Board of trustees – Powers and duties

In addition to the powers granted by any other provisions of this part, the board shall have, as agents of this state, the powers necessary or convenient to carry out the purposes and provisions of this part, the purposes and objectives of the program and the powers delegated by any other law of this state including, but not limited to, the following express powers: (1) Invest any funds of the trust fund in any instrument, obligation, security or property that constitutes legal investments for assets of the Tennessee consolidated retirement system as described in § 8-37-104, and as may otherwise be provided herein or approved by the board; Ask a legal question, get an answer ASAP!(1) The property comprising the estate of a deceased person, or (2) the property in a trust account.Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCCbeneficiary: means an individual designated under a tuition contract as the individual entitled to apply tuition units purchased under the contract to the payment of that individual's undergraduate, graduate and professional tuition, and other educational costs. See Tennessee Code 49-7-802Board: means the board of trustees of the college savings trust fund program described in this part. See Tennessee Code 49-7-802Code: means §. See Tennessee Code 49-7-802Contract: A legal written agreement that becomes binding when signed.Educational investment plan: means a plan that permits an account owner to establish an educational investment trust account and one (1) or more contributors to make contributions to an educational investment trust account that is intended to be applied to an account beneficiary's qualified higher education expenses. See Tennessee Code 49-7-802Educational services plan: means a plan that permits individuals, associations, corporations, trusts or other organized entities to purchase a tuition unit or units under a tuition contract entered into between a purchaser and the board on behalf of a designated beneficiary that entitles the beneficiary to apply such units to the payment of that beneficiary's undergraduate, graduate and professional tuition, and other educational costs. See Tennessee Code 49-7-802Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.Program: means the college savings trust fund program created in this part. See Tennessee Code 49-7-802Property: includes both personal and real property. See Tennessee Code 1-3-105State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105Trust fund: means the educational investment trust fund or the educational services trust fund established pursuant to §. See Tennessee Code 49-7-802Tuition: means the charges imposed to attend an institution of higher education as an undergraduate, graduate or professional student and all fees required as a condition of enrollment as determined by the board. See Tennessee Code 49-7-802Tuition contract: means a contract entered into under this part by the board and a purchaser to provide for the payment of tuition and other educational costs, through either the educational savings plan or the educational services plan. See Tennessee Code 49-7-802(2) Purchase insurance from insurers licensed to do business in this state providing for coverage against any loss in connection with the program’s property, assets or activities or to further ensure the value of tuition units and educational savings accounts; (3) Make, execute and deliver contracts, conveyances and other instruments necessary to the exercise and discharge of the powers and duties of the board; (4) Contract for the provision of all or any part of the services necessary for the management and operation of the program. The board may also contract with any other college savings program established pursuant to § 529 of the Internal Revenue Code (26 U.S.C. § 529), in order to provide similar benefits for Tennessee residents. The board may further establish, or contract for the establishment of, an incentive plan or plans to encourage Tennessee residents to participate in any such other college savings program or in any § 529 college savings program established by the state. The board may delegate to the state treasurer the authority to implement such incentives; such implementation shall include, but not be limited to determining the amount of the incentives not to exceed an amount approved by the board, the length of time the incentives shall be available and the method by which the incentives shall be provided. Through the board’s delegation, the state treasurer may establish and administer a plan to implement the incentives which the state treasurer may change from time to time wi