(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. […]
(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 […]
(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 […]
(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.
(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 […]
(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 […]
The Board, Plan, and investment accounts issued under this subtitle are not subject to the provisions of the Insurance Article.
The assets and income of the Maryland Senator Edward J. Kasemeyer College Investment Plan 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 an investment account or any asset of the Plan.
(a) (1) The Legislative Auditor shall audit the Plan as provided under Title 2, Subtitle 12 of the State Government Article. (2) The Board shall obtain an annual audit report from service providers. (b) (1) Within 120 days after the close of each fiscal year, the Board shall submit to the Governor and, subject to § 2-1257 of the State […]
