Sec.3-22h-8. Additional funds

(a) Administrative Fund. Pursuant to the authority in the Statute for the Trustee to establish one or more funds within the Trust, there is hereby created an Administrative Fund. All monies received by the Trust, other than Contributions from Account Owners and Earnings thereon, shall be deposited in the Administrative Fund. The Trustee also may withdraw an annual fee of up to .02% of the average daily net assets of each Program operated by the Trust to pay for the oversight of the Trust and shall deposit such amount into the Administrative Fund.

(1) The assets of the Administrative Fund shall be held separate from any other fund and invested as the Trustee shall deem appropriate. All earnings on deposits in the Administrative Fund shall be credited to the Administrative Fund.

(2) Pursuant to the Statute, the Administrative Fund shall be used to support the responsibilities of the Trustee, including meeting expenses for legal, actuarial, accounting, advisory, consulting, marketing and other administrative and financial management services.

(3) Pursuant to the Statute, the Trust may apply for, accept and expend gifts, grants, or donations from public or private sources to enable the Trust to carry out its objectives. These funds shall be deposited in the Administrative Fund, and shall be expended only for the purposes for which they were received.

(4) No funds shall be withdrawn, and no expenses shall be paid from the Administrative Fund except to meet the purposes of the Fund. All withdrawals and expenditures shall require the approval of at least two (2) of the following: the Treasurer, her designee for purposes of the Administrative Fund, the Chief Investment Officer, or the Deputy Chief Investment Officer.

(b) Other Funds. The Trustee may establish such other funds within the Trust as are necessary and appropriate to carry out the purposes of the Trust. All monies deposited in and withdrawn from any such fund shall be used solely for the purposes for which such fund was established.

(Adopted effective June 5, 2003; Amended September 13, 2016)