136G.01 PLAN ESTABLISHED. A college savings plan known as “the Minnesota college savings plan” or “the Minnesota 529 college savings plan” is established. In establishing this plan, the legislature seeks to encourage individuals to save for postsecondary education by: (1) providing a qualified tuition plan under federal tax law; and (2) encouraging individuals, foundations, and […]
136G.03 DEFINITIONS. Subdivision 1. General. For purposes of sections 136G.01 to 136G.14, the following terms have the meanings given. Subd. 2. Account. “Account” means the formal record of transactions relating to a Minnesota college savings plan beneficiary. Subd. 3. Account owner. “Account owner” means a person who enters into a participation agreement and is entitled […]
136G.05 MINNESOTA OFFICE OF HIGHER EDUCATION. Subdivision 1. Responsibilities. (a) The commissioner shall establish the rules, terms, and conditions for the plan, subject to the requirements of sections 136G.01 to 136G.14. (b) The commissioner shall prescribe the application forms, procedures, and other requirements that apply to the plan. Subd. 2. Accounts-type plan. The office must […]
136G.07 INVESTMENT OF ACCOUNTS. Subdivision 1. State board to invest. The State Board of Investment shall invest the money deposited in accounts in the plan. Except as permitted by the Internal Revenue Code, neither persons making contributions to an account nor beneficiaries may direct the investment of contributions to the plan or plan earnings. Subd. […]
136G.09 PLAN ACCOUNTS; GENERALLY. Subdivision 1. Contributions to an account. A person may make contributions to an account on behalf of a beneficiary. Contributions to an account made by persons other than the account owner become the property of the account owner. A person does not acquire an interest in an account by making contributions […]
136G.11 MATCHING GRANTS. Subdivision 1. [Repealed, 1Sp2011 c 5 art 2 s 15] Subd. 2. [Repealed, 1Sp2011 c 5 art 2 s 15] Subd. 3. [Repealed, 1Sp2011 c 5 art 2 s 15] Subd. 4. [Repealed, 1Sp2011 c 5 art 2 s 15] Subd. 5. [Repealed, 1Sp2011 c 5 art 2 s 15] Subd. 6. […]
136G.13 ACCOUNT DISTRIBUTIONS. Subdivision 1. Qualified distribution methods. (a) Qualified distributions may be made: (1) directly to participating eligible educational institutions on behalf of the beneficiary; (2) directly to the account owner or beneficiary; or (3) to any other third party as requested by the account owner. (b) Qualified distributions must be withdrawn proportionally from […]
136G.14 MINOR TRUST ACCOUNTS. (a) This section applies to a plan account in which funds of a minor trust account are invested. (b) The account owner may not be changed to any person other than a successor custodian or the beneficiary unless a court order directing the change of ownership is provided to the plan […]
