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(a) To implement and administer the program, the department shall, in addition to the other powers and duties provided to the department under this chapter,
(1) develop, set, and approve the terms and conditions of the program, consistent with this chapter and the federal authorizing law, including limiting the nature and amount of contributions that may be made to a program account;
(2) supervise the decisions about the investment of contributions to a program account;
(3) seek required federal, state, and other regulatory agency rulings and exemptions;
(4) arrange for the timely filing of required regulatory notices, disclosure documents, and reports;
(5) arrange for the program to be audited annually; and
(6) take other action that is not specifically identified in this section but that is necessary to
(A) obtain and maintain the tax benefits allowed under the federal authorizing law; and
(B) maintain favorable treatment for designated beneficiaries under state and federal programs that use a means test for eligibility.
(b) When exercising its powers and duties under this chapter, the department shall consult with the Governor's Council on Disabilities and Special Education established under AS 44.29.600.
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