(a) The Arkansas Brighter Future Fund Plan program (the “program”) is established pursuant to the Arkansas Brighter Future Fund Plan Act, Chapter 84 of Title 6 of the Arkansas Code, as amended, codified as Arkansas Code § 6-84-101 et seq. (the “act”).
(b) The program is designed to satisfy the requirements of Section 529 of the Internal Revenue Code of 1986, 26 U.S.C. § 1 et seq., as amended, and any regulations, rulings, announcements, and other guidance issued thereunder (collectively referred to as “Section 529”).
(c) In accordance with the Arkansas Brighter Future Fund Plan Act, the Section 529 Plan Review Committee (the “committee”) has established the following rules governing the operation of the plan.
(d) To the extent this part is interpreted to be inconsistent with provisions of Section 529, the provisions of Section 529 shall prevail.
(e) The program may be affected by subsequent changes in federal and state legislation.
(f) The committee shall have the right to modify this part from time to time to comply with then current federal law and regulations applicable to the program and for other purposes.
(g) Capitalized terms not defined herein shall have the meaning ascribed to them in the Arkansas Brighter Future Fund Plan Act.