Michigan Laws 390.1485 – Annual report
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 390.1485
- Board: means the board of directors of the Michigan education trust described in section 10 of the Michigan education trust act, 1986 PA 316, MCL 390. See Michigan Laws 390.1472
- Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
- Program: means the Michigan education savings program established pursuant to this act. See Michigan Laws 390.1472
- Program manager: means an entity selected by the treasurer to act as a manager of 1 or more of the savings plans offered under the program. See Michigan Laws 390.1472
- Qualified withdrawal: means a distribution that is not subject to a penalty or an excise tax under section 529 of the internal revenue code, a penalty under this act, or taxation under the income tax act of 1967, 1967 PA 281, MCL 206. See Michigan Laws 390.1472
- Treasurer: means the state treasurer. See Michigan Laws 390.1472
Each program manager shall file an annual report with the treasurer and the board that includes all of the following:
(a) The names and identification numbers of account owners, designated beneficiaries, and distributees of family tuition accounts. The information reported pursuant to this subdivision is not subject to the freedom of information act, 1976 PA 442, MCL 15.231 to 15.246.
(b) The total amount contributed to all accounts during the year.
(c) All distributions from all accounts and whether or not each distribution was a qualified withdrawal.
(d) Any information that the program manager or treasurer may require regarding the taxation of amounts contributed to or withdrawn from accounts.