(1) Invest any funds of the trust fund in any instrument, obligation, security or property that constitutes legal investments for assets of the Tennessee consolidated retirement system as described in § 8-37-104, and as may otherwise be provided herein or approved by the board;

(2) Purchase insurance from insurers licensed to do business in this state providing for coverage against any loss in connection with the program's property, assets or activities or to further ensure the value of tuition units and educational savings accounts;

(3) Make, execute and deliver contracts, conveyances and other instruments necessary to the exercise and discharge of the powers and duties of the board;

(4) Contract for the provision of all or any part of the services necessary for the management and operation of the program. The board may also contract with any other college savings program established pursuant to § 529 of the Internal Revenue Code (26 U.S.C. § 529), in order to provide similar benefits for Tennessee residents. The board may further establish, or contract for the establishment of, an incentive plan or plans to encourage Tennessee residents to participate in any such other college savings program or in any § 529 college savings program established by the state. The board may delegate to the state treasurer the authority to implement such incentives; such implementation shall include, but not be limited to determining the amount of the incentives not to exceed an amount approved by the board, the length of time the incentives shall be available and the method by which the incentives shall be provided. Through the board's delegation, the state treasurer may establish and administer a plan to implement the incentives which the state treasurer may change from time to time without additional board authorization. The incentive plan or plans may consist, in whole or in part, of rebates, grants, scholarships or tax incentives to individual savings accounts established by or on behalf of Tennessee residents in any such college savings program and tax incentives, including but not limited to, the income tax prescribed in § 67-2-102; the professional privilege tax prescribed in § 67-4-1702; the passenger motor vehicle registration renewal fee prescribed in title 55, chapter 4 or wheel tax prescribed in § 7-51-703, for Tennessee residents who establish individual savings accounts in any such college savings program. The board may approve the expenditure of such funds, or funds using other services or programs deemed necessary or appropriate by the board to encourage college savings by Tennessee residents within its approved annual budget. The state treasurer is authorized, but not required, to use forms of electronic payment, including, but not limited to, prepaid debit cards to provide such incentives. Notwithstanding this subdivision (4) or any other law to the contrary, the availability of the amount of the incentive or the cost to cover any other services or programs authorized by this subdivision (4) if intended to be funded by state funds shall be subject to the appropriation of funds in the general appropriations act for the purposes set forth in this subdivision (4) or from any amount collected by the board under subdivision (7);

(5) Contract with financial consultants, actuaries, auditors, investment managers and other consultants and professionals as necessary to carry out its responsibilities under this part. These services may be procured in the manner prescribed by the board without regard to the requirements of former § 12-4-109 [See the Compiler's Notes], if the board determines that the services are necessary or desirable for the efficient administration of the board programs. All expenses and fees incidental to securing these services shall be charged to and paid from earnings derived from the trust funds;

(6) Promote, advertise and publicize the program;

(7) Solicit and accept monetary gifts, including monetary gifts made by will, trust or other disposition, grants, loans and other monetary aids from any personal source or to participate in any other way in any federal, state or local governmental programs in carrying out the purposes of this part;

(8) Impose reasonable requirements on the eligibility of individuals to be designated as beneficiaries of tuition contracts, including, but not limited to, residency and age requirements;

(9) Impose reasonable limits on the number of contract participants in the educational services program at any given period of time;

(10) Impose and collect application fees and other administrative fees and charges in connection with any transaction under this part;

(11) Impose limits on the number of tuition units that may be purchased on behalf of any beneficiary under the educational services plan;

(12) Impose limits on the amount of contributions that may be made on behalf of any beneficiary under the educational investment plan or plans;

(13) Impose restrictions on the substitution of another individual for the original beneficiary;

(14) Define the terms and conditions under which payments may be withdrawn from the program and impose reasonable charges for withdrawal;

(15) Impose reasonable time limits on the use of the tuition benefits provided by the program;

(16) Promulgate reasonable substantive and procedural rules as are necessary to carry out the purpose and intent of this part and to ensure that the program is in compliance with the code and other applicable provisions of federal and state law. All such rules shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5;

(17) Enter into agreements with any public or private employer under which an employee may agree to have a designated amount deducted in each payroll period from the wages or salary due the employee for the purpose of purchasing tuition units pursuant to a tuition contract or for the purpose of making contributions to a savings account established pursuant to a tuition contract. The agreement shall be subject to the approval of the board and in conformity with such terms and conditions as determined by the board. In the event the agreement is approved by the board, the employer shall be responsible for submitting to the board such information and causing to be performed in respect to its employees such duties as prescribed by the board in order to carry out the purchase of tuition units or the making of contributions by payroll deduction. All costs and expenses incidental to implementing and administering a payroll deduction program shall be borne by the respective employer; and

(18) Operate and provide, itself or through its designees, for the operation of the educational investment plan or plans in a manner that qualifies the plan or plans under the code and takes any and all necessary action to maintain such qualification; provided, that the account owner's rights to fund the respective accounts shall not be limited or impaired.