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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
164A.380, the board, as trustee, shall have all powers necessary to carry out and
effectuate the purposes, objectives, and provisions of KRS 164A.300 to 164A.380
pertaining to the savings plan trust, including, but not limited to, the power to:
(1) Engage investment advisors to assist in the investment of savings plan trust assets;
(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
the trust required in order to enable participants to achieve their educational funding
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
consultants, actuaries, managers, counsel, and auditors for the purpose of rendering
professional, managerial, and technical assistance and advice, all of which contract
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,
including penalties for cancellations and late payments in respect of participation
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;
(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
a member of the board; and
(9) Promulgate reasonable rules and regulations for the administration of the savings
plan trust.
Effective: July 14, 2000
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
ch. 321, sec. 10, effective July 13, 1990. -- Created 1988 Ky. Acts ch. 88, sec. 6,
effective July 15, 1988.
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