SB0558 Summary

• Amends the State Treasurer Act to expand the definition of "qualified expenses" for the College Savings Pool to include qualified higher education expenses as defined in Section 529 of the Internal Revenue Code.

• Clarifies that contributions and earnings in the College Savings Pool are not state property and are not commingled with state funds, though the State Treasurer may collect fees for administration.

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

• Maintains existing restrictions on account owners' ability to direct investments, which is limited to options provided under Internal Revenue Code Section 529(b)(4), while prohibiting donors and beneficiaries from directing investments.

• Establishes a $10,000,000 bond requirement for the State Treasurer to secure faithful performance of duties related to the College Savings Pool.