(a) In this subtitle the following words have the meanings indicated. (b) “ABLE account holder” means an individual who has established an account described under § 529A(e) of the Internal Revenue Code and is the designated beneficiary of the account. (c) “Account holder” means an individual who: (1) Makes or undertakes the obligation to make advance payments of qualified […]
It is the intent of the General Assembly to enhance the accessibility and affordability of higher education for all citizens of the State and for all citizens of the District of Columbia by establishing a method to provide for the prepayment of tuition at eligible institutions of higher education.
(a) There is a Program entitled Maryland 529. (b) The purpose of the Program is to provide for the administration by the Board of the Maryland Senator Edward J. Kasemeyer Prepaid College Trust, the Maryland Senator Edward J. Kasemeyer College Investment Plan, the Maryland Broker–Dealer College Investment Plan, and the Maryland ABLE Program.
(a) There is a Maryland Senator Edward J. Kasemeyer Prepaid College Trust. (b) The purpose of the Trust is to provide: (1) A means for payment of the cost of tuition in advance of enrollment at an eligible institution of higher education; and (2) An assurance to a beneficiary who enrolls at an eligible institution of higher education that […]
(a) There is a Maryland 529 Board. (b) The Board shall administer: (1) The Maryland Senator Edward J. Kasemeyer Prepaid College Trust established under this subtitle; (2) The Maryland Senator Edward J. Kasemeyer College Investment Plan established under Subtitle 19A of this title; (3) The Maryland Broker–Dealer College Investment Plan established under Subtitle 19B of this title; and (4) The Maryland […]
(a) The Board, from among the members of the Board, shall elect a chairman and may elect additional officers that the Board considers necessary. (b) The Board shall determine the times and places of meetings. (c) A member of the Board: (1) May not receive compensation; (2) Is entitled to reimbursement for expenses under the Standard State Travel Regulations; and […]
(a) (1) The Board shall develop and implement a marketing plan to increase participation in Maryland 529. (2) (i) The marketing plan shall identify methods to increase general participation in Maryland 529. (ii) The Board shall coordinate with the Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans and local school systems, respectively, to identify methods […]
(a) The Board shall adopt a comprehensive investment plan for the administration of the Trust. (b) The plan shall specify the investment policies used by the Board in the administration of the Trust. (c) Assets of the Trust shall be invested in accordance with the comprehensive investment plan. (d) The comprehensive investment plan must indicate the percentage of 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 […]
(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 […]
(a) The Board shall purchase a bond for each fiduciary in accordance with Title 9, Subtitle 17 of the State Government Article. (b) Unless a fiduciary is bonded, the fiduciary may not exercise custody or control of any assets of the Trust. (c) A fiduciary may not allow another fiduciary to act in violation of this section.
(a) The Board shall establish prepaid contracts under the Trust to provide for the advance payment of tuition at: (1) A community college; (2) A 4–year college; (3) A university; or (4) Any combination of a community college, college, or university. (b) (1) For the purpose of entering into a prepaid contract, either the account holder or the qualified beneficiary must be […]
(a) (1) The Board shall issue refunds as specified in this section. (2) Unless authorized by the Board or under subsection (b) of this section, a refund may not exceed the amount paid into the Trust by the account holder. (b) A refund equal to the same benefits as provided by the prepaid contract, minus any amount paid out […]
The Board, Trust, and prepaid contracts issued under this subtitle are not subject to the provisions of the Insurance Article.
The assets and income of the Trust are exempt from State and local taxation.
(a) In this section, “person” does not include the State. (b) A person may not attach, execute, garnish, or otherwise seize any current or future benefit under a prepaid contract or any asset of the Trust.
(a) Nothing in this subtitle or in any prepaid contract may be construed as a promise or guarantee by the Board of admission to, continued enrollment at, or graduation from an institution of higher education. (b) The actual tuition rate charged to a qualified beneficiary shall be determined at the time of enrollment in accordance with the […]
The State and its agencies or any local government in the State may agree, by contract or otherwise, to remit payments on behalf of an employee toward a prepaid contract through payroll deductions.
(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 […]
