164A.305 Definitions for KRS 164A.300 to 164A.380.
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<![CDATA[164A.305 Definitions for KRS 164A.300 to 164A.380. As used in KRS 164A.300 to 164A.380, except where the context clearly requires another <br>interpretation: <br>(1) "Act" means the Kentucky Educational Savings Plan Trust Act codified at KRS 164A.300 to 164A.380; (2) "Administrative fund" means the funds used to administer the Kentucky Educational Savings Plan Trust; (3) "Beneficiary" means: (a) Any person designated at the commencement of participation by a participation agreement to benefit from payments for higher education costs at <br>an institution of higher education; (b) The new beneficiary, in the case of a change of beneficiaries pursuant to KRS 164A.330(4); or (c) The scholarship recipient, in the case of a participation agreement entered into as part of a scholarship program operated by a state or local government <br>organization or an organization described in Section 501(c)(3) of the Internal <br>Revenue Code, 26 U.S.C. sec. 501(c)(3), that is exempt from federal income <br>taxation pursuant to Section 501(a) of that code; (4) "Benefits" means the payment of higher education costs on behalf of a beneficiary by the savings plan trust during the beneficiary's attendance at an institution of <br>higher education; (5) "Board" means the board of directors of the Kentucky Higher Education Assistance Authority; (6) "Higher education costs" means the costs specified in section 529(e)(3) of the Internal Revenue Code of 1986 as amended for attendance at an institution of higher <br>education as determined and certified by the institution of higher education in the <br>same manner as prescribed in Title IV of the Higher Education Act of 1965, 20 <br>U.S.C. sec. 1087ll, as amended; (7) "Institution of higher education" means an institution as defined in Section 529(e)(5) of the Internal Revenue Code of 1986, as amended; (8) "Kentucky Educational Savings Plan Trust" or "savings plan trust" means the trust created pursuant to KRS 164A.310; (9) "Participant" means an organization described in Section 501(c)(3) of the Internal Revenue Code, 26 U.S.C. sec. 501(c)(3), that is exempt from federal income <br>taxation pursuant to Section 501(a) of that code, an individual, firm, corporation, a <br>state or local government organization, or a legal representative of any of the <br>foregoing who has entered into a participation agreement pursuant to KRS <br>164A.300 to 164A.380 for the advance payment of higher education costs on behalf <br>of a beneficiary; (10) "Participation agreement" means an agreement between a participant and the savings plan trust, pursuant to and conforming with the requirements of KRS <br>164A.300 to 164A.380; (11) "Program administrator" means the administrator of the savings plan trust appointed by the board to administer and manage the trust; (12) "Program fund" means the program fund established by KRS 164A.335 which shall be held as a separate fund within the savings plan trust; (13) "Tuition" means the quarterly or semester charges imposed to attend an institution of higher education and required as a condition of enrollment; (14) "Vested participation agreement" means a participation agreement which has been in full force and effect during eight (8) continuous years of residency of the <br>beneficiary in the Commonwealth while participating in the savings plan trust. Effective: July 14, 2000 <br>History: Amended 2000 Ky. Acts ch. 382, sec. 2, effective July 14, 2000. -- Amended 1998 Ky. Acts ch. 132, sec. 3, effective March 26, 1998. -- Amended 1996 Ky. Acts <br>ch. 11, sec. 1, effective July 15, 1996. -- Amended 1992 Ky. Acts ch. 190, sec. 3, <br>effective July 14, 1992. -- Created 1988 Ky. Acts ch. 88, sec. 2, effective July 15, <br>1988. ]]>