There is hereby created an instrumentality of the Commonwealth to be known as the Kentucky Educational Savings Plan Trust. The board, in the capacity of trustee, shall have the power and authority to:
(1) Sue and be sued;
(2) Make and enter into contracts necessary for the administration of the savings plan trust pursuant to KRS § 164A.300 to KRS § 164A.380;
(3) Adopt a corporate seal and to change and amend it from time to time;
(4) Invest moneys within the program fund in any investments determined by the board to be appropriate, notwithstanding any other statutory limitations contained in the Kentucky Revised Statutes, which are specifically determined to be inapplicable to the savings plan trust;
(5) Enter into agreements with any educational institution, the Commonwealth of Kentucky, or any federal or other state agency or other entity as required for the effectuation of its rights and duties pursuant to KRS § 164A.300 to KRS § 164A.380;
(6) Accept any grants, gifts, legislative appropriations, and other moneys from the Commonwealth, any unit of federal, state, or local government or any other person, firm, partnership, or corporation for deposit to the administrative fund or the program fund, which, in the case of any contributions from other than general funds of the Commonwealth, may be limited in application to definite classes of beneficiaries;
(7) Enter into participation agreements with participants;
(8) Make payments to an educational institution pursuant to participation agreements on behalf of beneficiaries;
(9) Make refunds to participants upon the termination of participation agreements pursuant to the provisions, limitations, and restrictions set forth in KRS § 164A.300 to KRS § 164A.380;
(10) Appoint a program administrator and to determine the duties of the program administrator and other staff as necessary and fix their compensation within the provisions of KRS Chapter 18A;
(11) Delegate to the program administrator general supervision and direction over the administrative function of the trust and its employees in carrying out the policies, programs, administrative regulations, and directives of the board;
(12) Make provision for the payment of costs of administration and operation of the savings plan trust;
(13) Carry out the duties and obligations of the savings plan trust pursuant to KRS
164A.300 to 164A.380 and to have any and all other powers as may be reasonably necessary for the effectuation of the purposes of the savings plan trust and KRS
164A.300 to 164A.380; and
(14) Promulgate administrative regulations to implement the provisions of KRS
164A.300 to 164A.380 consistent with the federal Internal Revenue Code and administrative regulations issued pursuant to that code.
Effective: July 14, 2018
History: Amended 2018 Ky. Acts ch. 137, sec. 2, effective July 14, 2018. — Amended
2000 Ky. Acts ch. 382, sec. 3, effective July 14, 2000. — Amended 1998 Ky. Acts ch.
132, sec. 2, effective March 26, 1998. — Amended 1992 Ky. Acts ch. 190, sec. 4, effective July 14, 1992. — Amended 1990 Ky. Acts ch. 321, sec. 9, effective July 13,
1990. — Created 1988 Ky. Acts ch. 88, sec. 3, effective July 15, 1988.