HB2837 Summary

• Amends the State Treasurer Act to clarify that the State Treasurer may establish and administer a College Savings Pool as a qualified tuition program under Internal Revenue Code Section 529.

• Specifies that Pool contributions and earnings are not state property and are not commingled with state funds, though the Treasurer may collect fees to cover administration and investment management costs paid from Pool assets.

• Requires the State Treasurer to provide separate annual accounting statements to each account owner showing account balance, investments, earnings, and distributions.

• Permits rollovers from College Savings Pool accounts to ABLE accounts (Achieving a Better Life Experience accounts) within 60 days, subject to IRC Section 529A contribution limits.

• Clarifies that the State Treasurer's authority to give bond for the College Savings Pool remains $10,000,000 and states that changes regarding fee collection and state fund separation are restatements of existing law.