Powers of South Dakota Investment Council.
Financial institutions as depositories and managers--Bidding by financial
Contract with financial institution to serve as program manager.
Duties of program manager.
Term of contract between council and financial institution.
Conditions applicable to nonrenewed contracts.
Termination of contract for good cause--Transfer of accounts.
Program operated through accounts--Requirements for opening account.
Contributions to accounts.
Withdrawals from account.
Changing designated beneficiary.
Transferring funds to another account--Conditions.
Limitations on changing designated beneficiary and rolling over funds.
Accounts to be maintained separately.
Contributor, owner, and beneficiary may not direct investments--Council may
Council to select financial institution in event of transfer of accounts--Exception.
Interest in account not subject to levy, judgment or garnishment--Not deemed
asset--Interest not to be used as security--Inclusion as gross asset.
Council to adopt rules to prevent excess contributions.
Account distributions to be reported as required by federal law.
Account statements to be issued at least annually--Contents.
Statements to comply with federal or state tax laws.
Government and non-profit organizations as account owners--Beneficiaries
identified after account opened.
Identifying information of account holders and beneficiaries confidential.
Account balance of beneficiary student treated as asset of parent--Exceptions.
Limitations of chapter.
Chapter does not establish guarantees.
Certain disclaimers mandated.
Annual report by council.
Immunity from liability.