SB2768 Summary

• Amends the State Treasurer Act to broaden the State Treasurer's authority in administering the College Savings Pool, allowing performance of any action deemed necessary to operate the pool as a qualified tuition program under Section 529 of the Internal Revenue Code.

• Permits the State Treasurer to delegate College Savings Pool duties to one or more contractors, replacing the previous "program manager" designation with more flexible contractor arrangements.

• Clarifies that all fees, costs, and expenses (including investment fees and third-party payments) related to the College Savings Pool shall be paid from pool assets, and the Treasurer must keep fees as low as possible while maintaining adequate reserves.

• Expands the definition of "qualified expenses" to include apprenticeship program fees and equipment, education loan repayment for designated beneficiaries and siblings, and expenses that qualify under current Section 529 of the Internal Revenue Code.

• Removes requirements for the Treasurer to maintain specific records documenting account balances and investment earnings, instead requiring separate annual accounting statements be provided to account owners.

• Effective immediately upon becoming law.