Title 6 — Education
62 chapters · 2,849 sections in this title.
Ark. Code Ann. § 6-84-101 Title
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This chapter shall be known and may be cited as the “Arkansas Brighter Future Fund Plan Act”.
Ark. Code Ann. § 6-84-102 Purpose
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It is the intent and purpose of this chapter to create and establish the Arkansas Brighter Future Fund Plan pursuant to 26 U.S.C. § 529, as in effect on January 1, 2024, to be administered by the Section 529 Plan Review Committee through the adoption of rules for the administrati…
Ark. Code Ann. § 6-84-103 Definitions
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(1) As used in this chapter:(1) “Account” means an account established in accordance with this chapter;(2) “Account owner” means the person or nonprofit that, under this chapter or the rules promulgated by the Section 529 Plan Review Committee, is entitled to select or change the…
Ark. Code Ann. § 6-84-104 Creation of Arkansas Brighter Future Fund Plan Trust
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(a) There is created the Arkansas Brighter Future Fund Plan Trust. (b) The cotrustees of the trust shall be the Commissioner of the Division of Higher Education, the Executive Director of the Arkansas Teacher Retirement System, and the Treasurer of State.
Ark. Code Ann. § 6-84-105 Administration — Authority — Powers
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(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…
Ark. Code Ann. § 6-84-106 Investment direction
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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.
Ark. Code Ann. § 6-84-107 Accounts
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(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…
Ark. Code Ann. § 6-84-108 Naming of designated beneficiary and transfers of accounts
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(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…
Ark. Code Ann. § 6-84-109 Account withdrawals
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(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…
Ark. Code Ann. § 6-84-110 Prohibitions
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(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…
Ark. Code Ann. § 6-84-111 Funds exempt from tax — Definitions
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(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…
Ark. Code Ann. § 6-84-112 Limitation on liability
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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…
Ark. Code Ann. § 6-84-113 Liberal construction
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This chapter shall be liberally construed to comply with the requirements of 26 U.S.C. § 529, as in effect on January 1, 2024.
Ark. Code Ann. § 6-84-114 Aspiring Scholars Matching Grant Program
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(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…