49-7-805 - Board of trustees Powers and duties.
49-7-805. Board of trustees Powers and duties.
In addition to the powers granted by any other provisions of this part, the board shall have, as agents of this state, the powers necessary or convenient to carry out the purposes and provisions of this part, the purposes and objectives of the program and the powers delegated by any other law of this state including, but not limited to, the following express powers:
(1) Invest any funds of the trust fund in any instrument, obligation, security or property that constitutes legal investments for assets of the Tennessee consolidated retirement system as described in § 8-37-104;
(2) Purchase insurance from insurers licensed to do business in this state providing for coverage against any loss in connection with the program's property, assets or activities or to further ensure the value of tuition units and educational savings accounts;
(3) Make, execute and deliver contracts, conveyances and other instruments necessary to the exercise and discharge of the powers and duties of the board;
(4) Contract for the provision of all or any part of the services necessary for the management and operation of the program, and contract with any other college savings program established pursuant to § 529 of the Internal Revenue Code, codified in 26 U.S.C. § 529, in order to provide similar benefits for Tennessee residents;
(5) Contract with financial consultants, actuaries, auditors and other consultants as necessary to carry out its responsibilities under this part;
(6) Promote, advertise and publicize the program;
(7) Solicit and accept monetary gifts, including monetary gifts made by will, trust or other disposition, grants, loans and other monetary aids from any personal source or to participate in any other way in any federal, state or local governmental programs in carrying out the purposes of this part;
(8) Impose reasonable requirements on the eligibility of individuals to be designated as beneficiaries of tuition contracts, including, but not limited to, residency and age requirements;
(9) Impose reasonable limits on the number of contract participants in the program at any given period of time;
(10) Impose and collect application fees and other administrative fees and charges in connection with any transaction under this part;
(11) Impose limits on the number of tuition units that may be purchased on behalf of any beneficiary under the educational services plan;
(12) Impose limits on the amount of contributions that may be made on behalf of any beneficiary under the educational savings plan;
(13) Impose restrictions on the substitution of another individual for the original beneficiary;
(14) Define the terms and conditions under which payments may be withdrawn from the program and impose reasonable charges for withdrawal;
(15) Impose reasonable time limits on the use of the tuition benefits provided by the program;
(16) Promulgate reasonable substantive and procedural rules as are necessary to carry out the purpose and intent of this part. The rules shall be adopted pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5; and
(17) Enter into agreements with any public or private employer under which an employee may agree to have a designated amount deducted in each payroll period from the wages or salary due the employee for the purpose of purchasing tuition units pursuant to a tuition contract or for the purpose of making contributions to a savings account established pursuant to a tuition contract. The agreement shall be subject to the approval of the board and in conformity with such terms and conditions as determined by the board. In the event the agreement is approved by the board, the employer shall be responsible for submitting to the board such information and causing to be performed in respect to its employees such duties as prescribed by the board in order to carry out the purchase of tuition units or the making of contributions by payroll deduction. All costs and expenses incidental to implementing and administering a payroll deduction program shall be borne by the respective employer.
[Acts 1996, ch. 991, § 1; 1998, ch. 644, § 4; 1999, ch. 233, §§ 10-13; 2007, ch. 21, § 1.]