Be it enacted by the Legislature of the State of Arizona:
Section 1. Heading change
The article heading of title 15, chapter 14, article 7, Arizona Revised Statutes, is changed from "FAMILY COLLEGE SAVINGS PROGRAM" to "AZ529, ARIZONA'S EDUCATION SAVINGS PLAN".
Sec. 2. Section 15-1871, Arizona Revised Statutes, is amended to read:
15-1871. Definitions
In this article, unless the context otherwise requires:
1. "Account" means an individual trust account in the fund that is established as prescribed in this article.
2. "Account owner" means the person who enters into a tuition savings agreement pursuant to this article, who is an account owner within the meaning of section 529 of the internal revenue code and who is designated at the time an account is opened as having the right to withdraw monies from the account before the account is disbursed to or for the benefit of the designated beneficiary.
3. "Board" means the state board of investment.
4. "Designated beneficiary" means a person who qualifies as a designated beneficiary under section 529 of the internal revenue code and, except as provided in section 15‑1875, subsections P and Q, with respect to an account, who is designated at the time the account is opened as the person whose qualified higher education expenses are expected to be paid from the account or, if this designated beneficiary is replaced in accordance with section 15‑1875, subsections D, E and F, the replacement beneficiary.
5. "Eligible educational institution" means an institution of higher education that qualifies under section 529 of the internal revenue code as an eligible educational institution.
6. "Financial institution" means the state treasurer's office or any bank, commercial bank, national bank, savings bank, savings and loan association, credit union, insurance company, brokerage firm or other similar entity that is authorized to do business in this state.
7. "Fund" means the family college AZ529, Arizona's education savings program plan trust fund that constitutes a public instrumentality of this state and that is established by section 15‑1873.
8. "Member of the family" means any of the following:
(a) A son or daughter of a person or a descendant of the son or daughter of the person.
(b) A stepson or stepdaughter of a person.
(c) A brother, sister, stepbrother or stepsister of a person. For the purposes of this subdivision, "brother" and "sister" includes a brother or sister by the half‑blood.
(d) The father or mother of a person or the ancestor of the father or mother of a person.
(e) A stepfather or stepmother of a person.
(f) A son or daughter of a person's brother or sister. For the purposes of this subdivision, "brother" and "sister" includes a brother or sister by the half‑blood.
(g) A brother or sister of the person's father or mother. For the purposes of this subdivision, "brother" and "sister" includes a brother or sister by the half‑blood.
(h) A son‑in‑law, daughter‑in‑law, father‑in‑law, mother‑in‑law, brother‑in‑law or sister‑in‑law of a person.
(i) The spouse of a person or the spouse of any individual described in this paragraph.
(j) A first cousin of a person.
(k) Any individual who meets the criteria for family membership described in this paragraph as a result of legal adoption.
9. "Nonqualified withdrawal" means a withdrawal from an account other than one of the following:
(a) A qualified withdrawal.
(b) A withdrawal made as the result of the death or disability of the designated beneficiary of an account.
(c) A withdrawal that is made on the account of a scholarship, or the allowance or payment described in section 135(d)(1)(B) or (C) of the internal revenue code, and that is received by the designated beneficiary, but only to the extent of the amount of this scholarship, allowance or payment.
(d) A rollover or change of designated beneficiary.
10. "Person" means an individual, an individual's legal representative or any other legal entity authorized to establish a savings account under section 529 of the internal revenue code and the corresponding regulations.
11. "Program Plan" means the family college AZ529, Arizona's education savings program plan that is established under this article and that constitutes a qualified tuition program as defined in section 529 of the internal revenue code.
12. "Qualified higher education expenses":
(a) Means:
(i) Tuition, fees, books, supplies, room and board and equipment required for a designated beneficiary to enroll at or attend an eligible educational institution.
(ii) Expenses for special needs services in the case of a special needs beneficiary that are incurred in connection with enrolling or attending, if these expenses meet the definition of qualified higher education expenses in section 529 of the internal revenue code.
(iii) Expenses to purchase a computer, peripheral equipment, computer software or internet access and related services if the computer equipment, software or services are to be used primarily by the beneficiary during the years the beneficiary is enrolled at an eligible educational institution and if these expenses meet the definition of qualified higher education expenses in section 529 of the internal revenue code.
(iv) Expenses for fees, books, supplies and equipment required for a designated beneficiary to participate in an apprenticeship program that is registered and certified with the United States secretary of labor under section 1 of the national apprenticeship act (50 Stat. 664; 29 United States Code section 50) if these expenses meet the definition of qualified higher education expenses in section 529 of the internal revenue code.
(b) Includes tuition to enroll in or attend an elementary or secondary public, private or religious school pursuant to section 529 of the internal revenue code.
(c) Includes amounts paid as principal or interest on any qualified education loan as defined in section 221(d) of the internal revenue code of the designated beneficiary or a brother, sister, stepbrother or stepsister of the designated beneficiary pursuant to section 529 of the internal revenue code.
13. "Qualified withdrawal" means a withdrawal from an account to pay any of the following:
(a) The qualified higher education expenses of the designated beneficiary of the account, but only if the withdrawal is made in accordance with this article.
(b) Tuition of less than $10,000 to enroll in or attend an elementary or secondary public, private or religious school pursuant to section 529 of the internal revenue code of the designated beneficiary of the account, but only if the withdrawal is made in accordance with this article.
(c) Amounts paid as principal or interest on any qualified education loan as defined in section 221(d) of the internal revenue code of the designated beneficiary or a brother, sister, stepbrother or stepsister of the designated beneficiary, but only if the withdrawal is made in accordance with this article. The amount of qualified withdrawals under this article with respect to the loans of any designated beneficiary or a brother, sister, stepbrother or stepsister of the designated beneficiary may not exceed $10,000, reduced by the amount of withdrawals so treated for all prior taxable years.
14. "Section 529 of the internal revenue code" means section 529 of the internal revenue code of 1986, as amended, and the final regulations issued pursuant to that section.
15. "Treasurer" means the state treasurer.
16. "Trust interest" means an account owner's interest in the fund created by a tuition savings agreement for the benefit of a designated beneficiary.
17. "Tuition savings agreement" means an agreement between the board, as trustee of the fund, and an account owner that creates an interest in the fund and that provides for participation in the program plan.
Sec. 3. Section 15-1872, Arizona Revised Statutes, is amended to read:
15-1872. AZ529, Arizona's education savings plan; state board of investment; rules; powers and duties
A. The board shall approve financial institutions to act as the depositories and managers of family college AZ529, Arizona's education savings plan accounts pursuant to section 15‑1874.
B. The board may adopt rules to assist in implementing and administering this article.
C. Members of the board are immune from personal liability with respect to all actions that are taken in good faith and within the scope of the board's authority.
Sec. 4. Section 15-1873, Arizona Revised Statutes, is amended to read:
15-1873. Treasurer; powers and duties; AZ529, Arizona's education savings plan trust fund
A. The treasurer shall:
1. Develop and implement the program plan in a manner consistent with this article by adopting rules, guidelines and procedures.
2. Retain professional services, if necessary, including accountants, auditors, consultants and other experts.
3. Seek rulings and other guidance from the United States department of the treasury and the internal revenue service relating to the program plan.
4. Make changes to the program plan required for the participants in the program plan to obtain the federal income tax benefits or treatment provided by section 529 of the internal revenue code.
5. Interpret, in rules, policies, guidelines and procedures, this article broadly in light of its purpose and objectives.
6. Charge, impose and collect administrative fees and service charges in connection with any agreement, contract or transaction relating to the program plan.
7. Negotiate and select the financial institution or institutions to act as the depository and manager of the program plan in accordance with this article. On approval by the board, the treasurer may use existing investment funds established pursuant to sections 35‑314.03, 35‑316 and 35‑326 for this purpose.
8. Maintain the program plan on behalf of this state as required by section 529 of the internal revenue code.
9. Enter into tuition savings agreements with account owners pursuant to this article.
B. The family college AZ529, Arizona's education savings program plan trust fund is established consisting of the assets of the family college AZ529, Arizona's education savings program plan. The treasurer shall administer the fund, and the board shall act as the trustee of the fund. Monies in the fund are continuously appropriated. The fund is designated a public instrumentality of this state that is created for an essential public purpose. Trust interests in the fund shall be designated by the treasurer for each account owner. The fund shall be separated into a trust account and an operating account. The trust account shall include amounts received by the family college AZ529, Arizona's education savings program plan from account owners pursuant to tuition savings agreements and interest and investment income earned by the fund. The treasurer shall make transfers from the trust account to the operating account as necessary for the immediate payment of to immediately pay obligations under tuition savings agreements, operating expenses and administrative costs of the family college savings program plan. The treasurer shall deposit and invest monies or other amounts in the fund with financial institutions in accordance with section 15‑1874.
Sec. 5. Section 15-1874, Arizona Revised Statutes, is amended to read:
15-1874. Use of contractor as account depository and manager
A. The treasurer shall implement the operation of the program plan through the use of one or more financial institutions to act as the depositories of the fund and managers of the program plan. Under the program plan, persons may submit applications for enrollment in the program plan and establish accounts in the fund at the financial institution. Monies paid by account owners to the fund for deposit in accounts maintained by the fund at a financial institution shall be paid to the financial institution as an agent of the fund, and the tuition savings agreements shall provide that all monies paid by account owners to fund accounts held at financial institutions are being paid to the fund.
B. The treasurer shall solicit proposals from financial institutions to act as the depositories of fund monies and managers of the program plan. Financial institutions that submit proposals must describe the financial instruments that will be held in accounts. The solicitation and selection process is exempt from the procurement code requirements of title 41, chapter 23.
C. On the recommendation of the treasurer, the board shall select the financial institution or institutions to implement the program plan from among bidding financial institutions that demonstrate the most advantageous combination, both to potential program plan participants and this state, of the following factors:
1. Financial stability and integrity.
2. The safety of the investment instruments being offered, taking into account any insurance provided with respect to these instruments.
3. The ability of the investment instruments to track estimated costs of higher education as calculated by the treasurer and provided by the financial institution to the account holder.
4. The ability of the financial institutions, directly or through a subcontract, to satisfy recordkeeping and reporting requirements.
5. The financial institution's plan for promoting the program plan and the investment it is willing to make to promote the program plan.
6. The fees, if any, proposed to be charged to persons for maintaining accounts.
7. The minimum initial deposit and minimum contributions that the financial institution will require for the investment of fund monies and the willingness of the financial institution to accept contributions through payroll deduction plans and other deposit plans.
8. Any other benefits to this state or its residents included in the proposal, including an account opening fee payable to the treasurer by the account owner and an additional fee from the financial institution for statewide program plan marketing by the treasurer.
D. On approval by the board, the treasurer shall enter into a contract with a financial institution, or, except as provided in subsection E of this section, contracts with financial institutions, to serve as program plan managers and depositories. Program Plan management contracts shall provide the terms and conditions by which financial institutions shall sell interests in the fund to account owners, invest monies in the fund and manage the program plan.
E. The board may select more than one financial institution and investment for the program plan if both of the following conditions exist:
1. The United States internal revenue service has provided guidance that giving a contributor a choice of two investment instruments under a state plan will not cause the plan to fail to qualify for favorable tax treatment under section 529 of the internal revenue code.
2. The treasurer concludes that the choice of instrument vehicles is in the best interest of college savers and will not interfere with the promotion of the program plan.
F. A program plan manager shall:
1. Take all action required to keep the program plan in compliance with the requirements of this article and all action not contrary to this article or its contract to manage the program plan so that it is treated as a qualified tuition plan under section 529 of the internal revenue code.
2. Keep adequate records of each of the fund's accounts, keep each account segregated from each other account and provide the treasurer with the information necessary to prepare statements required by section 15‑1875, subsections M, N and O or file these statements on behalf of the treasurer.
3. Compile and total information contained in statements required to be prepared under section 15‑1875, subsections M, N and O and provide these compilations to the treasurer.
4. If there is more than one program plan manager, provide the treasurer with this information to assist the treasurer to determine compliance with section 15‑1875, subsection L.
5. Provide representatives of the treasurer, including other contractors or other state agencies, access to the books and records of the program plan manager to the extent needed to determine compliance with the contract.
6. Hold all accounts in the name of and for the benefit of the fund and this state.
G. Any contract executed between the treasurer and a financial institution pursuant to this section shall be for a term of at least three years and not more than seven years.
H. The board may terminate a contract with a financial institution at any time for good cause on the recommendation of the treasurer. If a contract is terminated pursuant to this subsection, the treasurer shall take custody of accounts held at that financial institution and shall seek to promptly transfer the accounts to another financial institution that is selected as a program plan manager and into investment instruments as similar to the original investments as possible.
I. If the treasurer determines not to renew the appointment of a financial institution as a program plan manager, the board may take action consistent with the interests of the program plan and the accounts and in accordance with its duties as the trustee of the fund, including termination of all services or continuation of certain management and administrative services of that financial institution for accounts of the program plan managed by that financial institution during its term as a program plan manager, if any continuation of services is only permitted under the following conditions:
1. The treasurer and the financial institution enter into a written agreement specifying the rights of the program plan and the treasurer and the responsibilities of the financial institution, including the standards that continue to be applicable to the accounts as accounts of the program plan.
2. Any services provided by the financial institution to accounts continue to be subject to the control of the board as the trustee of the fund with responsibility of all accounts of the program plan.
Sec. 6. Section 15-1875, Arizona Revised Statutes, is amended to read:
15-1875. Plan requirements
A. The program plan shall be operated through the use of accounts in the fund established by account owners. Payments to the fund for participation in the program plan shall be made by account owners pursuant to tuition savings agreements. An account may be opened by any person who desires to invest in the fund and to save to pay qualified higher education expenses by satisfying each of the following requirements:
1. Completing an application in the form prescribed by the treasurer. The application shall include the following information:
(a) The name, address and social security number or employer identification number of the contributor.
(b) The name, address and social security number of the account owner if the account owner is not the contributor.
(c) The name, address and social security number of the designated beneficiary.
(d) The certification relating to no excess contributions required by subsection L of this section.
(e) Any other information that the treasurer may require.
2. Paying the onetime application fee established by the treasurer.
3. Making the minimum contribution required by the treasurer or by opening an account.
4. Designating the type of account to be opened if more than one type of account is offered.
B. Any person may make contributions to an account after the account is opened.
C. Contributions to accounts may be made only in cash.
D. An account owner may change the designated beneficiary of an account to an individual who is a member of the family of the former designated beneficiary in accordance with procedures established by the treasurer.
E. On the direction of an account owner, all or a portion of an account may be transferred to another account of which the designated beneficiary is a member of the family of the designated beneficiary of the transferee account.
F. Changes in designated beneficiaries and rollovers under this section are not allowed if the changes or rollovers would violate either of the following:
1. Subsection L of this section, relating to excess contributions.
2. Subsection I of this section, relating to investment choice.
G. Each account shall be maintained separately from each other account under the program plan.
H. Separate records and accounting shall be maintained for each account for each designated beneficiary.
I. A contributor to, account owner of or designated beneficiary of any account may not direct the investment, within the meaning of section 529 of the internal revenue code, of any contributions to an account or the earnings from the account.
J. If the treasurer terminates the authority of a financial institution to hold accounts and accounts must be moved from that financial institution to another financial institution, the treasurer shall select the financial institution and type of investment to which the balance of the account is moved unless the internal revenue service provides guidance stating that allowing the account owner to select among several financial institutions that are then contractors would not cause a plan to cease to be a qualified tuition plan.
K. Neither an account owner nor a designated beneficiary may use an interest in an account as security for a loan. Any pledge of an interest in an account is of no force and effect.
L. On the recommendation of the treasurer, the board shall adopt rules to prevent contributions on behalf of a designated beneficiary in excess of those necessary to pay the qualified higher education expenses of the designated beneficiaries. The rules shall address the following:
1. Procedures for aggregating the total balances of multiple accounts established for a designated beneficiary.
2. The establishment of a maximum total balance for the purpose of prohibiting contributions to accounts established for a designated beneficiary if the contributions would cause the maximum total balance to be exceeded.
3. The board shall review the quarterly reports received from participating financial institutions and certify that the balance in all qualified tuition programs, as defined in section 529 of the internal revenue code, of which that person is the designated beneficiary does not exceed the lesser of:
(a) A maximum college savings amount established by the board from time to time.
(b) The cost in current dollars of qualified higher education expenses that the contributor reasonably anticipates the designated beneficiary will incur.
4. Requirements that any excess contributions with respect to a designated beneficiary be promptly withdrawn in a nonqualified withdrawal or rolled over to another account in accordance with this section.
M. If there is any distribution from an account to any person or for the benefit of any person during a calendar year, the distribution shall be reported to the internal revenue service and the account owner or the designated beneficiary to the extent required by federal law.
N. The financial institution shall provide statements to each account owner at least once each year within thirty‑one days after the twelve-month period to which they relate. The statement shall identify the contributions made during a preceding twelve-month period, the total contributions made through the end of the period, the value of the account as of the end of this period, distributions made during this period and any other matters that the commission treasurer requires be reported to the account owner.
O. Statements and information returns relating to accounts shall be prepared and filed to the extent required by federal or state tax law.
P. A state or local government or organizations described in section 501(c)(3) of the internal revenue code may open and become the account owner of an account to fund scholarships for persons whose identity will be determined after an account is opened.
Q. In the case of any account described in subsection P of this section, the requirement that a designated beneficiary be designated when an account is opened does not apply and each person who receives an interest in the account as a scholarship shall be treated as a designated beneficiary with respect to the interest.
R. Any social security numbers, addresses or telephone numbers of individual account holders and designated beneficiaries that come into the possession of the treasurer are confidential, are not public records and shall not be released by the treasurer.
S. An account owner may transfer ownership rights to another eligible account owner.
T. An account owner may designate successor account owners.
U. Through December 31, 2025, on direction of an account owner, up to $15,000 of an account may roll over to an achieving a better life experience act account established pursuant to 26 United States Code section 529A.
Sec. 7. Section 15-1878, Arizona Revised Statutes, is amended to read:
15-1878. Limits of article
A. This article does not:
1. Give any designated beneficiary any rights or legal interest with respect to an account unless the designated beneficiary is the account owner.
2. Guarantee that a designated beneficiary will be admitted to an eligible educational institution or be allowed to continue enrollment at or graduate from an eligible educational institution located in this state after admission.
3. Establish state residency for a person merely because the person is a designated beneficiary.
4. Guarantee that amounts saved pursuant to the program plan will be sufficient to cover the qualified higher education expenses of a designated beneficiary.
B. This article does not establish any obligation of this state or any agency or instrumentality of this state to guarantee for the benefit of any account owner, contributor to an account or designated beneficiary any of the following:
1. The return of any amounts contributed to an account.
2. The rate of interest or other return on any account.
3. The payment of interest or other return on any account.
4. Tuition rates or the cost of related higher education expenditures.
C. Under rules adopted by the treasurer, every contract, application, deposit slip or other similar document that may be used in connection with a contribution to an account shall clearly indicate that the account is not insured by this state and that neither the principal deposited nor the investment return is guaranteed by this state.
Sec. 8. Section 15-1879, Arizona Revised Statutes, is amended to read:
15-1879. Annual report
The treasurer shall submit an annual report to the speaker of the house of representatives, the president of the senate and the governor by March 1 that summarizes the treasurer's findings and recommendations concerning the program plan established by this article.
Sec. 9. Section 35-311, Arizona Revised Statutes, is amended to read:
35-311. State board of investment; membership; powers and duties
A. The state board of investment is established consisting of the state treasurer, the director of the department of administration or the director of the department of administration's designee, the director of the department of insurance and financial institutions or the director of the department of insurance and financial institutions' designee and two individuals appointed by the state treasurer, one of whom has verifiable expertise in investment management and one of whom represents a public entity with current deposits in a local government investment pool. The state treasurer is chairperson of the board. The board shall keep an accurate record of its proceedings. A certified copy of the record is prima facie evidence of the matters appearing in the record in any court. A meeting of the board may be called at any time by the chairperson or a majority of the board members.
B. The state board of investment shall:
1. Hold regular monthly meetings.
2. Review investments of treasury monies.
3. Serve as trustee of the permanent state land funds and manage the assets of the funds consistent with the requirements of article X, section 7, Constitution of Arizona.
4. Serve as trustee of any endowments established pursuant to section 35‑314.03.
5. Serve as trustee of the family college AZ529, Arizona's education savings program plan established by title 15, chapter 14, article 7.
6. Serve as trustees trustee of any pension prefunding plan investment accounts established pursuant to section 35‑314.04.
C. The state treasurer shall furnish to the board of investment at its regular monthly meeting a report of the performance of current investments and a report of the current investments as of the close of business of the preceding month. The state treasurer shall make these reports available for inspection by the public during normal working hours at the office of the state treasurer for a period of time of not less than two years after the date of the report.
D. The board of investment may order the state treasurer to sell any of the securities, and any order shall specifically describe the securities and fix the time period during which they are to be sold. Securities so ordered to be sold shall be sold for cash by the state treasurer at the current market price. The state treasurer and the members of the board are not accountable for any loss occasioned by sales of securities at prices lower than their book value. Any loss shall be charged against earnings received from interest or capital gains on the applicable treasury monies.
E. The board may establish standards in addition to those established by section 35‑317, subsection A for the qualification of agents acting pursuant to section 35‑317, subsection B.
Sec. 10. Section 41-172, Arizona Revised Statutes, is amended to read:
41-172. Powers and duties; administering oaths; appointment of deputy state treasurer
A. The state treasurer shall:
1. Authenticate
writings and documents certified by the state treasurer with the seal of the
state treasurer's office.
2. Receive and keep in secure custody all monies that belong to this state and that are not required to be received and kept by some other person.
3. File and keep the documentation delivered to the treasurer when monies are deposited into the treasury.
4. Deliver to each person depositing money into the treasury a confirmation showing the date, amount and depositing agency and shall provide a unique identifying number for each confirmation.
5. Pay warrants drawn by the department of administration in the order in which they are presented.
6. Keep an account of all monies received and disbursed, and keep separate accounts of the different funds and appropriations of monies.
7. Give information in writing as to the condition of the state treasury, or on any subject relating to the duties of the treasurer, at the request of a member of the legislature.
8. Deliver to the governor and the department of administration, monthly, an accurate statement of receipts and expenditures of public monies for the preceding month, containing a complete exhibit of all the public monies received and paid from the state treasury, showing, under separate heads, on what accounts and from what sources received, and for what particular object or service the monies have been paid. The treasurer shall deliver to the governor a similar statement on or before November 1 each year for the preceding fiscal year. The statement shall also include an estimate of the invested balance, including the general fund share of that balance as of June 30 of the preceding fiscal year. The statements are public records available for inspection at the office of the state treasurer.
9. On or before February 1 of each year, in coordination with the director of the department of administration, submit to the joint legislative budget committee a report explaining any differences between the department of administration's estimate of the previous fiscal year's state general fund ending balance submitted pursuant to section 35‑131 and the state treasurer's estimate of the invested balance, including the state general fund share of that balance as of June 30 of the previous fiscal year submitted pursuant to paragraph 8 of this subsection.
10. Exercise those specific powers of the surveyor‑general as a member of the selection board established under section 37‑202.
11. Administer the family college AZ529, Arizona's education savings program plan established by title 15, chapter 14, article 7.
12. Promote and raise awareness of financial literacy to residents of this state.
B. The state treasurer may administer all oaths prescribed by law in matters touching the duties of the office of the state treasurer, subject to chapter 4, article 4 of this title, may appoint a deputy state treasurer, may qualify and select investment managers or advisors pursuant to section 35‑318 and shall perform other duties required by other laws of this state.
C. Employees of the state treasurer's office are subject to chapter 4, article 4 of this title. For prospective or current employees of the state treasurer's office, the state treasurer may:
1. Require the submission of a full set of fingerprints for the purpose of obtaining a state and federal criminal records check pursuant to section 41‑1750 and Public Law 92‑544. The department of public safety may exchange this fingerprint data with the federal bureau of investigation.
2. Conduct a periodic review of credit standing.
Sec. 11. Section 41-179, Arizona Revised Statutes, is amended to read:
41-179. AZ529, Arizona's education savings plan advisory committee; membership; duties; committee termination
A. The state treasurer shall appoint a family college the AZ529, Arizona's education savings program plan advisory committee to assist the treasurer in promoting and raising awareness of the family college AZ529, Arizona's education savings program plan established by title 15, chapter 14, article 7 to residents of this state, with emphasis on increasing access to the program plan among economically disadvantaged, minority and underrepresented student populations. The advisory committee shall include all of the following:
1. The state treasurer or the state treasurer's designee, who serves as chairperson of the committee.
2. Two members who represent community college districts in this state, one of whom represents a community college district in a county with a population of five hundred thousand persons or more and one of whom represents a community college district in a county with a population of less than five hundred thousand persons.
3. One member who represents a university under the jurisdiction of the Arizona board of regents.
4. One member who represents an accredited private educational institution in this state offering associate, baccalaureate or higher degrees.
5. One member who represents an accredited private educational institution offering private vocational training in this state.
6. One member who is a teacher and who currently provides classroom instruction in this state.
7. One member who represents a federally recognized Indian tribe in this state.
8. One member who represents a United States department of labor‑approved apprenticeship program.
9. Two public members who are residents of this state.
B. The committee shall do both of the following:
1. Assist and make recommendations to the state treasurer regarding promotional and informational activities relating to the family college AZ529, Arizona's education savings program plan.
2. Meet at least once each calendar quarter. A majority of the membership constitutes a quorum for the transaction of business.
C. Committee members are not eligible to receive compensation or reimbursement of expenses.
D. The state treasurer's office shall provide necessary staff services to the committee.
E. The committee established by this section ends on July 1, 2028 pursuant to section 41‑3103.