Texas Education Code
§ 54.705 — DUTIES OF PLAN MANAGER
ED § 54.705Title 3. HIGHER EDUCATION · Part A. HIGHER EDUCATION IN GENERAL · Ch. 54. TUITION AND FEES · Art. G. HIGHER EDUCATION SAVINGS PLAN
Statute text
View on source(a)A plan manager shall:
(1)take all actions required to keep the plan in compliance with this subchapter, to ensure that the plan qualifies as a qualified state tuition program under Section 529, Internal Revenue Code of 1986, as amended, and to ensure that the plan is exempt from registration under federal securities law;
(2)keep adequate and separate records of each savings trust account and provide the board with the information necessary to prepare the reports required by Section 529, Internal Revenue Code of 1986, as amended, or to file those reports on behalf of the board;
(3)compile necessary information for statements to account owners and statements required by federal or state tax law and provide those compilations to the board; and
(4)provide representatives of the board with access to the books and records of the manager as necessary to determine compliance with the plan manager contract.
(b)A plan manager shall hold all savings trust accounts in trust as authorized by the board in the plan manager contract. A plan manager shall make investments according to the standard provided by Section 54.704(a).
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Legislative history
Added by Acts 2001, 77th Leg., ch. 1250, Sec. 1, eff. June 15, 2001.