3334-1-12 Conditions under which an interim period for investment of program funds is required for the variable college savings program.

(A) The authority may choose not to renew a contract with an investment agent or may choose to terminate an existing contract prior to its natural expiration for the following reasons:

(1) Material violation or breach of any provision of the contract or applicable state or federal law;

(2) Noncompliance with the authority's investment policy;

(3) Failure to meet the performance criteria agreed upon between the authority and the investment agent; or

(4) Other good cause as determined by the authority.

(B) Should a contract with an existing investment agent either be terminated or not renewed, resulting in an interim period for investment of program funds, the authority shall use its best efforts to contract with one or more alternative investment agents. The authority shall take reasonable steps to ensure that the interim period of investment extends only for a period that is reasonably required to select and contract with one or more new investment agents. During the interim period, the treasurer of state, a state agency having investment authority, or a temporary investment agent shall invest funds received under the variable college savings plan.

Replaces: 3334-1-13

Effective: 08/21/2006
R.C. 119.032 review dates: 08/21/2011
Promulgated Under: 111.15
Statutory Authority: R.C. 3334.08 , 3334.20
Rule Amplifies: R.C. 3334.20
Prior Effective Dates: 10/13/00