Authority of Board to establish a comprehensive investment plan
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The board has authority to establish a comprehensive investment plan for the purposes of this chapter, to invest any funds of the ABLE Trust Fund in any instrument, obligation, security or property that constitutes legal investments for public funds in the state, and to name and use depositories for its investments and holdings. The comprehensive investment plan shall specify the investment policies to be utilized by the board in its administration of the funds. The board may authorize investments in any investment vehicle authorized for the Mississippi Achieving a Better Life Experience Program.
All investments shall be acquired by the board at prices not exceeding the prevailing market values for such securities and shall be marked clearly to indicate ownership by the system and, to the extent possible, shall be registered in the name of the system.
Except as otherwise provided in this section, no trustee or employee of the board may have any direct or indirect interest in the income, gains or profits of any investment made by the board, and such person may not receive any pay or emolument for his services in connection with any investment made by the board. No trustee or employee of the board may become an endorser or surety or in any manner an obligor for money loaned by or borrowed from the system.
Under the authority granted in Section 43-28-9, the board may establish criteria for investment managers, mutual funds or other such entities to act as contractors or consultants to the board. The board may contract, either directly or through such contractors or consultants, to provide such services as may be a part of the comprehensive investment plan or as may be deemed necessary or proper by the board, including, but not limited to, providing consolidated billing, individual and collective record keeping and accounting, and asset purchase, control and safekeeping.
No account owner, contributor or payor may directly or indirectly direct the investment of any account except as may be permitted under Section 529A of the Internal Revenue Code of 1986, as amended.