Effective – 28 Aug 2021, 3 histories 166.400. Citation of law. — Sections 166.400 to 166.455 shall be known and may be cited as the “Missouri Education Program”. ——– (L. 1998 H.B. 1694, A.L. 1999 S.B. 460, A.L. 2018 S.B. 882, A.L. 2021 H.B. 297)
Effective – 28 Aug 2021, 3 histories 166.410. Definitions. — As used in sections 166.400 to 166.455, except where the context clearly requires another interpretation, the following terms mean: (1) “Beneficiary”, any individual designated by a participation agreement to benefit from payments for qualified education expenses at an eligible educational institution; (2) “Benefits”, the payment […]
Effective – 28 Aug 2021, 3 histories 166.415. Missouri education program, created, board, members, proxies, powers and duties, investments. — 1. There is hereby created the “Missouri Education Program”. The program shall be administered by the Missouri education program board which shall consist of the Missouri state treasurer who shall serve as chairman, the commissioner […]
Effective – 28 Aug 2021, 4 histories 166.420. Participation agreements, terms and conditions — contribution limitation — penalty. — 1. The board may enter into program participation agreements with participants on behalf of beneficiaries pursuant to the provisions of sections 166.400 to 166.455, including the following terms and conditions: (1) A participation agreement shall stipulate […]
Effective – 28 Aug 2015 166.421. Income tax refund, contribution to education savings account — election, how made. — 1. A participant may elect to contribute all or part of a refund of personal income tax to an account that has been established under sections 166.400 to 166.456 by direct deposit to the financial institution […]
Effective – 28 Aug 2021, 3 histories 166.425. Board to invest funds, use of funds — not deemed income, when. — All money paid by a participant in connection with participation agreements shall be deposited as received and shall be promptly invested by the board. Contributions and earnings thereon accumulated on behalf of participants in […]
Effective – 28 Aug 2018, 2 histories 166.430. Cancellation of agreement, results — penalty. — Any participant may cancel a participation agreement at will. The board shall impose a penalty equal to or greater than ten percent of the earnings of an account for any distribution that is not: (1) Used exclusively for qualified education […]
Effective – 28 Aug 2021, 5 histories 166.435. State tax exemption. — 1. Notwithstanding any law to the contrary, the assets of the program held by the board, the assets of any deposit program authorized in section 166.500, and the assets of any qualified tuition program established pursuant to Section 529 of the Internal Revenue […]
Effective – 28 Aug 2021, 2 histories 166.440. Assets not state property. — The assets of the program shall at all times be preserved, invested and expended only for the purposes set forth in this section and in accordance with the participation agreements, and no property rights therein shall exist in favor of the state. […]
Effective – 28 Aug 1998 166.445. Rules, invalid, when. — Any rule or portion of a rule, as that term is defined in section 536.010, that is promulgated under the authority delegated in sections 166.400 to 166.455 shall become effective only if it has been promulgated pursuant to the provisions of chapter 536. All rulemaking […]
Effective – 28 Aug 1998 166.450. Review of program. — The director of investment of the state treasurer’s office shall, on a semiannual basis, review the financial status and investment policy of the program as well as the participation rate in the program. The director of investment shall also review the continued viability of the […]
Effective – 28 Aug 1999 166.455. Funds not state revenues. — Money accruing to and deposited in individual savings accounts shall not be part of “total state revenues” as defined in Sections 17 and 18 of Article X of the Constitution of the State of Missouri and the expenditure of such revenues shall not be […]
Effective – 28 Aug 2021, 3 histories 166.456. Confidentiality of information. — All personally identifiable information concerning participants and beneficiaries of accounts established within the Missouri education program pursuant to sections 166.400 to 166.456 shall be confidential, and any disclosure of such information shall be restricted to purposes directly connected with the administration of the […]
