{"data":{"id":"us-ky/krs-164a.330","jurisdiction":"us-ky","citation":"KRS 164A.330","heading":"Participation agreements for savings plan trust -- Confidentiality of","body":"information.\nThe savings plan trust shall have the authority to enter into participation agreements with\nparticipants on behalf of beneficiaries pursuant to the following terms and agreements:\n(1) Each participation agreement shall require a participant to agree to invest a specific\namount of money in the trust for a specific period of time for the benefit of a\nspecific beneficiary. Participation agreements may be amended to provide for\nadjusted levels of contributions based upon changed circumstances or changes in\neducational plans and may contain penalties for failure to make contributions when\nscheduled;\n(2) Notwithstanding the provisions of subsection (1) of this section, participants may\nelect to enter into a lump -sum contribution participation agreement in connection\nwith which a single, lump -sum contribution is made by the participant for the\nbenefit of a beneficiary;\n(3) Execution of a participation agreement by the tru st shall not guarantee in any way\nthat educational costs will be equal to projections and estimates provided by the\ntrust or that the beneficiary named in any participation agreement will:\n(a) Be admitted to an educational institution;\n(b) Be allowed to co ntinue attendance at the educational institution following\nadmission;\n(c) Graduate from the educational institution; or\n(d) With regard to an institute of higher education, if admitted, be determined to\nbe a resident for tuition purposes by the institution , unless the participation\nagreement is vested;\n(4) Beneficiaries may be changed as permitted by the rules and regulations of the board\nupon written request of the participant provided, however, that the substitute\nbeneficiary shall be eligible;\n(5) Participation agreements shall be freely amended throughout their terms in order to\nenable participants to increase or decrease the level of participation, change the\ndesignation of beneficiaries, and carry out similar matters;\n(6) Each participation agreement shall provide that for vested participation agreements,\nthe beneficiary shall be considered a resident of the Commonwealth for tuition\npurposes if the beneficiary enrolls in an institution of higher education in Kentucky;\n(7) Each participation agreement sh all provide that it may be canceled under the terms\nand conditions, including payment of the fees and costs, set forth in the rules and\nregulations promulgated by the board;\n(8) The participation agreement shall ensure that contributions made pursuant to\nsubsections (1) and (2) of this section shall not be made in real or personal property\nother than cash and shall not exceed the anticipated education costs of the\nbeneficiary;\n(9) The participation agreement shall provide that the participant and the beneficiary\nshall not directly or indirectly or otherwise control the investment of contributions\nor earnings on contributions;\n(10) Information obtained from a participant or a benefic iary and other personally\nidentifiable records made by the trust in the administration of this chapter shall not\nbe published or be open for public inspection pursuant to KRS 61.870 to 61.884,\nexcept as provided below:\n(a) Upon written request, a participa nt or beneficiary or his legal representative\nshall be entitled to be advised of the aggregate balance of contributions and\nearnings for all participation agreements that designate that same beneficiary;\n(b) Information may be made available to public employees in the performance of\ntheir duties, but the agency receiving the information shall assure the\nconfidentiality, as provided for in this section, of all information so released;\n(c) Statistical information derived from information and records obtained or made\nby the trust may be published, if it in no way reveals the identity of any\nparticipant or beneficiary; and\n(d) Nothing in this section shall preclude the program administrator or any\nemployee of the board from testifying or introducing as evidence information\nor records obtained or made by the trust in any proceeding under this chapter,\nin an action to which the trust is a party, or upon order of a court.","path":["KRS Chapter 164A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=47980","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:19Z","sha256":"206018e29856a472e3df804158f63a0c82fcd5f2ce28297912b1b05846aa7590","source_id":"us-ky","stale":false,"prev":"us-ky/krs-164a.325","next":"us-ky/krs-164a.335"},"notice":"GroundRules: Original legal text. Not legal advice."}