Louisiana Revised Statutes 17:3100.3 – Louisiana Tuition Trust Authority; administration; powers
Terms Used In Louisiana Revised Statutes 17:3100.3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means the Louisiana Tuition Trust Authority. See Louisiana Revised Statutes 17:3100.2
- 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
- Beneficiary: means a person designated in an education savings account owner's agreement, or by the authority when authorized by an account owner meeting the classification requirements of Louisiana Revised Statutes 17:3100.2
- Education savings account: is a savings account established by an individual, a group of individuals, or an organization pursuant to the program created by this Chapter for a beneficiary. See Louisiana Revised Statutes 17:3100.2
A. The START K12 Program shall be administered by the authority.
B. In addition to any other powers conferred by this Chapter or any other provision of law, the authority may do any of the following:
(1) Purchase insurance from insurers licensed to do business in this state providing for coverage against any loss in connection with the authority’s property, assets, or activities or to further ensure the value of education savings accounts.
(2) Indemnify or purchase policies on behalf of members, officers, and employees of the authority from insurers licensed to do business in this state providing for coverage for any liability incurred in connection with any civil action, demand, or claim against a director, officer, or employee by reason of an act or omission by the director, officer, or employee that was not manifestly outside the scope of his employment or official duties or with malicious purpose, in bad faith, or in a wanton or reckless manner.
(3) Make, execute, and deliver contracts, conveyances, and other instruments necessary to the exercise and discharge of the powers and duties of the authority.
(4) Promote, advertise, and publicize the program.
(5) Enter into agreements with any agency of the state or its political subdivisions or with private employers under which an employee may agree to have a designated amount deducted in each payroll period from the wages or salary due him for the purpose of depositing said funds in the education savings account established by the employee.
(6) Solicit, accept, and expend gifts or grants.
C.(1) The authority shall, by adoption of rules pursuant to the Administrative Procedure Act, provide for the following:
(a) Reasonable residency requirements for beneficiaries of those applying to establish an education savings account.
(b) Reasonable limits on the number of education savings account participants.
(c) Limits on the amount which may accrue in an account on behalf of any beneficiary.
(d) Restrictions on the substitution of one beneficiary for another.
(e) Restrictions on the transfer of ownership of education savings accounts.
(f) The rate of interest to be paid on education savings accounts of record at the close of a calendar year. Such rate shall not be a negative rate and shall be approved by the state treasurer.
(g) The disposition of abandoned accounts in compliance with state law.
(h) Restrictions on investment of deposits in an education savings account and the interest earned thereon.
(i) A procedure for the authority to identify qualified students for designation as beneficiary when authorized to make such a designation by an account owner meeting the classification requirements of La. Rev. Stat. 17:3100.6(A)(1)(e).
(2) The authority may, but only by adoption of rules pursuant to the Administrative Procedure Act, provide for any of the following:
(a) Necessary and proper fees in connection with service provided or cost incurred in the implementation or administration of this Chapter.
(b) Such other rules as are necessary and proper for the implementation and administration of this Chapter.
Acts 2018, No. 687, §2, eff. May 30, 2018.