Title 6, Education

(a) This chapter shall be administered by the Section 529 Plan Review Committee, which shall be composed of:(1) The Commissioner of the Division of Higher Education;(2) The Executive Director of the Arkansas Teacher Retirement System; and(3) The Treasurer of State. (1) The Commis…

Except as permitted in 26 U.S.C. § 529, as in effect on January 1, 2024, no person shall have the right to direct the investment of any contributions to or earnings from the Arkansas Brighter Future Fund Plan.

(a) (1) (A) An account owner or contributor may establish an account by making an initial contribution to the Arkansas Brighter Future Fund Plan, signing an application form approved by the Section 529 Plan Review Committee, and naming the account owner and the designated benefic…

(a) An account owner shall have the right to name the designated beneficiary of an account and at any time to change the designated beneficiary of an account to another individual who is a member of the family of the former designated beneficiary. (b) At the direction of an accou…

(a) Withdrawal from an account may be made on thirty (30) days' written notice by the account owner to the Section 529 Plan Review Committee or on shorter notice as the committee may by rule provide. (b) (1) An account withdrawal paid to or for the benefit of any person during an…

(a) (1) Total contributions to all accounts established on behalf of a particular designated beneficiary in excess of those reasonably necessary to meet the designated beneficiary's qualified higher education expenses are prohibited.(2) An employer matching contribution to the ac…

(a) (1) Except as otherwise indicated in this chapter, interest, dividends, and capital gains from funds invested in the Arkansas Brighter Future Fund Plan or a tax-deferred tuition savings program established by another state under 26 U.S.C. § 529, as in effect on January 1, 202…

Neither the Arkansas Brighter Future Fund Plan, the Section 529 Plan Review Committee and each of its members, nor the state shall insure any account or guarantee any rate of return or any interest rate on any contribution, nor shall they or any one of them be liable for any loss…

This chapter shall be liberally construed to comply with the requirements of 26 U.S.C. § 529, as in effect on January 1, 2024.

(a) The Section 529 Plan Review Committee shall develop and implement a pilot program to be known as the “Aspiring Scholars Matching Grant Program” that uses available administrative funds to match a contribution made into an account for a designated beneficiary under this chapte…