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A college savings plan created pursuant to section 529 of the Internal Revenue Code of 1986, as amended.
The document submitted to UESP to open an account. Each UESP account type has a separate account agreement: Individual Account Agreement (form 100) for an individual account; Institutional Account Agreement (form 102) for an institutional account; and UGMA/UTMA Custodial Account Agreement (form 104) for a UGMA/UTMA custodial account.
The person, company, trust, or other organization listed as the owner who is legally responsible for the account.
Investment options where the allocation of funds into the underlying investments depends on the age of the beneficiary.
The person authorized to act in the capacity of the account owner. If the account owner is a person, then that person is also the agent. If the account owner is an organization, such as a trust or corporation, then the authorized trustee or duly authorized officer of the institution is the agent. If the account is a custodial account, the custodian is the agent.
A fee assessed against the total assets in an account as a percentage of the account value.
The person specified on the Account Agreement for whom the account is being opened and whose qualified higher education expenses are expected to be paid from the account.
Contributed funds that have cleared the contributor's bank. Collected funds are available for withdrawal or an internal fund transfer to another UESP account. See also Uncollected Funds.
The Customized Age-Based and Customized Static investment options. Account owners/agents who invest in these investment options take the full responsibility to design their own customized asset allocation from the available underlying investments. See also Age-Based Investment Options and Static Investment Options.
An institution described in Section 481 of the Higher Education Act of 1965 (20 USC 1088) that is eligible to participate in a program under Title IV of such Act. An eligible educational institution is usually any accredited college, university, or trade school in the United States or abroad that participates in federal financial aid programs for students.
An asset-based fee charged against an investment and netted against the performance of the investment, usually by a mutual fund company.
An institution created by the federal government in 1933 that insures checking, savings, and other types of deposit accounts held at savings banks and savings and loan associations. It does not insure securities, mutual funds, or other similar types of investments. Contributions to and earnings on the savings account are insured by the FDIC on a pass-through basis to each account owner up to the maximum amount set by federal law, which is $250,000.
A person who has been granted access by an account owner/agent to view certain online information for a specific account. The interested party cannot make changes to the account or initiate transactions.
An amount withdrawn from one UESP account and transferred to another UESP account with a different account owner or for the benefit of a different beneficiary who is a member of the family of the preceding beneficiary.
The financial strategy selected by the account owner that determines how contributions to the account will be invested.
A change requested by the account owner/agent to move the allocation of account money of an existing account from one UESP investment option to another. Transferring funds (making a full-balance or partial-balance transer) between two UESP accounts if both the account owner/agent and the beneficiary are the same is viewed by the IRS as an investment option change. Investment option changes may be made once per calendar year for the same beneficiary.
The father or mother or ancestor of either; a child or descendant of a child; a stepfather or stepmother; a stepson or stepdaughter; a brother, sister, stepbrother or stepsister, half-brother or half-sister; a brother or sister of the father or mother; a brother-in-law, sister-in-law, son-in-law, daughter-in-law, father-in-law, or mother-in-law; a son or daughter of a brother or sister; a spouse of the beneficiary or any of the other individuals mentioned above; or a first cousin. A legally adopted child of an individual is treated as the child of such individual.
A pool of money managed by the Utah state treasurer in short-term investments with an average life of less than 90 days. Investments are governed by the Money Management Act of Utah.
Tuition, fees, books, supplies, and equipment required for the enrollment or attendance of a designated beneficiary at an eligible educational institution; expenses for special needs services in the case of a special needs beneficiary that are incurred in connection with such enrollment or attendance; and room and board for students who are at least half-time. Reasonable costs incurred for room and board while attending an eligible educational institution may not exceed the allowance for room and board included in the cost of attendance as determined by the eligible educational institution or, if greater, the actual invoice amount a student residing in housing owned or operated by the eligible educational institution is charged for room and board costs.
The process of moving an account’s funds into new underlying investment allocations based on the beneficiary’s age.
The process of bringing the different underlying investments back into proper relationship.
An amount withdrawn from a qualified tuition program and deposited in another qualified tuition program within 60 calendar days for the benefit of the same beneficiary or a member of the preceding beneficiary’s family.
Investment options that maintain the same underlying investment allocation for all contributions throughout the life of the account.
Liquidated funds from another savings vehicle (such as a Coverdell ESA, a UGMA/UTMA account, or U.S. Savings Bonds) deposited into a UESP account. See also Internal Transfer.
Monday through Friday, except for federal, State of Utah, and Utah State Board of Regents holidays.
8:00 a.m. to 5:00 p.m., Mountain Time, on any UESP day of operation. Requests or communications received after the hours of operation have ended will normally be processed by UESP on the next day of operation.
Contributed funds that have not cleared the contributor's bank. Withdrawal or fund transfer requests that involve uncollected funds will be delayed until the funds are available as collected funds, which may take up to ten business days for a check and five business days for automated contributions. See also Collected Funds.
A UGMA/UTMA custodial account places funds under the control of a person who is not the beneficial owner, but is an adult who will manage the funds until the child reaches the age when control passes to the child. UGMA/UTMA custodial accounts at UESP are transfers from UGMA or UTMA accounts where property was gifted to a minor without establishing a trust.
The investment securities used in the investment options offered by UESP.
The equivalent number of shares of an underlying investment that is held by UESP for the benefit of a UESP account.
Funds withdrawn from an account and sent to a payee in the form of a check.