53B-8a-105. Additional powers of board as to the Utah Educational Savings Plan
Trust.
The board has all powers necessary to carry out and effectuate the purposes, objectives,
and provisions of this chapter pertaining to the Utah Educational Savings Plan Trust, including
the power to:
(1) engage:
(a) one or more investment advisors, registered under the Investment Advisors Act of
1940, with at least 5,000 advisory clients and at least $1,000,000,000 under management, to
provide investment advice to the board with respect to the assets held in each account;
(b) an administrator to perform recordkeeping functions on behalf of the Utah
Educational Savings Plan Trust; and
(c) a custodian for the safekeeping of the assets of the Utah Educational Savings Plan
Trust;
(2) carry out studies and projections in order to advise account owners regarding present
and estimated future higher education costs and levels of financial participation in the Utah
Educational Savings Plan Trust required in order to enable account owners to achieve their
educational funding objective;
(3) contract for goods and services and engage personnel as necessary, including
consultants, actuaries, managers, counsel, and auditors for the purpose of rendering professional,
managerial, and technical assistance and advice, all of which contract obligations and services
shall be payable from any moneys of the Utah Educational Savings Plan Trust;
(4) participate in any other way in any federal, state, or local governmental program for
the benefit of the Utah Educational Savings Plan Trust;
(5) promulgate, impose, and collect administrative fees and charges in connection with
transactions of the Utah Educational Savings Plan Trust, and provide for reasonable service
charges, including penalties for cancellations and late payments;
(6) procure insurance against any loss in connection with the property, assets, or
activities of the Utah Educational Savings Plan Trust;
(7) administer the funds of the Utah Educational Savings Plan Trust;
(8) solicit and accept for the benefit of the endowment fund gifts, grants, and other
moneys, including general fund moneys from the state and grants from any federal or other
governmental agency;
(9) procure insurance indemnifying any member of the board from personal loss or
accountability arising from liability resulting from a member's action or inaction as a member of
the board; and
(10) make rules and regulations for the administration of the Utah Educational Savings
Plan Trust.
Amended by Chapter 100, 2007 General Session
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Last revised: Wednesday, July 23, 2008