§18-30-7. West Virginia Savings Plan Trust
(a) The board may establish a Savings Plan Trust, and may establish a Savings Plan Trust Fund Account, titled the Savings Plan Trust Fund, within the accounts held by the Treasurer or with a financial institution, an investment manager, a fund manager, the West Virginia Investment Management Board, or any other person for the purpose […]
§18-30-8. The College and Jumpstart Savings Administrative Account
(a) There is hereby continued a separate special revenue account within the State Treasury titled the “college prepaid tuition and savings program administrating account”, which shall hereafter be known as the College and Jumpstart Savings Administrative Account. The board shall administer and make expenditures from the account for the purposes of implementing, operating, and maintaining […]
§18-30-9. Income Tax Deduction for Purchasers
As provided in section twelve-a, article twenty-one, chapter eleven of this code, any payment made under a prepaid tuition contract or other college savings plan administered by the board, pursuant to the provisions of this article, is eligible for a tax deduction.
§18-30-10. Reports and Account; Annual Audit
(a) In addition to any other requirements of this article, the board shall: (1) Provide annual statements on the savings plan accounts to the respective account owners; and
§18-30-11. Financial Aid Eligibility
The calculations of a beneficiarys eligibility for state student financial aid for higher education may not include or consider the value of distributions available in a savings plan account.
§18-30-3a. 2022 Legislative Findings; Statutory Construction
(a) The Legislature makes the following findings regarding the amendments to this article adopted during the 2022 Regular Session of the Legislature: (1) Whereas the Prepaid Tuition Program and Plan, administered by the board from 1998 until 2021, was statutorily closed to new accounts in 2001;
§18-30-4. The Board of Trustees of the West Virginia College and Jumpstart Savings Programs; Members; Terms; Compensation; Proceedings Generally
(a) The West Virginia College Savings Program is continued. The program consists of the savings plan administered according to this article and the requirements of 26 U.S.C. 529. (b) The Board of Trustees of the College Prepaid Tuition and Savings Program is continued as a public instrumentality of the State of West Virginia: Provided, That […]
§18-30-5. Powers of the Board to Administer the College Savings Program
(a) The board shall administer the College Savings Program in accordance with this article and 26 U.S.C. 529. (b) The board shall offer and issue interests in the Savings Plan Trust to eligible members of the public. (c) The board is authorized to take any lawful action necessary to effectuate the provisions of this article […]
§18-30-6. Use of Financial Organizations as Program Depositories and Managers
(a) The board may implement the program through use of financial organizations as account depositories and managers. The board may solicit proposals from financial organizations to act as depositories and managers of the program. Financial organizations submitting proposals shall describe the investment instruments which will be held in accounts. The board may select more than […]
§18-30-6a. Special Revenue Account Created for Fulfillment of Savings and Investment Programs
[Repealed].