New Hampshire Code of Administrative Rules Csp - N.H. College Tuition Savings Plan Advisory Commission (See RSA 195-H:3.)
New Hampshire College Tuition Savings Plan Advisory Commission (RSA 195-H:3)
Overview
The New Hampshire College Tuition Savings Plan Advisory Commission is established under RSA 195-H:3.
Its purpose is to advise and oversee the administration of New Hampshire’s 529 College Savings Plan, which allows families to save for higher education expenses with tax-advantaged benefits.
The Commission functions within the framework of the New Hampshire Code of Administrative Rules (CSP) to ensure proper governance, compliance, and fiscal oversight.
Purpose and Rationale
Promote College Savings – Encourages New Hampshire families to plan for higher education expenses early.
Provide Oversight – Ensures that the 529 Plan is managed efficiently, transparently, and in compliance with state and federal law.
Protect Participants – Safeguards investors’ funds and ensures that investment options meet appropriate fiduciary standards.
Advisory Role – Offers guidance to the Treasurer of New Hampshire, who administers the Plan.
Composition of the Commission
The Commission generally consists of appointed members who bring expertise in finance, education, law, and public policy.
Typical members may include:
State Treasurer (or designee)
Education officials
Financial industry experts
Public representatives familiar with higher education funding
Members serve staggered terms to ensure continuity.
The Commission meets periodically to review investment performance, administrative issues, and policy recommendations.
Functions and Responsibilities
Advisory Role
Provide recommendations to the State Treasurer regarding:
Investment options and asset allocation
Fees and expenses associated with the Plan
Outreach and educational programs for families
Monitoring and Oversight
Review plan performance reports to ensure compliance with state law and fiduciary standards.
Monitor investment managers and custodians to protect participant assets.
Policy Recommendations
Recommend changes to rules or administrative practices to improve efficiency and accessibility.
Advise on tax and legal compliance for participants and plan administration.
Public Accountability
Ensure that the 529 Plan remains transparent and accountable to taxpayers and participants.
Issue reports or findings to the legislature or public as required.
Key Provisions (CSP / Administrative Rules)
Meetings: Must be conducted in accordance with state open meetings law for transparency.
Record-Keeping: Minutes, reports, and recommendations are documented for review by the Treasurer and public.
Voting & Decision-Making: Decisions or recommendations are typically made by majority vote of members present.
Compliance: Must adhere to both state laws (RSA 195-H) and federal 529 regulations governing college savings plans.
Practical Implications
For Families:
The Commission ensures that the 529 Plan is well-managed and offers safe, efficient investment options for college savings.
For Administrators:
Provides structured oversight and advisory input for day-to-day management of the Plan.
For State Government:
Helps maintain fiduciary responsibility, legal compliance, and public confidence in state-administered college savings programs.
Key Takeaways
The N.H. College Tuition Savings Plan Advisory Commission is the oversight and advisory body for New Hampshire’s 529 College Savings Plan.
It operates under RSA 195-H:3 and administrative rules (CSP) to ensure proper governance.
Main responsibilities include:
Advising the State Treasurer
Monitoring plan investments and performance
Recommending policy and procedural improvements
Ensures transparency, accountability, and participant protection.
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