Browse Arkansas Code titles and sections
6-84-105. Administration — Authority — Powers.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-84-105. Administration — Authority — Powers.
(a) This chapter shall be administered by the Section 529 Plan Review Committee, which shall be composed of:
(1) The Director of the Division of Higher Education;
(2) The Executive Director of the Arkansas Teacher Retirement System; and
(3) The Treasurer of State.
(b) The committee shall adopt such rules as it deems necessary and proper to administer this chapter and to ensure the compliance of the Arkansas Tax-Deferred Tuition Savings Program with 26 U.S.C. § 529, as in effect on January 1, 2018.
(c) The committee shall have the following powers, duties, and functions:
(1) To establish, develop, implement, and maintain the program in a manner consistent with the provisions of this chapter and 26 U.S.C. § 529, as in effect on January 1, 2018, and to obtain the benefits provided by 26 U.S.C. § 529 for the program, account owners, and designated beneficiaries;
(2) To adopt rules for the general administration of the program;
(3) To maintain, invest, and reinvest the funds contributed into the program consistent with the investment restrictions established by the committee and the standard of care described in the prudent investor rule under § 24-2-610; and
(4)(A) To make and enter into any and all contracts, agreements, or arrangements and to retain, employ, and contract for the services of financial institutions, depositories, consultants, broker dealers, investment advisors or managers, third-party plan administrators, and research, technical, and other services necessary or desirable for carrying out the purposes of this chapter.
(B) Contracts entered into by the committee may be for a term of from one (1) to ten (10) years.
(d) The Treasurer of State shall provide office space, staff, and materials
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-84-105
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:6-84-105
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e25a1f5e7bda589ac2380a3e85b24fe7f6bc08306f19736a8093496f452b721a
Source location: content.xml paragraph 45451
Stored source content
6-84-105. Administration — Authority — Powers.
(a) This chapter shall be administered by the Section 529 Plan Review Committee, which shall be composed of:
(1) The Director of the Division of Higher Education;
(2) The Executive Director of the Arkansas Teacher Retirement System; and
(3) The Treasurer of State.
(b) The committee shall adopt such rules as it deems necessary and proper to administer this chapter and to ensure the compliance of the Arkansas Tax-Deferred Tuition Savings Program with 26 U.S.C. § 529, as in effect on January 1, 2018.
(c) The committee shall have the following powers, duties, and functions:
(1) To establish, develop, implement, and maintain the program in a manner consistent with the provisions of this chapter and 26 U.S.C. § 529, as in effect on January 1, 2018, and to obtain the benefits provided by 26 U.S.C. § 529 for the program, account owners, and designated beneficiaries;
(2) To adopt rules for the general administration of the program;
(3) To maintain, invest, and reinvest the funds contributed into the program consistent with the investment restrictions established by the committee and the standard of care described in the prudent investor rule under § 24-2-610; and
(4)(A) To make and enter into any and all contracts, agreements, or arrangements and to retain, employ, and contract for the services of financial institutions, depositories, consultants, broker dealers, investment advisors or managers, third-party plan administrators, and research, technical, and other services necessary or desirable for carrying out the purposes of this chapter.
(B) Contracts entered into by the committee may be for a term of from one (1) to ten (10) years.
(d) The Treasurer of State shall provide office space, staff, and materials for the committee.
(e) A member of the committee may expend funds appropriated for the member of the committee to provide the following for the benefit of the program:
(1) Office space;
(2) Staffing;
(3) Materials;
(4) Marketing;
(5) Education;
(6) Financial literacy programs; and
(7) Outreach measures.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** A qualified tuition program shall be exempt from taxation under this subtitle. Notwithstanding the preceding sentence, such program shall be subject to the taxes imposed by section 511 (relating to imposition of tax on unrelated business income of charitable organizations).
**(b) Qualified tuition program** For purposes of this section—
(1) **In general** — The term “qualified tuition program” means a program established and maintained by a State or agency or instrumentality thereof or by 1 or more eligible educational institutions—
(A) under which a person—
(i) may purchase tuition credits or certificates on behalf of a designated beneficiary which entitle the beneficiary to the waiver or payment of qualified higher education expenses of the beneficiary, or
(ii) in the case of a program established and maintained by a State or agency or instrumentality thereof, may make contributions to an account which is established for the purpose of meeting the qualified higher education expenses of the designated beneficiary of the account, and
(B) which meets the other requirements of this subsection.
Except to the extent provided in regulations, a program established and maintained by 1 or more eligible educational institutions shall not be treated as a qualified tuition program unless such program provides that amounts are held in a qualified trust and such program has received a ruling or determination that such program meets the applicable requirements for a qualified tuition program. For purposes of the preceding sentence, the term “qualified trust” means a trust which is created or organized in the United States for the exclusive benefit of designated beneficiaries and with respect to which the requirements of paragraphs (2) and (5)
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 529
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 529. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1732
TITLE 26—INTERNAL REVENUE CODE
§ 529
sociation were a corporation and as though the home-
owners association taxable income were the taxable in-
come referred to in section 11’’ and struck out provi-
sion that for purposes of this subsection, the surtax ex-
emption provided by section 11(d) not be allowed.
Subsec. (b)(2)(B). Pub. L. 95–600, § 403(c)(2), substituted
provision related to amount being determined accord-
ing to section 1201(a) for provision requiring an amount
of 30 percent.
Subsec. (c)(2). Pub. L. 95–600, § 701(n)(1), substituted
‘‘by individuals for residences’’ for ‘‘as residences’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1997 AMENDMENT
Pub. L. 105–34, title IX, § 966(e), Aug. 5, 1997, 111 Stat.
895, provided that: ‘‘The amendments made by this sec-
tion [amending this section] shall apply to taxable
years beginning after December 31, 1996.’’
EFFECTIVE DATE OF 1980 AMENDMENT
Pub. L. 96–605, title I, § 105(b), Dec. 28, 1980, 94 Stat.
3523, provided that: ‘‘The amendment made by sub-
section (a) [amending this section] shall apply to tax-
able years beginning after December 31, 1980.’’
EFFECTIVE DATE OF 1978 AMENDMENT
Amendment by section 301(b)(7) of Pub. L. 95–600 ap-
plicable to taxable years beginning after Dec. 31, 1978,
see section 301(c) of Pub. L. 95–600, set out as a note
under section 11 of this title.
Pub. L. 95–600, title IV, § 403(d)(3), Nov. 6, 1978, 92 Stat.
2869, provided that: ‘‘The amendments made by para-
graphs (2), (3), and (4) of subsection (c) [amending this
section and sections 857 and 904 of this title] shall take
effect on the date of the enactment of this Act [Nov. 6,
1978].’’
Pub. L. 95–600, title VII, § 701(n)(2), Nov. 6, 1978, 92
Stat. 2907, provided that: ‘‘The amendment made
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 529
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 529. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-2-610. Prudent investor rule.
(a) Except as otherwise provided in subsection (b) of this section, trustees who invest and manage trust assets owe a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in §§ 24-2-610 — 24-2-619.
(b)(1) The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the provisions of a trust.
(2) Trustees are not liable to a beneficiary to the extent that the trustees acted in reasonable reliance on the provisions of the trust.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-2-610
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 24-2-610. This identifies an authority to review, not proof of applicability.