Sec 15-1872. Family college savings program oversight committee; membership; powers and duties

A. The family college savings program oversight committee is established in the commission for postsecondary education. The committee consists of the following members:

1. The state treasurer or the state treasurer's designee.

2. The chairperson of the state board for private postsecondary education or the chairperson's designee.

3. Three members of the general public, each of whom possesses knowledge, skill and experience in accounting, risk management or investment management or as an actuary. The governor shall appoint these members to serve staggered four year terms pursuant to section 38-211. The initial members appointed pursuant to this paragraph shall assign themselves by lot to serve two, three and four year terms. The chairperson shall notify the governor's office on appointments of these terms. All subsequent members appointed pursuant to this paragraph serve four year terms.

4. A certified financial planner who is appointed by the governor.

5. A certified public accountant who is appointed by the governor.

6. An attorney with a state bar of Arizona certification in estates and trusts who is appointed by the governor.

7. An individual with investment, asset management and financial related expertise who is appointed by the governor.

8. An individual employed by a community college or university with investment, asset management and financial related expertise who is appointed by the governor.

B. The commission shall select a chairperson and a vice-chairperson from among the committee's membership. A majority of the membership constitutes a quorum for the transaction of business. The committee shall meet at least once each calendar quarter. The chairperson may call additional meetings.

C. The member of the family college savings program oversight committee appointed pursuant to subsection A, paragraph 6 of this section is eligible to receive compensation as determined pursuant to section 38-611 for each day of attendance at committee meetings, except that the compensation of the member shall not exceed five hundred dollars in any year. The commission shall pay compensation pursuant to this subsection from monies of the commission.

D. The committee shall recommend financial institutions for approval by the commission to act as the depositories and managers of family college savings accounts pursuant to section 15-1874.

E. The committee may submit proposed rules to the commission to assist in the implementation and administration of this article.

F. Members of the committee are immune from personal liability with respect to all actions that are taken in good faith and within the scope of the committee's authority.