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- Alaska Statutes.
- Title 14. Education, Libraries, and Museums
- Chapter 40. The University of Alaska, the Community Colleges, and the Alaska Aerospace Development Corporation
- Section 811. Advance College Tuition Savings Contracts.
previous: Section 810
. [Renumbered as AS 14.43.250
next: Section 815
. [Renumbered as AS 14.43.255
AS 14.40.811. Advance College Tuition Savings Contracts.
- (a) An advance college tuition savings contract must set out or include by reference to the plan
- (1) the name and date of birth of the purchaser and the beneficiary under the contract;
- (2) the number of advance college tuition credits purchased under the contract;
- (3) the terms and conditions under which the contract may be terminated and refunds made;
- (4) the assumption of a contractual obligation by the board to provide funding for specified education benefits for the
beneficiary in accordance with the terms of the plan;
- (5) the period of time during which the beneficiary may receive the benefits of the contract; and
- (6) other terms and conditions the board determines to be appropriate or that are required under 26 U.S.C. (Internal
- (b) An advance college tuition savings contract may be terminated
- (1) if the board determines that the number of purchasers is insufficient to maintain the fund on an actuarially sound
- (2) under other circumstances determined by the board and set out in the advance tuition savings contract or in the plan.
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