Sec. 3-22h. Trust authority of the Treasurer.
Sec. 3-22h. Trust authority of the Treasurer. The Treasurer, on behalf of the
trust and for purposes of the trust, may:
(1) Receive and invest moneys in the trust in any instruments, obligations, securities
or property in accordance with section 3-22i;
(2) Establish consistent terms for each participation agreement, bulk deposit, coupon or installment payments, including, but not limited to, (A) the method of payment
into the trust by payroll deduction, transfer from bank accounts or otherwise, (B) the
termination, withdrawal or transfer of payments under the trust, including transfers to
or from a qualified tuition program established by another state pursuant to Section
529 of the Internal Revenue Code, (C) penalties for distributions not used or made in
accordance with Section 529(b)(3) of the Internal Revenue Code, (D) changing of the
identity of the designated beneficiary and (E) any charges or fees in connection with
the administration of the trust;
(3) Enter into one or more contractual agreements, including contracts for legal,
actuarial, accounting, custodial, advisory, management, administrative, advertising,
marketing and consulting services for the trust and pay for such services from the gains
and earnings of the trust;
(4) Procure insurance in connection with the trust's property, assets, activities, or
deposits or contributions to the trust;
(5) Apply for, accept and expend gifts, grants, or donations from public or private
sources to enable the trust to carry out its objectives;
(6) Adopt regulations in accordance with chapter 54 for purposes of sections 3-22f
to 3-22o, inclusive;
(7) Sue and be sued;
(8) Establish one or more funds within the trust and maintain separate accounts for
each designated beneficiary; and
(9) Take any other action necessary to carry out the purposes of sections 3-22f to
3-22o, inclusive, and incidental to the duties imposed on the Treasurer pursuant to said
sections.
(P.A. 97-224, S. 3, 12.)
History: P.A. 97-224 effective July 1, 1997.