Sec. 06.65.170. Limited investment direction.
A designated beneficiary or the designated beneficiary’s representative may not, directly or indirectly, direct the investment of a program account, including the earnings on the program account, more than twice in one calendar year.
Sec. 06.65.180. Change of designated beneficiary.
A designated beneficiary or the designated beneficiary’s representative may change the designated beneficiary of a program account to an eligible individual who is a member of the family of the previous designated beneficiary.
Sec. 06.65.190. Distributions for qualified expenses.
Except as allowed under AS 06.65.200, a designated beneficiary or the representative of the designated beneficiary may not make a withdrawal or other distribution from a program account unless the withdrawal or other distribution is used to pay for the qualified expenses of the designated beneficiary.
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. 06.65.060. Investment oversight.
The department shall (1) oversee and approve the selection of investment managers and advisors for the program; (2) oversee all aspects of the program’s investments and investment performance and decisions regarding the investment of program assets; and (3) oversee all investment disclosure documents and regulatory filings related to program investments.
Sec. 06.65.070. Financial contractor obligations.
In addition to any other obligations imposed by the contract with the department, if the department enters into a contract with a person to provide program accounts, the financial contractor shall (1) provide program accounts that comply with the federal authorizing law; (2) take the action necessary to keep the program in compliance with the […]
Sec. 06.65.080. Additional audits.
In addition to the annual audit required by AS 06.65.020(a)(5), the department may require a financial contractor to have an audit conducted of the financial contractor’s operations and financial position when the department is concerned about the financial position, the record-keeping practices, or the status of the program accounts of the financial contractor.
Sec. 06.60.890. Application to Internet activities.
This chapter applies to a person even if the person is engaging in the activities regulated by this chapter by using an Internet website from within or outside the state.
Sec. 06.65.090. Contract termination; nonrenewal.
The department may terminate or fail to renew a financial contract. If the department terminates or does not renew a contract with a financial contractor, the department shall take custody of the program accounts held by the financial contractor and transfer the program accounts to another financial contractor as soon as possible and into program […]