administrative fund: means the administrative fund established under section 12D. See Iowa Code 12D.1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- Program fund: means the program fund established under section 12D. See Iowa Code 12D.1
- property: includes personal and real property. See Iowa Code 4.1
- Qualified education expenses: includes expenses for the participation in an apprenticeship program registered and certified with the United States secretary of labor under section 1 of the National Apprenticeship Act, 29 U. See Iowa Code 12D.1
- Qualified educational institution: means an institution of higher education, or any elementary or secondary public, private, or religious school described in section 529(c)(7) of the Internal Revenue Code. See Iowa Code 12D.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- State agency: means a board, department, commission or authority of or acting on behalf of the state having the power to enter into contracts with or without the approval of the executive council to acquire property in its own name or in the name of the state. See Iowa Code 7D.34
- trust: means the trust created under section 12D. See Iowa Code 12D.1
- Trustee: A person or institution holding and administering property in trust.
2. Enter into agreements with any qualified educational institution, 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 qualified education expenses 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 qualified educational institutions, 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.
15. Administer the funds of the trust.
16. Adopt rules pursuant to chapter 17A for the administration of the trust.