Sec. 06.65.390. Definitions.
In this chapter, (1) “department” means the Department of Revenue; (2) “designated beneficiary” means the eligible individual for whom a program account for qualified expenses is established under this chapter; (3) “eligible individual” means an individual who is eligible under AS 06.65.100; (4) “federal authorizing law” means 26 U.S.C. 529A (Internal Revenue Code) and the […]
Sec. 06.65.330. Governing law.
If a provision of this chapter conflicts with the requirements of the federal authorizing law for the program, the federal authorizing law governs to the extent of the conflict.
Sec. 06.65.340. Regulations.
The department may adopt regulations under AS 44.62 (Administrative Procedure Act) to implement this chapter.
Sec. 06.65.350. Annual report.
The department shall evaluate the program each year. The department shall submit an annual report containing the evaluation to the senate secretary and chief clerk of the house of representatives on or before the first day of each regular session of the legislature and shall notify the legislature that the report is available.
Sec. 06.65.200. Rollover distribution.
(a) Subject to the restrictions in the federal authorizing law for rollover distributions, a designated beneficiary or the designated beneficiary’s representative may make a distribution of the money in a program account to another (1) program account if the designated beneficiary of the program account to which the distribution is being made is (A) the […]
Sec. 06.65.210. Statements.
(a) A financial contractor shall provide program account statements to the designated beneficiary or the designated beneficiary’s representative of each program account established with the financial contractor at least four times each year and at the times the department establishes. (b) A financial contractor shall provide the department with the reports and information that the […]
Sec. 06.65.220. Preparation and filing.
In addition to the other reporting requirements of this chapter, a financial contractor shall prepare and file the statements, program account information, and other information as required by state and federal law and state and federal agencies.
Sec. 06.65.230. Separate accounting.
A financial contractor shall provide separate accounting for each program account established with the financial contractor.
Sec. 06.65.240. Annual fee.
A financial contractor may impose an annual fee as may be established by the department on the program account owner for the maintenance of a program account.
Sec. 06.65.250. Use as security.
A person may not use a program account or an interest in a program account as security for a loan. If a person pledges a program account or an interest in a program account as security for a loan, the pledge is void.