13-63-2. Powers of South Dakota Investment Council.
The council shall:
(1)Establish the program in the form of a trust to be declared by the council or in such other form as the council may determine;
(2)Develop and implement the program in a manner consistent with this chapter through the adoption of rules, guidelines, and procedures;
(3)Retain professional services, if necessary, including accountants, auditors, consultants, and other experts;
(4)Seek rulings and other guidance from the United States Department of the Treasury and the Internal Revenue Service relating to the program;
(5)Make changes to the program required for the participants in the program to obtain the federal income tax benefits or treatment provided by section 529 of the Internal Revenue Code and related regulations;
(6)Interpret, in rules, policies, guidelines, and procedures, the provisions of this chapter broadly in light of its purpose and objectives;
(7)Charge, impose, and collect administrative fees and service charges in connection with any agreement, contract, or transaction relating to the program;
(8)Select any financial institution or institutions to act as a depository and manager of the program in accordance with this chapter.
Source: SL 2001, ch 97, ยง2.
Structure South Dakota Codified Laws
Chapter 63 - Higher Education Savings Plan
Section 13-63-1 - Definitions.
Section 13-63-2 - Powers of South Dakota Investment Council.
Section 13-63-3 - Depositories and managers--Bidding by financial institutions--Selection criteria.
Section 13-63-4 - Contract with financial institution to serve as program manager.
Section 13-63-5 - Duties of program manager.
Section 13-63-6 - Term of contract between council and financial institution.
Section 13-63-7 - Conditions applicable to nonrenewed contracts.
Section 13-63-8 - Termination of contract for good cause--Transfer of accounts.
Section 13-63-9 - Program operated through accounts--Requirements to open.
Section 13-63-10 - Contributions to accounts.
Section 13-63-11 - Withdrawals from account.
Section 13-63-12 - Changing designated beneficiary.
Section 13-63-13 - Transferring funds to another account--Conditions.
Section 13-63-14 - Limitations on changing designated beneficiary and rolling over funds.
Section 13-63-17 - Accounts to be maintained separately.
Section 13-63-21 - Council to adopt rules to prevent excess contributions.
Section 13-63-21.1 - Excess contributions--Processing.
Section 13-63-22 - Account distributions to be reported as required by federal law.
Section 13-63-23 - Account statements--Contents.
Section 13-63-24 - Statements to comply with federal or state tax laws.
Section 13-63-26 - Identifying information of account holders and beneficiaries confidential.
Section 13-63-27 - Account balance of beneficiary student treated as asset of parent--Exceptions.
Section 13-63-28 - Limitations of chapter.
Section 13-63-29 - Chapter does not establish guarantees.
Section 13-63-30 - Mandated disclaimers.