(a)  Funds contributed to the program shall be held in trust in a special account or accounts and shall not be co-mingled with any state funds appropriated by the general assembly for the support of or the programs administered by the executive office.

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Terms Used In Rhode Island General Laws 42-7.2-20.4

  • 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

(b)  There shall be separate accounting for each designated beneficiary.

(c)  Any designated beneficiary under such program may, directly or indirectly, direct the investment of any contributions to the program (or earnings thereon) no more than the allowable limit of 26 U.S.C. § 529A.

History of Section.
P.L. 2015, ch. 158, § 1; P.L. 2015, ch. 187, § 1.