12D.2  Creation of Iowa educational savings plan trust.
  An Iowa educational savings plan trust is created. The treasurer of state is the trustee of the trust, and has all powers necessary to carry out and effectuate the purposes, objectives, and provisions of this chapter pertaining to the trust, including the power to do all of the following:
  1.  Make and enter into contracts necessary for the administration of the trust created under this chapter.
  2.  Enter into agreements with any institution of higher education, the state, or any federal or other state agency, or other entity as required to implement this chapter.
  3.  Carry out the duties and obligations of the trust pursuant to this chapter.
  4.  Accept any grants, gifts, legislative appropriations, and other moneys from the state, any unit of federal, state, or local government, or any other person, firm, partnership, or corporation which the treasurer of state shall deposit into the administrative fund or the program fund.
  5.  Carry out studies and projections so the treasurer of state may advise participants regarding present and estimated future higher education costs and levels of financial participation in the trust required in order to enable participants to achieve their educational funding objectives.
  6.  Participate in any federal, state, or local governmental program for the benefit of the trust.
  7.  Procure insurance against any loss in connection with the property, assets, or activities of the trust.
  8.  Enter into participation agreements with participants.
  9.  Make payments to institutions of higher education, participants, or beneficiaries, pursuant to participation agreements on behalf of beneficiaries.
  10.  Make refunds to participants upon the termination of participation agreements, and partial nonqualified distributions to participants, pursuant to the provisions, limitations, and restrictions set forth in this chapter.
  11.  Invest moneys from the program fund in any investments which are determined by the treasurer of state to be appropriate.
  12.  Engage investment advisors, if necessary, to assist in the investment of trust assets.
  13.  Contract for goods and services and engage personnel as necessary, including consultants, actuaries, managers, legal counsel, and auditors for the purpose of rendering professional, managerial, and technical assistance and advice to the treasurer of state regarding trust administration and operation.
  14.  Establish, impose, and collect administrative fees and charges in connection with transactions of the trust, and provide for reasonable service charges, including penalties for cancellations and late payments with respect to participation agreements.
  15.  Administer the funds of the trust.
  16.  Adopt rules pursuant to chapter 17A for the administration of the trust.
98 Acts, ch 1172, §2; 99 Acts, ch 114, §1; 99 Acts, ch 122, §1, 10; 2004 Acts, ch 1079, §2 – 6, 17