13-63-5. Duties of program manager.
A program manager shall:
(1)Take all action required to keep the program in compliance with the requirements of this chapter, the rules promulgated by the council pursuant to chapter 1-26, and any contract with the council to manage the program so that the program is treated as a qualified state tuition plan under section 529 of the Internal Revenue Code and related regulations;
(2)Keep adequate records of each account, keep each account segregated from each other account and provide the council with the information necessary to prepare statements required by §§13-63-22, 13-63-23, and 13-63-24 or file these statements on behalf of the council;
(3)Compile and total information contained in statements required to be prepared under §§13-63-22, 13-63-23, and 13-63-24 and provide these compilations to the council;
(4)Provide the council with this information to assist the council to determine compliance with §13-63-21;
(5)Provide representatives of the council, including other contractors or other state agencies, access to the books and records of the program manager to the extent needed to determine compliance with the contract; and
(6)Hold all accounts in trust for the benefit of this state and the account owner.
Source: SL 2001, ch 97, §5.
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.