Sec. 104. Investment of SAVE UP Account assets
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Amounts in the Accumulation Account of the SAVE UP Accounts Trust Fund shall be invested by each SAVE UP Board of Trustees under rules and guidance established by the SAVE UP Board of Governors. Each SAVE UP Board of Trustees shall be responsible for investing an amount (determined by the Board of Governors quarterly) that is proportional to the credited balances of SAVE UP Accounts within such Board’s jurisdiction. The SAVE UP Board of Governors shall determine daily the net investment return of the entire SAVE UP Accounts Trust Fund.
Not less than annually, the SAVE UP Board of Governors shall, through an independent audit of each SAVE UP Board of Trustee’s investments, determine the net investment return of the entire SAVE UP Accounts Trust Fund. Each SAVE UP Board of Trustees shall separately account for each individual’s SAVE UP Account within its jurisdiction and shall provide for crediting of— amounts contributed with respect to the individual’s account under section 102, and in the case of any period for which the SAVE UP Accounts Trust Fund is determined by the SAVE UP Board of Governors to have had an annualized positive net investment return, an amount equal to the individual’s allocable share of such investment return.
For purposes of paragraph (1), an individual’s allocable share of investment returns shall be an amount equal to the return such individual’s SAVE UP Account would have experienced had such return (annualized and expressed as a percentage) been equal to the lesser of— 6 percent, or the SAVE UP Accounts Trust Fund annualized investment return (expressed as a percentage) determined by the SAVE UP Board of Governors.