§ 20-3-630. Short Title
This article shall be known and may be cited as the “Georgia Higher Education Savings Plan Act.” History. Code 1981, § 20-3-630 , enacted by Ga. L. 2001, p. 76, § 1.
§ 20-3-631. Purpose
The purposes of this article are to: Provide a program or programs of savings trust agreements to apply distributions toward qualified higher education expenses at eligible educational institutions, as defined in Section 529 of the Internal Revenue Code or other applicable federal law; Provide for the creation of the Georgia Higher Education Savings Plan, as […]
§ 20-3-632. Definitions
As used in this article, the term: “Account contributor” means a resident or nonresident person, corporation, trust, charitable organization, or other entity which contributes to or invests money in a savings trust account under the program on behalf of a beneficiary. For resident or nonresident persons, the account contributor may also be the designated beneficiary […]
§ 20-3-633. Creation; Board of Directors; Assignment to Department of Administrative Services
There is created the Georgia Higher Education Savings Plan, as a body corporate and politic and an instrumentality of the state, for purposes of establishing and maintaining the Georgia Higher Education Savings Plan Trust Fund and qualified tuition programs under Section 529 of the Internal Revenue Code as provided by this article. The plan shall […]
§ 20-3-634. Savings Trust Accounts; Availability; Terms and Provisions
The plan, through one or more programs, shall make savings trust agreements and savings trust accounts available to the public, under which account owners or account contributors may make contributions on behalf of qualified beneficiaries. Contributions and investment earnings on the contributions may be used for any qualified higher educational expenses of a designated beneficiary. […]
§ 20-3-635. Administration of Fund; Types of Accounts; Office Location; Record Maintenance; Form of Contribution; Earnings; Preservation
There is created the Georgia Higher Education Savings Plan Trust Fund as a separate fund in the state treasury. The trust fund shall be administered by the state treasurer. The state treasurer shall credit to the trust fund all amounts transferred to such fund. The trust fund shall consist of money remitted in accordance with […]
§ 20-3-636. Taxation of Fund Property and Income
The trust fund property and income shall be subject to taxation by the state only as provided by Code Section 48-7-27 and shall not be subject to taxation by any of the state’s political subdivisions. History. Code 1981, § 20-3-636 , enacted by Ga. L. 2001, p. 76, § 1.
§ 20-3-637. Investment of Plan Funds; Competitive Solicitation of Service Providers; Sale, Assignment or Transfer of Investments
The board shall have authority to establish a comprehensive investment plan for the purposes of this article and to invest any funds of the trust fund through the state treasurer. The state treasurer shall invest the trust fund moneys pursuant to an investment policy adopted by the board. Notwithstanding any state law to the contrary, […]
§ 20-3-638. Annual Statement and Report Requirements; Audits
The board shall furnish, subject to reasonable administrative fees and charges, to each account owner an annual statement of the following: The amount contributed under the savings trust agreement; The annual earnings and accumulated earnings on the savings trust account; and Any other terms and conditions that the board deems by rule are necessary or […]
§ 20-3-639. Plan Not Designed as Promise or Guarantee of Educational Benefits
This article is not a promise or guarantee that any beneficiary will be: Admitted to any institution of higher education; Admitted to a particular institution of higher education after admission; Allowed to continue enrollment at an institution of higher education; or Graduated from an institution of higher education. History. Code 1981, § 20-3-639 , enacted […]
§ 20-3-640. No Guarantee of Full Coverage of Educational Expenses
Nothing in this article or in any savings trust agreement entered into pursuant to this article shall be construed as a promise or guarantee by the state or any agency or instrumentality of the state that either qualified higher education expenses in general or any specific qualified higher education expense shall be covered in full […]
§ 20-3-641. Effect of Account in Determining Eligibility for State Aid
Notwithstanding any state law to the contrary, no moneys on deposit in any savings trust account shall be considered an asset of the parent, guardian, or student for purposes of determining an individual’s eligibility for a need based grant, need based scholarship, or need based work opportunity offered or administered by any state agency except […]
§ 20-3-642. Records Not Open to Public Inspection; Duration
The provisions of Article 4 of Chapter 18 of Title 50 notwithstanding, the following records, or portions thereof, shall not constitute public records and shall not be open to inspection by the general public: Completed savings trust account applications, executed savings trust account agreements, and savings trust account numbers; All wiring or automated clearing house […]