§ 2877. Vermont Higher Education Investment Plan created
(a) There is created a program of the State to be known as the Vermont Higher Education
Investment Plan and a trust for that purpose to be administered by the Vermont Student
Assistance Corporation as an instrumentality of the State. The program may consist
of one or more different investment plans, including one or more plans that may be
offered to a participant only with the assistance of a qualified financial advisor.
(b) In order to establish and administer the Investment Plan, the Corporation, in addition
to its other powers and authority, shall have the power and authority to:
(1) Develop and implement educational programs and related informational materials for
participants and their families. Special efforts shall be made to contact families
with young children and to reach individuals whose access to higher education opportunities
has been limited.
(2) Enter into agreements with any approved postsecondary education institution, the State,
or any federal or other agency or entity as required for the operation of an Investment
Plan pursuant to this subchapter.
(3) Accept any grants, gifts, legislative appropriations, and other monies from the State;
any unit of federal, State, or local government; or any other person, firm, partnership,
or corporation for contribution to the account of the Investment Plan, or for the
operation or other related purposes of the Corporation.
(4) Invest the funds received from participants in appropriate investment vehicles approved
and held in trust for participants by the Corporation as selected by the participants,
including education loans made by the Corporation.
(5) Enter into participation agreements with participants.
(6) Develop and use two or more types of participation agreements to provide a range of
investment options for participants.
(7) Make payments as directed by the participants pursuant to participation agreements.
(8) Make refunds to participants upon the termination of participation agreements pursuant
to the provisions, limitations, and restrictions set forth in this subchapter and
the rules, policies, and procedures adopted by the Corporation.
(9) Make provision for the payment of costs of administration and operation of an Investment
Plan subject to the limitations on charges on participation agreements established
in subdivision 2878(5) of this title.
(10) Adopt rules, policies, and procedures to implement this subchapter and take all necessary
action to ensure an Investment Plan is in conformance with the Internal Revenue Code
and other applicable law.
(11) Effectuate and carry out all of the powers granted by this subchapter, and have all
other powers necessary to carry out and effectuate the purposes, objectives, and provisions
of this subchapter pertaining to the Investment Plan Program, including the power
to:
(A) carry out studies and projections in order to advise participants regarding present
and estimated future postsecondary education costs and levels of financial participation
in the Plan required in order to enable participants to achieve their educational
funding objectives; and
(B) procure insurance, guarantees, or other protections against any loss in connection
with the assets or activities of the investment plan. (Added 1997, No. 79 (Adj. Sess.), § 1, eff. July 1, 1997; amended 2001, No. 58, § 4, eff. June 16, 2001; 2013, No. 92 (Adj. Sess.), § 190, eff. Feb. 14, 2014; 2019, No. 154 (Adj. Sess.), § E.605.4, eff. Oct. 2, 2020.)