State Treasurer

Del. Code tit. 29, ch. 27
in effect

Del. Code tit. 29, § 2702 Office and records.

The State Treasurer shall occupy the office and space provided by the State and shall keep therein all books of all account records, vouchers, papers, magnetic data and things pertaining to the conduct of the office and shall take proper means to safeguard and preserve the same.

Del. Code tit. 29, § 2703 Salary.

The annual salary of the State Treasurer shall be set through the recommendation of the Delaware Compensation Commission (Chapter 33 of this title) and the line item appropriations of the General Assembly.

Del. Code tit. 29, § 2704 Trustee of School Fund.

The State Treasurer shall, by virtue of the office, be the Trustee of the School Fund.

Del. Code tit. 29, § 2705 Custody and investment of state funds.

(a) The State Treasurer shall have custody of money belonging to the State, including, but not limited to, money in the School Fund. All money belonging to the State, except money deposited in any pension fund of the State, and received by the State Treasurer, shall be invested daily. (b) Money belonging to the State shall continue to be invested until required by the State Treasurer to make disbursements authorized by law.

Del. Code tit. 29, § 2706 Checks and drafts; signatures; time limitation on honoring.

(a) The signing of checks or drafts by the State Treasurer may either be by hand with a pen and ink signature or by a facsimile signature of a process approved by the State Treasurer. (b) No check or order issued by the State Treasurer shall be honored or paid by the depository upon which such check or order is drawn after the expiration of 180 days from the date of such check or order. (c) The State Treasurer shall establish and maintain a special fund appropriation to be credited with stale check write-off amounts. Use of this account is limited to the processing of stale-check reissues by the State Treasurer. On June 30 of each fiscal year, the unexpended stale check write-off balance in excess of $100,000 shall be credited to the General Fund. If during a fiscal year, there is an insufficient amount to process reissues, a revenue refund shall be made from the General Fund to the special appropriation.

Del. Code tit. 29, § 2707 Payment of vouchers upon approval; method of payment.

(a) All vouchers for the payment of money issued by any department, commission or board of the State, including those requiring the approval of the Governor, shall be paid by the State Treasurer upon the certification by the proper officers of the department, commission or board and the approval thereof by the Secretary of Finance. Methods of payments may include checks, drafts and electronic funds transfers. (b) Notwithstanding subsection (a) of this section, the Office of the State Treasurer shall make payments to vendors for goods or services provided to any department, commission, or board of the State via direct deposit (ACH payment), single use account (SUA payment), or the State’s procurement card (PCARD payment) only, unless an exception is approved by the Office of the State Treasurer and the Division of Accounting. This section does not apply to single payment vouchers, 1-time suppliers, forced payouts conducted at year end by the Division of Accounting, or legal settlements.

Del. Code tit. 29, § 2708 Destruction of bonds and coupons.

The State Treasurer may cause any registration, recording or cancellation agent of the State to destroy any paid, redeemed, called or cancelled bonds and coupons of the State. Such agent shall give the State Treasurer a certificate of destruction or cremation of such bonds and coupons which shall be retained by the State Treasurer.

Del. Code tit. 29, § 2709 Receipt and accounting for stock dividends and interest; power to vote as stockholder.

The State Treasurer may receive the dividends or interests on any stock, shares, loan or investment of money belonging to the State or the School Fund and shall apply and account for the same according to law. The State Treasurer may, in respect to any such stock or shares, except stock in the Farmers’ Bank, vote the same in person or by proxy, as other stockholders do.

Del. Code tit. 29, § 2710 Bond servicing procedure.

The State Treasurer shall cause any agent so designated by the issuing officers to maintain reconciliation statements on all state bonds and coupons. Said reconciliation statements shall balance with bank statements on bond and coupon accounts. Any paid-off, matured, redeemed, called or cancelled bonds and coupons shall be held by any agent so designated by the issuing officers on behalf of the State Treasurer until a sufficient quantity has been collected by the office to be cancelled and destroyed according to this chapter.

Del. Code tit. 29, § 2711 Administration of moneys received from federal grants.

(a) All federal financial assistance program money received by the State, whether directly or indirectly, in the form of cash, check or via an electronic funds transfer method, shall be reported to the Office of the State Treasurer by the receiving agency through the processing of the proper cash receipt transaction in the State’s financial management system. The amount received shall be credited to a special fund federal fund grant appropriation line. Such money is appropriated to the grant designated agency for the specific purposes for which the money was granted and shall be paid out of the special fund by the State Treasurer upon payment voucher executed by the designated agency. (b) Nothing contained in this section shall affect federal grants or federal aid to the University of Delaware, the Agricultural Experimental Station and the Division of Agricultural Extension of the University of Delaware. (c) Moneys received pursuant to 33 U.S.C § 701c-3 will be deposited into a special account and distributed annually by the State Treasurer to soil and water conservation districts within this state for the purpose of drainage and flood control. Distributions will be made to county soil and water conservation districts in which the subject leased lands are situated in proportional shares as required by 33 U.S.C § 701c-3.

Del. Code tit. 29, § 2712 Method of payment of State officials and employees.

(a) (1) The salaries of all State officials and employees, including the Governor, shall be paid bi-weekly. The bi-weekly rate shall be determined by dividing the annual salary by 26. All state officials and employees who leave state service shall receive full payment for all days worked in their final lagged paycheck. Effective the 2027-2028 school year, school districts, charter school, and higher education (Delaware State University and Delaware Technical Community College), 10-month, 11-month and 12-month contractual employees shall receive the exact annual salary stated in the contract, divided by 26. (2) The bi-weekly payment shall represent earnings for the period ending 14 days prior to the checkdate for all state officials and employees except the Governor. Effective upon the inauguration of the Governor in January 2001, the salary of the Governor shall also be lagged 1 pay cycle. (3) If any of the dates of payment specified herein should occur on a holiday, payment shall be made on the last working day prior to such holiday. The payment of wages, as outlined herein, shall be made from funds authorized for the period in which the payment is made. (b) Methods of payment may include checks, drafts, direct deposits and electronic funds transfers. (c) The Chief Justice and Justices of the Supreme Court, Chancellor and Vice Chancellors of the Court of Chancery, President Judge and Judges of the Superior Court, Chief Judge and Judges of the Court of Common Pleas and Chief Judge and Judges of the Family Court shall be paid a salary in accordance with the lag payroll set forth in paragraphs (a)(1) and (a)(2) of this section. (d) Those judicial officers, as set forth in subsection (c) of this section, who were employed in such positions on December 31, 1994, shall receive a lag pay adjustment on August 15, 1995, equal to 1 / 2 4 one twenty-fourth of the base pay in effect on July 15, 1995. This is a 1-time adjustment to enable implementation of the lag payroll system effective August 1, 1995, with respect to those judicial officers in office as of December 31, 1994, on the same basis afforded to the other state officials and employees except the Governor, employed by the State on that same date in positions set forth in 69 Del. Laws, c. 291, § 10(a). This lag pay adjustment is not a salary increase and is not available to judicial officers who were not employed in such positions on December 31, 1994. (e) Judicial officers, as set forth in subsection (c) of this section, whose service commenced after December 31, 1994, shall participate in the lag payroll on the same terms and conditions as other participating employees of the State hired after that same date. (f) (1) Notwithstanding any other provision of law, all state wage and salary payments shall be paid to employees who begin to receive such payments on or after January 1, 1996, and recipients of state retirement payments who begin to receive such retirement payments on or after January 1, 1996, by electronic funds transfer, unless another method has been determined by the Secretary of Finance to be appropriate. (2) Each recipient of state wage, salary or retirement payments shall designate 1 financial institution and associated account and provide the payment authorizing information necessary for the recipient to receive electronic funds transfer payments through each institution so designated. (3) The Secretary of Finance may waive the requirements of paragraph (f)(1) of this section for any state employee upon request by the head of an agency or school district under standards prescribed by the Secretary of Finance. (4) The Director of the Office of Management and Budget may waive the requirements of paragraph (f)(1) of this section for any state pensioner upon request by the pension administrator under standards prescribed by the Director of the Office of Management and Budget.

Del. Code tit. 29, § 2713 Refunding of improperly collected fees.

In the event any agency of this State having the power to collect fees or other receipts that become revenue to the General Fund of the State shall improperly collect and deposit such fees or other receipts with the State Treasurer, the State Treasurer shall have the authority, except as otherwise provided specifically by law, upon certification by the collecting agency that a fee or other receipt was improperly collected and deposited, to make a refund from the General Fund of the State in the amount improperly collected and deposited to the person from whom the fee or receipt was improperly collected.

Del. Code tit. 29, § 2714 Functions prior to January 7, 1975.

The State Treasurer shall have the power to perform and shall be responsible for the powers, duties and functions vested by Chapter 62 [repealed] and Chapter 74 of this title in the Secretary of Finance immediately prior to January 7, 1975, and which are not otherwise hereinbefore specifically transferred to the State Treasurer.

Del. Code tit. 29, § 2715 Certain powers and duties of the State Treasurer.

The State Treasurer shall have the power to perform and shall be responsible for the performance of all the powers, duties and functions heretofore vested in the Division of the Treasury pursuant to § 8307(1)a. [repealed] and c. [repealed] and § 8307(2) [repealed] of this title.

Del. Code tit. 29, § 2716 Cash Management Policy Board.

(a) Establishment; purposes. — There is hereby established the Cash Management Policy Board (the “Board”). The Board’s purposes shall be to establish policies for the investment of all money belonging to the State or on deposit from its political subdivisions, except money deposited in any state pension fund or the State Deferred Compensation Program, and to determine the terms, conditions and other matters relating to those investments including the designation of permissible investments. In carrying out its purpose to designate permissible investments, the Board shall exercise the judgment and care under the circumstances then prevailing which persons of prudence, discretion and intelligence exercise in the management of their own affairs with due regard to the probable income and level of risk from investments of money belonging to the State or its political subdivisions in accordance with the policies established by the Board. In carrying out its purpose to determine the terms, conditions and other matters relating to the investment of money belonging to the State or its political subdivisions, unless the Board shall find it not in the State’s best interest, the Board shall: (1) Require as a condition to any deposit of such funds in any state or national bank or savings and loan institution that such deposits be continuously and fully secured by direct general obligations of or obligations the payment of the principal and interest on which are unconditionally guaranteed by the United States of America or other suitable obligations as determined by the Board; (2) Require that the selection of financial institutions to provide banking and investment services pursuant to this section be conducted on an open and competitive basis as defined by the Board. It shall be the responsibility of the Board to approve the selection of each of the said financial institutions by a majority vote of the members of the Board. The Board, by a majority vote of its members, shall be responsible for setting the policy as to the allocation between short and long term investments and the allocation of funds to the respective financial institutions selected through the open and competitive process; and (3) Require that temporary clearing accounts as well as major disbursement accounts be established in a bank or banks whose principal office is located within the State. (b) Composition. — The Board shall be composed of 9 members. Each member of the Board shall have 1 vote. The State Treasurer, the Secretary of Finance, the Secretary of State and the Controller General shall be members of the Board and shall serve on the Board ex officio. Five members shall be appointed by the Governor and confirmed by the Senate. Of the 5 appointed members, at least 1 member shall be a resident of Sussex County, at least 1 member shall be a resident of Kent County, and at least 1 member shall be a resident of New Castle County; and at least 2, but no more than 3, appointed members of the Board shall be affiliated with 1 of the major political parties and at least 1, but no more than 2, of the appointed members shall be affiliated with the other major political party; provided, however, that there shall be no more than a bare majority representation of 1 major political party over the other major political party. Any person who declines to announce a political affiliation shall also be eligible for appointment as a member of the Board. In considering the qualifications of persons who may be appointed to the Board, the Governor shall consider among other things the knowledge of such person in the fields of investment management and banking services. The Governor shall fill vacancies on the Board created by appointed members for their unexpired term and the appointments shall be confirmed by the Senate. (c) Term of appointed members; conduct of meetings. — (1) Each appointed member shall be appointed for a 3-year term beginning on the date of appointment; provided, however, that of the initial members, 1 shall be appointed for a 1-year term, 2 for 2-year terms and 2 for 3-year terms. Appointed members shall be eligible for reappointment. (2) Each member of the Board shall have 1 vote and the powers of the Board shall be exercised by a majority vote of all members present; provided that a quorum of 5 members shall be necessary to hold a meeting of the Board. (3) The Chairperson of the Board shall be designated by the Governor from among the appointed members. (4) The Board shall meet as often as shall be necessary to properly discharge its duties; provided, however, that the Board shall meet at least 4 times annually; and provided further, that the State Treasurer or the Chairperson of the Board shall be authorized to call special meetings of the Board and to set the agenda for these meetings. (5) Meetings and/or documents relating to investment strategy or negotiations concerning investment of money belonging to the State shall be exempt from Chapter 100 of this title. (d) Powers and duties of Board. — (1) The Board is authorized and empowered to adopt rules and regulations for the general administration of its duties. (2) The Board shall establish a policy with respect to the creation of all checking accounts by the State or any agency or department by the State or any agency or department of the State, and the State Treasurer shall enforce that policy. (3) The Board, by a majority vote of its members, shall be authorized to enter into agreements to employ or contract for the services of private and public consultants, for research, technical or other services and for facilities, whenever the same shall be deemed by the Board necessary or desirable in the performance of the functions of the Board. No such agreement shall be binding or enforceable unless the State shall have appropriated money to pay the obligations incurred by the Board hereunder. (4) The Board shall prepare and publish an annual report to the General Assembly concerning its activities. (5) The use of teleconferencing or videoconferencing is authorized for use in conducting meetings of the Cash Management Policy Board. (e) Powers and duties of State Treasurer. — (1) The investment of money belonging to the State shall be made by the State Treasurer in accordance with policies established by the Board and subject to the terms, conditions and other matters, including the designation of permissible investments relating to the investment of the money belonging to the State, except for money deposited in any state pension fund or funds of the State Deferred Compensation Program. (2) State agencies and departments, and school districts shall provide the State Treasurer with such reports and projections of receipts and expenditures as well as other data the State Treasurer may request to enable the Treasurer to provide the Board with accurate cash flow forecasts. (f) Compensation; indemnification. — (1) Members shall not receive compensation for serving on the Board, but shall be entitled to reimbursement by the State for travel and other expenses incurred in attending meetings of the Board. (2) The State shall indemnify an appointed Board member who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that the Board member is or was an appointed Board member, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the Board member in connection with such action, suit or proceeding, if the Board member acted in good faith and in a manner the Board member reasonably believed to be in the best interests of the State and with respect to any criminal action or proceeding had no reasonable cause to believe the Board member’s conduct was unlawful. Expenses incurred in defending a civil, administrative or investigative action, suit or proceeding shall be paid by the State in advance of final disposition of such action, suit or proceeding if: a. Initially authorized by a majority vote of the Board exclusive of the member or members to be indemnified unless more than a majority of the Board shall also be parties to the same action, suit or proceeding, in which instance, such authorization shall be by the Governor of the State; and b. Such Board member agrees to repay such amount if it is ultimately determined by the Board or the Governor, as the case may be, pursuant to paragraph (f)(2)a. of this section that such member is not entitled to be indemnified under this section. (g) Administrative support and budget. — The Board is an independent public instrumentality. For administrative and budgetary purposes only, the Board shall be placed within the Office of the State Treasurer. Staff support shall be provided by the Office of the State Treasurer as determined by the State Treasurer.

Del. Code tit. 29, § 2717 Proceeds of sale of Farmers’ Bank stock [Repealed].

Repealed by 70 Del. Laws, c. 197, § 7, effective July 10, 1995.

Del. Code tit. 29, § 2718 Local Government Investment Pool.

(a) The governing body or investing authority of a local government, meaning any city, town or county in Delaware, may pay moneys of the local government or organization into the Local Government Investment Pool which shall be in the custody of the State Treasurer. The State Treasurer shall invest the funds in the same manner and the same types of investments and subject to the same limitations provided for the deposit and investment of state funds. Funds of the local governments may be combined with funds of the State while invested in the Pool. (b) The State Treasurer shall adopt such rules as are necessary for the administration of this Investment Pool including specification of minimum amounts which may be paid into the Pool and minimum periods of time for which such payments shall be retained in the Pool. Administrative expenses shall be handled by the Office of the State Treasurer. Earnings shall be equitably prorated among the local governments in the Pool based upon the amount and length of time the moneys are on deposit in the Pool. (c) Local government accounts shall remain confidential while in the custody of the State Treasurer. Public records available through the local government will be sufficient public record of the funds on deposit with the Local Government Investment Pool.

Del. Code tit. 29, § 2719 Expense of issuing bonds.

The annual operating budget shall authorize an appropriation for the Expense of Issuing Bonds in State Treasurer, Debt Management for payment of expenses relating to the issuance of state long-term debt. Disbursement from the Expense of Issuing Bonds appropriation shall not be made without the prior approval of the State Treasurer and the Secretary of Finance.

Del. Code tit. 29, § 2720 Delaware Council on Volunteer Fire Service.

(a) There is hereby created a Delaware Council on Volunteer Fire Service, hereinafter referred to as the Council, to advise the Secretary of Finance on all matters relating to the administration, implementation and financing of the Volunteer Fire Service Revolving Loan Fund Program. The Council shall review and recommend to the Secretary of Finance for adoption, after a public hearing, criteria for administering and awarding loans from the Volunteer Fire Service Revolving Loan Fund, including but not limited to criteria for assessing recipient need. (b) The Council shall consist of: (1) The President of the Delaware Volunteer Firefighter’s Association or designee; (2) The Chairperson of the State Fire Prevention Commission or designee; and (3) Three members; 1 each appointed by the Presidents of the New Castle, Kent, and Sussex County Firemen’s Associations no later than September 1 for the initial appointment and January 15 of each calendar year thereafter. a. Initial appointments shall be for staggered terms. The member from Sussex County’s initial term shall be for 3 years, the member from Kent County’s initial term shall be for 2 years, and the member from New Castle County’s initial term shall be for 1 year. b. Upon expiration of the preceding terms, subsequent appointments shall be for a 3-year term. c. At the end of a member’s term, such member shall continue to serve until the member’s successor is duly appointed; (4) The State Treasurer or designee; and (5) The Secretary of Finance or designee. (c) The Secretary of Finance shall serve as the chair of the Council. (d) Members of the Council shall receive no compensation. The Council shall hold at least 1 regular meeting each calendar year and shall keep a record of its proceedings. All proceedings of the Council shall be conducted in accordance with Chapter 100 of this title. (e) For purposes of conducting business of the Council, 4 voting members shall constitute a quorum. A majority vote of Council members shall be required on any action or matter before the Council. (f) The Council shall adopt procedural rules and regulations to carry out the provisions of this chapter.

Del. Code tit. 29, § 2721 Delaware Volunteer Fire Service Revolving Loan Fund.

(a) A special fund appropriation account is hereby created in the Department of Finance, to be known as the Delaware Volunteer Fire Service Revolving Loan Fund, hereinafter referred to as the Fund. Sums appropriated by the General Assembly, received from any county of this State, or donated by any person, corporation, or charitable organization to the Fund shall be used to create a loan program to be administered according to guidelines and procedures developed by the Delaware Council on Volunteer Fire Service to upgrade equipment and improve facilities that are essential to providing adequate fire, rescue, emergency medical, and technical emergency response related service to Delaware communities. Loan funds received from a county must be used on upgrading equipment and facilities located within that county. Loan funds must not be made available for equipment that has already been ordered or the expansion of facilities or parking that has already begun, except where such expansion is deemed necessary to provide adequate fire, rescue and emergency medical and technical emergency response services to the surrounding community by the Delaware Council on Volunteer Fire Service. The Fund shall serve as a revolving loan account and shall be eligible to receive loan repayments. The Fund shall be deemed a special fund and shall be approved by the Governor for the following purposes: (1) To accept and retain the funds and revenues appropriated by the General Assembly, received from any county of this State, or donated by any person, corporation, or charitable organization. (2) To make loans to eligible volunteer fire, rescue, and emergency medical service companies meeting the criteria established under this section. (3) To buy or refinance debt obligations of eligible volunteer fire, rescue, and emergency medical service companies. (4) To facilitate the pledging by an eligible fire, rescue, and emergency medical service company of its state grant-in-aid and health insurance rebate funds as collateral for securing a loan from the Fund. (5) To earn interest on amounts on deposit in such Fund. (6) To establish all necessary interest bearing accounts for deposit of loan repayments. (7) To finance the reasonable costs incurred by the State in the administration of the Fund. (b) The Council shall develop a competitive process to approve loan applications for improving fire, rescue, emergency medical and technical emergency response services throughout the State and, in connection therewith, shall develop criteria to assess the relative needs for fire service and loan assistance throughout the State. Such criteria shall include and shall give highest priority to, but shall not be limited to, consideration of the financial need of the fire, rescue, and emergency medical service companies and the surrounding community. In addition, the Council shall consider: (1) The financial assets of the volunteer fire, rescue, and emergency medical service company making the application, as well as its ability to obtain revenue, income and financial support and loans from outside sources; (2) The age and existing conditions of the volunteer fire, rescue and emergency medical service company’s apparatus, equipment, or facilities, including, but not limited to, whether such apparatus, equipment and facility are in compliance with National Fire Protection Association standards; and (3) The demographic, geographic and financial conditions of the community served by the volunteer fire, rescue and emergency medical service company making the application. (c) The Council shall be required to submit a strategic plan for accomplishing the goals to be met by the Fund and a procedure for the application process by January 31, 2003. Such plan shall contain the guidelines and procedures for the administration of the program and shall be presented to the cochairs of the Joint Legislative Committee on Capital Improvement Programs. No funds shall be loaned from the Delaware Volunteer Fire Service Revolving Loan Fund until the cochairs of the Joint Legislative Committee on Capital Improvement Programs have reviewed and approved the plan. (d) Upon the request of the Council, subsequent to approval of an application in accordance with this subsection, the State Treasurer is authorized to release funds appropriated to the Volunteer Fire Service Revolving Loan Fund sufficient to make such loans. (e) The Council shall submit an annual report to the Governor and cochairs of the Joint Legislative Committee on Capital Improvement programs by October 15 of each succeeding year.

Del. Code tit. 29, § 2722 Plans Management Board.

(a) Establishment; purposes. ─ The Plans Management Board is established. The Board’s purpose is to administer the Delaware DE529 Education Savings Plan established pursuant to subchapter XII, Chapter 34 of Title 14, the Delaware Achieving a Better Life Experience Program established pursuant to Chapter 96A of Title 16, the Deferred Compensation Program established pursuant to Chapter 60A of this title, and the Expanding Access for Retirement and Necessary Saving Program (EARNS) established pursuant to Chapter 38 of Title 19 (collectively, “the Plans”), in each case, in accordance with the individual purposes of each of the Plans. (b) Composition. — The Board shall be composed of 11 members as follows: (1) The following persons shall serve by virtue of their position and may appoint a person to serve in their stead and at their pleasure: a. The State Treasurer. b. The Secretary of Finance. c. The Director of the Office of Management and Budget. d. The Insurance Commissioner. e. The Secretary of Education. (2) Two state employees shall be appointed by the Governor, 1 of whom shall be eligible to participate in the deferred compensation program established in accordance with § 403(b) of the Internal Revenue Code [26 U.S.C. § 403(b)]. (3) Four public members, who by reason of education or experience are qualified to serve, shall be appointed by the Governor. (c) Term of appointed members; conduct of meetings. — (1) Each appointed member shall be appointed to serve a term of up to 3 years. Members shall be appointed for staggered terms, so that no more than 2 appointed members’ terms shall expire in any 1 calendar year. Appointed members shall be eligible for reappointment. (2) Each member of the Board shall have 1 vote and the powers of the Board shall be exercised by a majority vote of all members present; provided that a majority of current members shall constitute a quorum necessary to hold a meeting of the Board. (3) There shall be a Chairperson of the Board who shall be appointed by the Governor from among the public members appointed by the Governor, to serve at the pleasure of the Governor. (4) The Board shall meet as often as shall be necessary to properly discharge its duties; provided, however, that the Board shall meet at least 4 times annually; and provided further, that the State Treasurer or the Chairperson of the Board shall be authorized to call special meetings of the Board and to set the agenda for these meetings. (5) Meetings and/or documents relating to investment strategy or negotiations concerning investment of money belonging to the Plans shall be exempt from Chapter 100 of this title. (d) Standard of care. — (1) With respect to the Deferred Compensation Program, and the EARNS Program, (Programs) the Board, its subcommittees, and each of their members shall discharge their duties with respect to the Programs solely in the interest of the participants and beneficiaries of the Programs and for the exclusive purpose of providing Programs’ benefits to the participants and their beneficiaries, including defraying reasonable expenses of administering the Programs, with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use to attain the purposes of the Programs. (2) With respect to the DE529 Education Savings Plan (“Plan”) and Delaware Achieving a Better Life Experience Program (“Program”), the Board, its subcommittees, and each of their members shall discharge their duties with respect to the Plan and Program in accordance with the implementing Plan and Program trust documents and applicable law. When investing, managing, or using trust assets, the Board, its subcommittees, and each of their members shall act with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use to attain the purposes of the Plan and Program. The Board may authorize the use of administrative fees from the Plan and Program to defray reasonable expenses of administering each Plan and Program, including marketing expenses, and to fund scholarship, match, or promotional programs as the Board, in its discretion, may establish. (e) Powers and duties of Board. — (1) The Board is authorized and empowered to adopt rules and regulations for the general administration of its duties. (2) The Board is authorized and empowered to establish subcommittees. Subcommittees may include persons who are not members of the Board. (3) The Board is authorized and empowered to make and enter into any and all contracts, agreements, or arrangements for goods and services necessary or desirable for carrying out the purposes of any of the Plans. (4) The Board shall have the power and duty to maintain, invest, and reinvest the funds contributed into the Plans consistent with the standard of care set forth in subsection (d) of this section. (5) The Board shall approve the annual budget for each of the Plans and the collection of application, account, and administrative fees from the assets of each Plan in order to defray all costs of the Plans, to the extent permitted by law. (6) The Board in the exercise of its sole discretion and without liability is specifically authorized to remove any of the Plans’ funds from any financial institution and to reinvest the funds in a similar or different investment alternative at another financial institution at any time. (7) The Board shall arrange for an annual financial audit of each of the Plans, which shall be provided annually to the General Assembly. The Board shall enter into a memorandum of understanding with the Auditor of Accounts regarding each such audit, and payment for each such audit shall be approved by the Board. (8) The use of teleconferencing or videoconferencing is authorized for use in conducting meetings of the Board and its subcommittees, including in order to obtain a quorum and for voting purposes. (9) Assume the powers and duties of the Delaware EARNS Program Board established under Chapter 38 of Title 19. (f) Compensation; indemnification. — (1) Members may not receive compensation for serving on the Board or its subcommittees. Except for ex officio members, all members are entitled to reimbursement by the State for travel and other expenses incurred in attending meetings of the Board or a subcommittee. A state employee appointed to the Board under paragraph (b)(2) of this section is permitted to count the time spent attending or traveling to and from Board meetings (as well as participation on subcommittees, selection committees, and their like) as part of the employee’s regular work day and may not be required to expend leave time. (2) The Board, its subcommittees, and each of their members is entitled to the immunities under Chapter 40 of Title 10, and in addition, a member of the Board or a subcommittee is not liable for any act or omission made during the member’s tenure on the Board or a subcommittee, or for any loss incurred by any person as a result of participation in any of the Plans. Further, the State shall indemnify each Board or subcommittee member who is a party to or is threatened to be made a party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative, arising by reason of such member’s participation on the Board or a subcommittee, against any expenses (including attorneys’ fees if the Attorney General determines that such Board or subcommittee member is not entitled to representation by the State), judgments, fines, and amounts paid in settlement actually and reasonably incurred by that member in connection with such action, suit, or proceeding, if that member acted in good faith and in a manner that member reasonably believed to be in the best interest of the State, and with respect to any criminal action or proceeding, so long as that member had no reasonable cause to believe that the member’s conduct was unlawful. Any expenses incurred by such Board or subcommittee member in defending a civil, administrative, or investigative action, suit, or proceeding may be paid by the State in advance of the final disposition of such action, suit, or proceeding on authorization by a majority of the members of the Board and by the Governor. (g) Administrative support. — The Board shall receive administrative support from the Office of the State Treasurer.
Source: DE Code (Official Site)URL: https://delcode.delaware.gov/title29/c027/index.htmlFetched: 10/4/2026

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