R685, Utah Educational Savings Plan Trust

R685-1. Purpose: Under authority granted by Congress in Internal Revenue Code (IRC) Section 529, the Utah State Legislature established the Utah Educational Savings Plan (UESP) to encourage Utah families to save for the costs of higher education. UESP promotes participation through a campaign of easy access and simple requirements. Dedicated to providing quality investment choices and excellent customer service, UESP aims to attract both Utahns and non-Utahns to the program to achieve economies of scale.

R685-2. References

2.1. Utah Code Title 53B, Chapter 8a (Utah Educational Savings Plan Trust)

2.2. Utah Code Title 67, Chapter 16 (Utah Public Officers’ and Employees’ Ethics Act)

2.3. Utah Code Title 51, Chapter 7 (State Money Management Act)

2.4. Utah Code Title 59, Chapter 10 (Individual Income Tax Act)

2.5. Utah Code Title 59, Chapter 7 (Corporate Franchise and Income Taxes)

2.6. Internal Revenue Code, Section 529

2.7. UESP Program Description

R685-3. Definitions: Program Description – a booklet describing UESP, its investment options, rules and requirements for participation, and legal disclosures.

R685-4. Policy: UESP provides account owners and prospective account owners with a Program Description. This document contains information individuals should know before participating with UESP, including appropriate investment disclosures.

The Program Description incorporates applicable federal and state law requirements, as well as other relevant rules. UESP operations are in accordance with these requirements. Account owners must sign an account agreement, which is considered a contract and incorporates the Program Description.

UESP respects the customer’s right to privacy and recognizes its obligation to keep information secure and confidential. UESP does not disclose any non-public personal information about its customers or former customers to anyone, except as permitted by law.

R685-4. Governance: UESP regularly reports to the Utah Higher Education Assistance Authority Board. Specifically, UESP reports on its status, growth, standing in the industry, outreach efforts, and periodically provides investment option analysis.

Adopted September 26, 1996; amended by the UHEAA Board of Directors May 13, 1997, November 10, 1998, April 27, 1999, April 11, 2000, June 20, 2002 January 14, 2003 and June 26, 2003. Revised and approved October 24, 2008.