House Journal: Page 1756: Thursday, May 1, 2003
20 earnings, and less a refund penalty levied by the
21 trust against account balance earnings, if any, in the
22 event an account balance remains in the account for a
23 thirty-day period following the beneficiary's
24 thirtieth birthday.
25 Sec. . Section 12D.4, Code 2003, is amended by
26 striking the section and inserting in lieu thereof the
27 following:
28 12D.4 PROGRAM AND ADMINISTRATIVE FUNDS -
29 INVESTMENT AND PAYMENTS.
30 1. The treasurer of state shall segregate moneys
31 received by the trust into two funds: the program
32 fund and the administrative fund.
33 2. All moneys paid by participants in connection
34 with participation agreements shall be deposited as
35 received into separate accounts within the program
36 fund.
37 3. Contributions to the trust made by participants
38 may only be made in the form of cash.
39 4. A participant or beneficiary shall not provide
40 investment direction regarding program contributions
41 or earnings held by the trust.
42 5. Moneys accrued by participants in the program
43 fund of the trust may be used for payments to any
44 institution of higher education. Payments may be made
45 to the institution, the participant, or the
46 beneficiary.
47 Sec. . Section 12D.5, Code 2003, is amended by
48 striking the section and inserting in lieu thereof the
49 following:
50 12D.5 CANCELLATION OF AGREEMENTS.
Page 3
1 A participant may cancel a participation agreement
2 at will. Upon cancellation of a participation
3 agreement, a participant shall be entitled to the
4 return of the participant's account balance.
5 Sec. . Section 12D.6, subsection 3, Code 2003,
6 are amended by striking the subsection.
7 Sec. . Section 12D.9, subsection 1, paragraphs
8 c, d, and e, Code 2003, are amended to read as
9 follows:
10 c. Pursuant to section 12D.4, subsection 1,
11 paragraph "b" 2, a separate account is established for
12 each beneficiary.
13 d. Pursuant to section 12D.4, subsection 1,
14 paragraph "f" 3, contributions may only be made in the
15 form of cash.
16 e. Pursuant to section 12D.4, subsection 1,
17 paragraph "g" 4, a participant or beneficiary shall
18 not provide investment direction regarding program
© 2003 Cornell College and
League of Women Voters of Iowa
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