ࡱ> 8:7#` bjbj .$<<<<P+xxxxxxxx$hIDxxxx xxxl xA<0+|xhJ*<f6xxx xxx+    P05.07.040. University of 91ֱPostsecondary Education Savings Program: Introduction. The Education Trust of Alaska, formerly the University of 91ֱSavings Trust, was established by the board to facilitate administration of the University of 91ֱPostsecondary Education Savings Program. The College Savings Program consists of the Advance College Tuition Savings Fund and the 91ֱHigher Education Savings Trust, both established in accordance with the 91ֱCollege Savings Act, AS 14.40.802 14.40.817. The College Savings Program in turn provides the basis for related plans which may be authorized, from time to time, to further the purposes of the Trust and the College Savings Program. This policy provides for the administration, management, promotion, and marketing of the Trust and the College Savings Program. (12-06-02) P05.07.041. Purposes of the Trust and College Savings Program. The Trust and the College Savings Program are intended to: A. promote attendance at the university; B. reduce financial barriers to obtaining a postsecondary education; C. provide affordable access to a postsecondary education; D. encourage higher academic performance in grades 7 through 12, and enhance opportunities for students to complete their secondary and postsecondary education; E. encourage and help participants provide for the increasing cost of higher education; F. secure the payment of participant account balances and to secure the tuition value guarantee for ACT participants who attend the university. (12-06-02) P05.07.042. Trust Responsibilities. A. By establishing the Trust and adopting this policy, the board acknowledges and accepts, on behalf of the university, the fiduciary duties and responsibilities associated with the university serving as trustee. These duties and responsibilities are more fully described in the Declaration of Trust and its exhibits and attachments and include maintaining the Trust in compliance with Section 529 of the Internal Revenue Code of 1986, as amended. The Declaration is incorporated into this policy by this reference. B. In accordance with the Declaration, the president is appointed Trust Administrator and delegated all powers and authority necessary and convenient to administer, operate, and manage the Trust and College Savings Program, including: 1. modifying, suspending or terminating, all or a portion of, the Trust and the College Savings Program; 2. making final interpretations regarding the terms of the Trust and the College Savings Program; 3. providing for the final administrative resolution of all disputes and claims by participants, contractors, and others arising out of the administration, operation, and management of the Trust and the College Savings Program; 4. entering into contracts for program management services; and 5. further delegating such powers and authority as the president considers necessary or convenient to effectively administer, operate, and manage the Trust and the College Savings Program. (12-06-02) P05.07.043. Continuation of ACT Savings Fund. A. The board authorizes the transfer of the ACT Savings Fund, including all participant accounts and administrative funds, to the Trust, to secure obligations to participants and to accomplish the purposes of the Trust and the College Savings Program. B. To the extent allowed by law: 1. all of the benefits, duties, and responsibilities under AS 14.40.802 shall apply to ACT participants and beneficiaries and 2. the terms and conditions of the Trust and the College Savings Plan shall replace and supersede the terms and conditions of the former ACT Plan. The transfer shall be effective on such date and in such manner as may be determined by the president. 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