Find Legal Information

164A.325 Additional powers of board as to savings plan trust.

Download pdf

164A.325 Additional powers of board as to savings plan trust. In addition to effectuating and carrying out all of the powers granted by KRS 164A.300 to <br>164A.380, the board, as trustee, shall have all powers necessary to carry out and <br>effectuate the purposes, objectives, and provisions of KRS 164A.300 to 164A.380 <br>pertaining to the savings plan trust, including, but not limited to, the power to: <br>(1) Engage investment advisors to assist in the investment of savings plan trust assets; <br>(2) Carry out studies and projections in order to advise participants regarding present and estimated future higher education costs and levels of financial participation in <br>the trust required in order to enable participants to achieve their educational funding <br>objectives; (3) Contract, in accordance with the provisions of KRS 45A.345 to 45A.460 under KRS 45A.343, for goods and services and engage personnel as necessary, including <br>consultants, actuaries, managers, counsel, and auditors for the purpose of rendering <br>professional, managerial, and technical assistance and advice, all of which contract <br>obligations and services shall be payable from any moneys of the trust; (4) Participate in any other way in any federal, state, or local governmental program for the benefit of the savings plan trust; (5) Promulgate, impose, and collect administrative fees and charges in connection with transactions of the savings plan trust, and provide for reasonable service charges, <br>including penalties for cancellations and late payments in respect of participation <br>agreements; (6) Procure insurance against any loss in connection with the property, assets or activities of the savings plan trust; (7) Administer the funds of the savings plan trust; <br>(8) Procure insurance indemnifying any member of the board from personal loss or accountability arising from liability resulting from a member's action or inaction as <br>a member of the board; and (9) Promulgate reasonable rules and regulations for the administration of the savings plan trust. Effective: July 14, 2000 <br>History: Amended 2000 Ky. Acts ch. 382, sec. 4, effective July 14, 2000. -- Amended 1992 Ky. Acts ch. 190, sec. 6, effective July 14, 1992. -- Amended 1990 Ky. Acts <br>ch. 321, sec. 10, effective July 13, 1990. -- Created 1988 Ky. Acts ch. 88, sec. 6, <br>effective July 15, 1988.