(a) The board shall obtain appropriate actuarial assistance to establish, and maintain, and certify a fund sufficient to defray the obligation of the educational services plan. The actuary shall recommend to the board, and the board shall adopt, actuarial assumptions and appropriate actuarial tables for use in all calculations in connection with such plan.

Terms Used In Tennessee Code 49-7-820

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Board: means the board of trustees of the college savings trust fund program described in this part. See Tennessee Code 49-7-802
  • Educational services plan: means a plan that permits individuals, associations, corporations, trusts or other organized entities to purchase a tuition unit or units under a tuition contract entered into between a purchaser and the board on behalf of a designated beneficiary that entitles the beneficiary to apply such units to the payment of that beneficiary's undergraduate, graduate and professional tuition, and other educational costs. See Tennessee Code 49-7-802
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Program: means the college savings trust fund program created in this part. See Tennessee Code 49-7-802
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(b) At least once in each six-year period, the actuary shall make an actuarial investigation into the assumptions and tables used in the educational services plan, and taking into account the results of the investigation, the board shall adopt for the plan the actuarial assumptions and tables that are deemed necessary.
(c) The board of trustees shall keep in convenient form data necessary for actuarial valuation of the fund and for checking the experience of such plan.
(d) On the basis of the tables and assumptions the board of trustees adopts, the actuary shall make a valuation, at least once a year, of the assets and liabilities of the educational services program trust funds.
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