2014 Indiana Code TITLE 21. HIGHER EDUCATION ARTICLE 9. EDUCATION SAVINGS PROGRAMS CHAPTER 8. INDIANA FAMILY COLLEGE SAVINGS TRUST PROGRAM
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IC 21-9-8
Chapter 8. Indiana Family College Savings Trust Program
IC 21-9-8-1
College choice plan; administration of trust funds
Sec. 1. (a) The board shall establish a trust program known as the
college choice plan.
(b) The board shall administer any trust fund established under
this article, including the college choice plan, in a manner designed
to be actuarially sound, so that the assets of the trust fund are
sufficient to defray the obligations of the trust fund, including the
program account.
As added by P.L.165-1996, SEC.1. Amended by P.L.135-2002,
SEC.27.
IC 21-9-8-2
Deposits of money; division of trust fund into separate accounts
Sec. 2. (a) The money received under the trust program, including
the college choice plan, by the authority from account owners and
contributors for the benefit of account beneficiaries shall be
deposited in the program account.
(b) Any appropriations made by the general assembly for:
(1) operating, administrative, and capital expenses;
(2) benefits and incentives; or
(3) any other purpose related to the trust program or the trust
fund;
shall be deposited in the administrative account.
(c) The money received under the trust program by the authority
by gift, bequest, donation, or devise or from a source that is not
described in subsection (a) or (b) shall be deposited:
(1) in the endowment fund for the benefit of the trust program;
or
(2) to individual accounts as determined by the board to be
appropriate.
(d) The board may divide the trust fund into further separate
accounts. The accounts of the trust fund may be divided into separate
subaccounts as the board may determine periodically.
As added by P.L.165-1996, SEC.1. Amended by P.L.135-2002,
SEC.28.
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