(a) This chapter shall be administered by the Section 529 Plan Review Committee, which shall be composed of:
(1) The Director of the Department of Higher Education;
(2) The Executive Director of the Arkansas Teacher Retirement System; and
(3) The Treasurer of State.
(b) The committee shall adopt such rules and regulations as it deems necessary and proper to administer this chapter and to ensure the compliance of the Arkansas Tax-Deferred Tuition Savings Program with 26 U.S.C. § 529, as in effect on January 1, 2018.
(c) The committee shall have the following powers, duties, and functions:
(1) To establish, develop, implement, and maintain the program in a manner consistent with the provisions of this chapter and 26 U.S.C. § 529, as in effect on January 1, 2018, and to obtain the benefits provided by 26 U.S.C. § 529 for the program, account owners, and designated beneficiaries;
(2) To adopt rules and regulations for the general administration of the program;
(3) To maintain, invest, and reinvest the funds contributed into the program consistent with the investment restrictions established by the committee and the standard of care described in the prudent investor rule under § 24-2-610; and
(4)
(A) To make and enter into any and all contracts, agreements, or arrangements and to retain, employ, and contract for the services of financial institutions, depositories, consultants, broker dealers, investment advisors or managers, third-party plan administrators, and research, technical, and other services necessary or desirable for carrying out the purposes of this chapter.
(B) Contracts entered into by the committee may be for a term of from one (1) to ten (10) years.
(d) The Treasurer of State shall provide office space, staff, and materials for the committee.
(e) A member of the committee may expend funds appropriated for the member of the committee to provide the following for the benefit of the program:
(1) Office space;
(2) Staffing;
(3) Materials;
(4) Marketing;
(5) Education;
(6) Financial literacy programs; and
(7) Outreach measures.
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