Section 18-1916 – Audit of Trust
(a) (1) The Legislative Auditor shall audit the Trust as provided under Title 2, Subtitle 12 of the State Government Article. (2) The Board shall cause an audit of the Trust to be made by an outside independent auditor annually. (3) The Board shall pay for the audit required under paragraph (2) of this subsection. (b) (1) Within 120 days after […]
Section 18-19A-01 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Account holder” means the person who established an investment account on behalf of a qualified designated beneficiary. (c) “Board” means the Maryland 529 Board established under § 18–1904 of this title. (d) “Eligible educational institution” has the meaning stated in § 529(e) of the Internal Revenue Code. […]
Section 18-19A-02 – Establishment; Purpose; Duties
(a) There is a Maryland Senator Edward J. Kasemeyer College Investment Plan. (b) The purpose of the Plan is to allow contributions to an investment account established for the purposes of meeting the qualified higher education expenses of the qualified designated beneficiary of the account. (c) (1) The Board shall administer, manage, promote, and market the Plan. (2) The Board […]
Section 18-19A-03 – Proposals
(a) (1) The Board may issue requests for proposals to evaluate and determine the means for the administration, management, promotion, or marketing of the Plan. (2) The Board shall consider proposals that meet the following criteria: (i) Ability to develop and administer an investment program of a nature similar to the objectives of the Plan; (ii) Ability to administer financial […]
Section 18-19A-04 – Participation; Distributions; Refunds
(a) A Maryland resident or a nonresident of Maryland may participate in and benefit from the Plan. (b) Distributions shall be requested by the account holder.
Section 18-19A-04.1 – State Contributions
(a) (1) Subject to paragraph (2) of this subsection, for investment accounts established after December 31, 2016, a State contribution may be made to not more than two investment accounts for each qualified beneficiary as provided in this section if: (i) The qualified beneficiary of the investment account and the account holder are Maryland residents; (ii) The account holder […]
Section 18-1906.1 – Obligations Exceeding Market Value of Trust Assets
(a) If the current prepaid contract obligations of the Trust exceed the market value of Trust assets, at the request of the Board the Governor shall include in the annual budget bill submitted to the General Assembly an appropriation in the amount determined under subsection (b) of this section. (b) The appropriation to be included in the […]
Section 18-19A-05 – Debts, Contracts, and Obligations
(a) (1) The debts, contracts, and obligations of the Plan are not the contracts, debts, or obligations of the State and neither the faith and credit nor taxing power of the State is pledged directly or indirectly or contingently, morally or otherwise, to the payment of the debts, contracts, and obligations. (2) The Board cannot directly or indirectly […]
Section 18-1907 – Trust Management and Administration; Fiduciary
(a) In this section, “fiduciary” means: (1) A member of the Board; or (2) An employee of the Program or the Trust who exercises any discretionary authority or control over: (i) The management or administration of the Trust; or (ii) The management or disposition of the assets of the Trust. (b) A fiduciary shall discharge the fiduciary’s duties with respect to […]
Section 18-19A-05.1 – Insurance Article Inapplicable
The Board, Plan, and investment accounts issued under this subtitle are not subject to the provisions of the Insurance Article.