PARRIS N. GLENDENING, Governor

Ch. 89

(11) DESIGNATE TERMS UNDER WHICH MONEY MAY BE WITHDRAWN
FROM THE FUND;

(12) ESTABLISH ADDITIONAL PROCEDURAL AND SUBSTANTIVE
REQUIREMENTS FOR PARTICIPATION IN AND ADMINISTRATION OR MARKETING OF
THE PROGRAM;

(13) APPEAR ON THE BOARD'S OWN BEHALF BEFORE OTHER BOARDS,
COMMISSIONS, OR OTHER GOVERNMENTAL AGENCIES; AND

(14) TAKE ANY OTHER ACTION THAT THE BOARD CONSIDERS
APPROPRIATE TO IMPLEMENT AND ADMINISTER THE PROGRAM.

18-2106.

(A)    THE BOARD SHALL ADOPT A COMPREHENSIVE INVESTMENT PLAN FOR
THE ADMINISTRATION OF THE FUND.

(B)     THE PLAN SHALL SPECIFY THE INVESTMENT POLICIES USED BY THE
BOARD IN THE ADMINISTRATION OF THE FUND.

(C) ASSETS OF THE FUND SHALL BE INVESTED IN ACCORDANCE WITH THE
COMPREHENSIVE INVESTMENT PLAN.

(D) (1) NOTWITHSTANDING ANY LAW RESTRICTING THE DEPOSIT OR
INVESTMENT OF STATE MONEY, THE BOARD MAY PLACE ASSETS OF THE FUND IN
SAVINGS ACCOUNTS OR MAY USE THE ASSETS TO PURCHASE FIXED OR VARIABLE
LIFE INSURANCE OR ANNUITY CONTRACTS, SECURITIES, EVIDENCE OF
INDEBTEDNESS, OR OTHER INVESTMENT PRODUCTS PURSUANT TO THE
COMPREHENSIVE INVESTMENT PLAN.

(2) ANY INSURANCE, ANNUITY CONTRACTS, SAVINGS, OR OTHER
INVESTMENT PRODUCTS PROCURED BY THE BOARD SHALL BE UNDERWRITTEN
AND OFFERED IN COMPLIANCE WITH APPLICABLE FEDERAL AND STATE LAWS.

(E)     THE BOARD SHALL MAKE EVERY EFFORT TO INVEST THE ASSETS OF THE
FUND IN A MANNER THAT EARNS, AT A MINIMUM, SUFFICIENT EARNINGS TO
GENERATE THE DIFFFERENCE BETWEEN THE PREPAID AMOUNT UNDER ADVANCE
PURCHASE CONTRACTS AND ACTUAL COSTS AT THE TIME OF ENROLLMENT.

(F)     THE PLAN SHALL PROVIDE FOR THE FUND TO BE ADMINISTERED IN AN
ACTUARIALLY SOUND MANNER TO ASSURE THAT THE BOARD MAY DEFRAY
OBLIGATIONS OF THE PROGRAM.

(G) THE BOARD SHALL REVIEW THE COMPREHENSIVE INVESTMENT PLAN AT
LEAST ANNUALLY TO ASSURE THAT THE PROGRAM REMAIN ACTUARIALLY SOUND.

(H) AFTER EACH ANNUAL REVIEW OF THE COMPREHENSIVE INVESTMENT
PLAN FOR ACTUARIAL SOUNDNESS, THE BOARD MAY ADJUST THE TERMS OF
SUBSEQUENT PREPAID TUITION CONTACTS TO ENSURE CONTINUED ACTUARIAL
SOUNDNESS.

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