§ 3485 — Definitions

Delaware § 3485

• Jurisdiction: Delaware
• Title: 14
• Part: Free Public Schools
• Ch. 34: FINANCIAL ASSISTANCE FOR HIGHER EDUCATION
• Subch.: DE529 Education Savings Plan Administered by the Plans Management Board

Text

As used in this subchapter:

(1) “Account” means an individual account, a trust account or a savings account established in accordance with this subchapter.

(2) “Account owner” means the individual, individuals, or the trustee of a trust identified at the time the account is opened as having the right to withdraw funds from the account.

(3) “Board” means the Plans Management Board pursuant to § 2722 of Title 29.

(4) “Designated beneficiary” means, except as provided in § 3490 of this title, the individual designated at the time the account is opened as having the right to receive a qualified withdrawal for the payment of qualified education expenses or, if such designated beneficiary is replaced in accordance with § 3490 of this title, such replacement.

(5) “Financial institution” means a bank, a commercial bank, a national bank, a savings bank, a savings and loan, a thrift institution, a credit union, an insurance company, a trust company, a mutual fund, an investment firm or other similar entity authorized to do business in this State.

(6) “Higher education institution” means an eligible education institution as defined in 26 U.S.C. § 135(c)(3).

(7) “Member of the family” shall have the same meaning as contained in 26 U.S.C. § 529(e) or successor section.

(8) “Nonqualified withdrawal” means a withdrawal from an account that is not:

a. A qualified withdrawal;

b. A withdrawal made as the result of the death or disability of the designated beneficiary;

c. A withdrawal made as the result of a scholarship (or allowance or payment described in 26 U.S.C. § 135(d)(1)(B) or (C)) received by the designated beneficiary, but only to the extent of the amount of such scholarship, allowance or payment; or

d. A rollover or change in the designated beneficiary described in § 3490 of this title.

(9) “Plan” means the DE529 Education Savings Plan established by this subchapter.

(10) “Qualified education expenses” means tuition and other permitted expenses as set forth in 26 U.S.C. § 529(e) or as hereafter permitted by such successor or amended section for the enrollment or attendance of a designated beneficiary at a education institution.

(11) “Qualified withdrawal” means a withdrawal from an account to pay the qualified education expenses of the designated beneficiary, but only if the withdrawal is made in accordance with the requirements of the Plan.

(12) “Trust” means a trust which is revocable or irrevocable and which has at least 1 individual as its current beneficiary.

Legislative History

71 Del. Laws, c. 71, § 1 ; 72 Del. Laws, c. 300, §§ 1, 2 ; 73 Del. Laws, c. 188, § 2 ; 76 Del. Laws, c. 149, §§ 1-3 ; 80 Del. Laws, c. 295, § 1 ; 83 Del. Laws, c. 413, § 1