(1) The Section 529 Plan Review Committee shall develop and implement a pilot program to be known as the “Aspiring Scholars Matching Grant Program” that uses available administrative funds to match a contribution made into an account for a designated beneficiary under this subchapter.
(2) An advisory committee shall advise the Section 529 Plan Review Committee on the development and implementation of the Aspiring Scholars Matching Grant Program.
(3) The advisory committee shall consist of three (3) members as follows: One (1) member appointed by the Chair of the Senate Committee on Education;
(4) One (1) member appointed by the Chair of the House Committee on Education; and
(5) One (1) member appointed by the Governor.
(6) An Arkansas Tax-Deferred Tuition Savings Program account shall be exempt for purposes of determining eligibility for transitional employment assistance, Medicaid, and food stamps, provided that the federal rules for these programs permit such an exemption.