Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 6 - POSTSECONDARY EDUCATION - FINANCIAL ASSISTANCE PROGRAMS (§§ 6-80-101 — 6-85-604) › Chapter 84 - TAX-DEFERRED TUITION SAVINGS PROGRAM (§§ 6-84-101 — 6-84-114) › Section 6-84-105 - Administration - Authority - Powers

(a)
This chapter shall be administered by the Section 529 Plan Review Committee, which shall be composed of:
(1)
The Commissioner of the Division of Higher Education;
(2)
The Executive Director of the Arkansas Teacher Retirement System; and
(3)
The Treasurer of State.
(b)
The committee shall adopt such rules as it deems necessary and proper to administer this chapter and to ensure the compliance of the Arkansas Brighter Future Fund Plan with
26 U.S.C. § 529
, as in effect on January 1, 2020.
(c)
The committee shall have the following powers, duties, and functions:
(1)
To establish, develop, implement, and maintain the plan in a manner consistent with the provisions of this chapter and
26 U.S.C. § 529
, as in effect on January 1, 2020, and to obtain the benefits provided by
26 U.S.C. § 529
for the plan, account owners, and designated beneficiaries;
(2)
To adopt rules for the general administration of the plan;
(3)
To maintain, invest, and reinvest the funds contributed into the plan consistent with the investment restrictions established by the committee and the standard of care described in the prudent investor rule under §
24-2-610
; and
(4)
(A)
To make and enter into any and all contracts, agreements, or arrangements and to retain, employ, and contract for the services of financial institutions, depositories, consultants, broker dealers, investment advisors or managers, third-party plan administrators, and research, technical, and other services necessary or desirable for carrying out the purposes of this chapter.
(B)
Contracts entered into by the committee may be for a term of from one (1) to ten (10) years.
(d)
The Treasurer of State shall provide office space, staff, and materials for the committee.
(e)
A member of the committee may expend funds appropriated for the member of the committee to provide the following for the benefit of the plan:
(1)
Office space;
(2)
Staffing;
(3)
Materials;
(4)
Marketing;
(5)
Education;
(6)
Financial literacy programs; and
(7)
Outreach measures.
Amended by Act 2023, No. 786,§ 27, eff. 4/12/2023.
Amended by Act 2021, No. 966,§ 8, eff. 7/28/2021.
Amended by Act 2019, No. 315,§ 414, eff. 7/24/2019.
Amended by Act 2019, No. 315,§ 413, eff. 7/24/2019.
Amended by Act 2019, No. 910,§ 2123, eff. 7/1/2019.
Amended by Act 2018EX2, No. 15,§ 2, eff. for tax years beginning on or after 1/1/2018.
Amended by Act 2018EX2, No. 8,§ 2, eff. 1/1/2018.
Amended by Act 2017, No. 884,§ 7, eff. 8/1/2017.
Amended by Act 2017, No. 884,§ 6, eff. 8/1/2017.
Amended by Act 2017, No. 547,§ 1, eff. 3/21/2017.
Amended by Act 2017, No. 155,§ 3, eff. for tax years beginning on and after 1/1/2015.
Amended by Act 2017, No. 155,§ 2, eff. for tax years beginning on and after 1/1/2015.
Amended by Act 2015, No. 580,§ 7, eff. for tax years beginning on or after January 1, 2014.
Amended by Act 2015, No. 580,§ 6, eff. for tax years beginning on or after January 1, 2014.
Acts 1999, No. 996, §§ 5, 6; 2003, No. 515, § 1; 2007, No. 218, § 3; 2011, No. 787, § 3.