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Current through October 23, 2012
(a) The Chief Financial Officer shall take such action as may be necessary to effectuate the Trust, issue regulations with respect to the Program, and in connection therewith, the Trust, and otherwise initiate the implementation and administration of the Program consistent with this chapter. The Chief Financial Officer shall continue to administer and maintain the Program in a manner to ensure that the Program continues to qualify as a qualified tuition program under section 529 of the Internal Revenue Code of 1986.
(b) The Chief Financial Officer shall use the funds authorized in § 47- 4503(c), § 47-4503(j), § 47-4503(r), and § 47-4506(b)(9) to pay for the staff and non-personal services needed to administer the Program.
(c) The Chief Financial Officer shall develop and implement the Program in a manner consistent with this chapter. To administer the Program, the Chief Financial Officer may:
(1) Retain the services of consultants, administrators, and other personnel, as necessary, to administer the Program:
(2) Execute contracts, college savings agreements, and other necessary instruments;
(3) Enter into agreements with eligible institutions of higher education and other public or private entities for the administration or promotion of the Program;
(4) Solicit and accept gifts, grants, loans, or other aid from any source or participate in any government program for purposes consistent with this chapter;
(5) Impose and collect reasonable administrative fees for a transaction involving college savings agreements and transactions affecting the Program;
(6) Procure insurance against a loss of assets of the Program;
(7) Endorse insurance coverage written exclusively for the purpose of protecting a college savings agreement and the account owner or designated beneficiary of the account;
(8) Designate terms under which money may be withdrawn from the Program;
(9) Establish the methods by which the funds held in accounts are disbursed;
(10) Establish additional procedural and substantive requirements for participation in, and the administration and promotion of, the Program;
(11) Seek rulings and other guidance from the Internal Revenue Service and agencies of the federal government relating to the Program;
(12) Make changes to the Program required for the participants in the Program to obtain the federal income tax benefits or treatment provided by § 529 of the Internal Revenue Code, or successor legislation; and
(13) Delegate any and all duties, obligations, responsibilities, rights, and powers assigned and granted to the Chief Financial Officer under this chapter to the Trustee to be carried out and exercised in his or her capacity as Trustee.
(Mar. 31, 2001, D.C. Law 13-212, § 2(b), 47 DCR 9457; June 5, 2003, D.C. Law 14-307, § 2402(f), 49 DCR 11664; Apr. 13, 2005, D.C. Law 15-354, § 73(p), 52 DCR 2638; Mar. 2, 2007, D.C. Law 16-191, § 48(h)(5), 53 DCR 6794.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 14-307, in the section name line, inserted "and initial implementation" after "Administration"; rewrote subsec. (a); in subsec. (c), made a nonsubstantive change in par. (12), and added par. (12). Prior to amendment, subsec. (a) had read as follows:
"(a) The Chief Financial Officer shall take such action as may be necessary to effectuate the Trust, issue regulations with respect to the Program, and in connection therewith, the Trust, and otherwise initiate the implementation and administration of the Program consistent with this chapter. The Chief Financial Officer shall continue to administer and maintain the Program in a manner to ensure that the Program continues to qualify as a qualified tuition program under section 529 of the Internal Revenue Code of 1986."
D.C. Law 16-191, in subsec. (c)(12), validated a previously made technical correction.
Emergency Act Amendments
For temporary (90 day) amendment of section, see § 2402(f) of Fiscal Year 2003 Budget Support Amendment Emergency Act of 2002 (D.C. Act 14-544, December 4, 2002, 49 DCR 11700).
For temporary (90 day) amendment of section, see § 2402(f) of the Fiscal Year 2003 Budget Support Amendment Congressional Review Emergency Act of 2003 (D.C. Act 15-27, February 24, 2003, 50 DCR 2151).
For temporary (90 day) amendment of section, see § 2402(f) of Fiscal Year 2003 Budget Support Amendment Second Congressional Review Emergency Act of 2003 (D.C. Act 15-103, June 20, 2003, 50 DCR 5499).
Legislative History of Laws
For Law 13-212, see notes under § 47-4501.
For Law 14-307, see notes following § 47-903.
For Law 16-191, see notes following § 47-2845.
References in Text
Section 529 of the Internal Revenue Code, referred to in subsec. (a), is classified to 26 U.S.C.A. § 529.
