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PARRIS N. GLENDENING, Governor
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S.B. 140
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(9) Procure insurance against any loss of assets of the Program OR THE
PLAN;
(10) Endorse insurance coverage written exclusively for the purpose of
protecting a [higher education investment] PREPAID contract and the purchaser and
qualified beneficiary of the contract;
(11) Designate terms under which money may be withdrawn from the
Program OR THE PLAN;
(12) Establish additional procedural and substantive requirements for
participation in and the administration or marketing of the Program OR THE PLAN;
(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 OR THE PLAN.
18-1906.
(a) The Board shall adopt a comprehensive investment plan for the
administration of the Program.
(b) The plan shall specify the investment policies used by the Board in the
administration of the Program.
(c) Assets of the Program shall be invested in accordance with the
comprehensive investment plan.
(d) The comprehensive investment plan must indicate the percentage of assets
that shall be held in each class of investment, the amount of funds held in any cash
pool, the amount of funds held in fixed assets investments, the amount of funds held
in equity investments, and the percentage and dollar value of assets placed with
outside managers.
(e) (1) Notwithstanding any law restricting the deposit or investment of
State money, the Board may place assets of the Program 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.
(f) The Board shall make every effort to invest the assets of the Program in a
manner that earns, at a minimum, sufficient earnings to generate the difference
between the prepaid amount under [advance payment ] PREPAID contracts and the
average in-state tuition costs at public institutions of higher education in the State at
the time that the benefits are exercised.
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- 3619 -
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