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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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