{"data":{"id":"us-ky/krs-164a.310","jurisdiction":"us-ky","citation":"KRS 164A.310","heading":"Kentucky Educational Savings Plan Trust -- Powers of board.","body":"There is hereby created an instrumentality of the Commonwealth to be known as the\nKentucky Educational Savings Plan Trust. The board, in the capacity of trustee, shall\nhave the power and authority to:\n(1) Sue and be sued;\n(2) Make and enter into contracts necessary for the administration of the savings plan\ntrust pursuant to KRS 164A.300 to 164A.380;\n(3) Adopt a corporate seal and to change and amend it from time to time;\n(4) Invest moneys within the program fund in any investments determined by the board\nto be appropriate, notwithstanding any other statutory limitations contained in the\nKentucky Revised Statutes, which are specifically determined to be inapplicable to\nthe savings plan trust;\n(5) Enter into agreements with any educational institution, the Co mmonwealth of\nKentucky, or any federal or other state agency or other entity as required for the\neffectuation of its rights and duties pursuant to KRS 164A.300 to 164A.380;\n(6) Accept any grants, gifts, legislative appropriations, and other moneys from the\nCommonwealth, any unit of federal, state, or local government or any other person,\nfirm, partnership, or corporation for deposit to the administrative fund or the\nprogram fund, which, in the case of any contributions from other than general funds\nof the C ommonwealth, may be limited in application to definite classes of\nbeneficiaries;\n(7) Enter into participation agreements with participants;\n(8) Make payments to an educational institution pursuant to participation agreements\non behalf of beneficiaries;\n(9) Make refunds to participants upon the termination of participation agreements\npursuant to the provisions, limitations, and restrictions set forth in KRS 164A.300\nto 164A.380;\n(10) Appoint a program administrator and to determine the duties of the program\nadministrator and other staff as necessary and fix their compensation within the\nprovisions of KRS Chapter 18A;\n(11) Delegate to the program administrator general supervision and direction over the\nadministrative function of the trust and its employees in carrying out the policies,\nprograms, administrative regulations, and directives of the board;\n(12) Make provision for the payment of costs of administration and operation of the\nsavings plan trust;\n(13) Carry out the duties and obligations of the savings p lan trust pursuant to KRS\n164A.300 to 164A.380 and to have any and all other powers as may be reasonably\nnecessary for the effectuation of the purposes of the savings plan trust and KRS\n164A.300 to 164A.380; and\n(14) Promulgate administrative regulations to implement the provisions of KRS\n164A.300 to 164A.380 consistent with the federal Internal Revenue Code and\nadministrative regulations issued pursuant to that code.","path":["KRS Chapter 164A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=47978","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:19Z","sha256":"851bc33e1481578a8c375502c0368df681e6b0210d0854e087a016b4a4fdab1f","source_id":"us-ky","stale":false,"prev":"us-ky/krs-164a.305","next":"us-ky/krs-164a.315"},"notice":"GroundRules: Original legal text. Not legal advice."}