The department shall establish an investment plan that defines the Tuition Account Investment Program structure and sets forth investment policies and guidelines to be utilized in administering the program and may, in its discretion, obtain the services of investment managers, program managers and trustees as described in section 307(b)¹ to assist in establishing and administering the plan. The department, pursuant to a Tuition Account Investment Program Contract, shall specify the minimum and maximum amounts of contributions, the terms and conditions for transferring the Tuition Account Investment Program Contract to another account owner or substituting a beneficiary for the originally named beneficiary, the terms and conditions for withdrawing contributions or terminating the Tuition Account Investment Program Contract, the method and procedures for making payments pursuant to the Tuition Account Investment Program Contracts for the payment of beneficiaries' qualified higher education expenses and all other rights and obligations of the account owner and the department.