85-2804. Meadowlark Program; created; purpose; Department of Health and Human Services; duties; disbursement of funds.
(1) The Meadowlark Program is created. The program shall be administered by the State Treasurer. The purpose of the program is to promote access to postsecondary educational opportunities by providing funds to qualified individuals to help pay the qualified higher education expenses associated with attendance at an eligible educational institution located in this state.
(2) Any qualified individual shall be eligible to participate in the Meadowlark Program. No later than March 1 of each year, the Department of Health and Human Services shall transmit information to the State Treasurer which is necessary to administer the program and to establish whether the children born in the previous calendar year are qualified individuals. Such information shall include, but not be limited to, the full name and residential address of each child's parent or legal guardian and the birthdate of each child. Costs associated with the transfer of information by the Department of Health and Human Services shall be paid from the College Savings Plan Expense Fund.
(3) Following receipt of the information described in subsection (2) of this section, the State Treasurer shall send a notification explaining the Meadowlark Program to the parent or legal guardian of each qualified individual. The State Treasurer shall provide such parent or legal guardian with the opportunity to exclude his or her child from the program. Any child who is not excluded shall be deemed to be enrolled in the program. Upon enrollment into the program, the child shall have an account opened for him or her under the Nebraska educational savings plan trust.
(4) On or before April 1 of each year, the State Treasurer shall determine (a) the number of accounts opened under the Meadowlark Program in the previous calendar year and (b) the amount of investment income generated by the Meadowlark Endowment Fund in the previous calendar year. The State Treasurer shall evenly distribute the investment income from the previous calendar year to the accounts opened in the previous calendar year.
(5) The Nebraska educational savings plan trust shall own all accounts opened under the Meadowlark Program. Neither the qualified individual nor his or her parent or legal guardian shall have any ownership rights or interest in, title to, or power or control over such an account.
(6) Any disbursement from an account opened under the Meadowlark Program shall be made before the qualified individual reaches thirty years of age. Once a qualified individual reaches thirty years of age, any unused funds in his or her account shall be transferred to the Meadowlark Endowment Fund.
(7) Funds disbursed from an account opened under the Meadowlark Program shall only be used to pay the qualified higher education expenses associated with attending an eligible educational institution located in this state and shall not be used to pay expenses associated with attending kindergarten through grade twelve.
(8) The State Treasurer shall take measures to ensure the security and confidentiality of the information received under subsection (2) of this section.
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