2023 Vermont Statutes › Title 16 - Education › Chapter 87 - Grants, Scholarships, and Education Loan Programs › § 2877. Vermont Higher Education Investment Plan created

§ 2877. Vermont Higher Education Investment Plan created
(a) There is created a program of the State to be known as the Vermont Higher Education Investment Plan and a trust for that purpose to be administered by the Vermont Student Assistance Corporation as an instrumentality of the State. The program may consist of one or more different investment plans, including one or more plans that may be offered to a participant only with the assistance of a qualified financial advisor.
(b) In order to establish and administer the Investment Plan, the Corporation, in addition to its other powers and authority, shall have the power and authority to:
(1) Develop and implement educational programs and related informational materials for participants and their families. Special efforts shall be made to contact families with young children and to reach individuals whose access to higher education opportunities has been limited.
(2) Enter into agreements with any approved postsecondary education institution, the State, or any federal or other agency or entity as required for the operation of an Investment Plan pursuant to this subchapter.
(3) Accept any grants, gifts, legislative appropriations, and other monies from the State; any unit of federal, State, or local government; or any other person, firm, partnership, or corporation for contribution to the account of the Investment Plan, or for the operation or other related purposes of the Corporation.
(4) Invest the funds received from participants in appropriate investment vehicles approved and held in trust for participants by the Corporation as selected by the participants, including education loans made by the Corporation.
(5) Enter into participation agreements with participants.
(6) Develop and use two or more types of participation agreements to provide a range of investment options for participants.
(7) Make payments as directed by the participants pursuant to participation agreements.
(8) Make refunds to participants upon the termination of participation agreements pursuant to the provisions, limitations, and restrictions set forth in this subchapter and the rules, policies, and procedures adopted by the Corporation.
(9) Make provision for the payment of costs of administration and operation of an Investment Plan subject to the limitations on charges on participation agreements established in subdivision 2878(5) of this title.
(10) Adopt rules, policies, and procedures to implement this subchapter and take all necessary action to ensure an Investment Plan is in conformance with the Internal Revenue Code and other applicable law.
(11) Effectuate and carry out all of the powers granted by this subchapter, and have all other powers necessary to carry out and effectuate the purposes, objectives, and provisions of this subchapter pertaining to the Investment Plan Program, including the power to:
(A) carry out studies and projections in order to advise participants regarding present and estimated future postsecondary education costs and levels of financial participation in the Plan required in order to enable participants to achieve their educational funding objectives; and
(B) procure insurance, guarantees, or other protections against any loss in connection with the assets or activities of the investment plan. (Added 1997, No. 79 (Adj. Sess.), § 1, eff. July 1, 1997; amended 2001, No. 58, § 4, eff. June 16, 2001; 2013, No. 92 (Adj. Sess.), § 190, eff. Feb. 14, 2014; 2019, No. 154 (Adj. Sess.), § E.605.4, eff. Oct. 2, 2020.)