In Alaska Stat. § 14.40.803 – 14.40.817,

(1) “advance college tuition savings contract” or “contract” means a contract entered into by the board and a purchaser to provide for the qualified higher education expenses of a beneficiary;

Terms Used In Alaska Statutes 14.40.817

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • board: means the state Board of Education and Early Development. See Alaska Statutes 14.60.010
  • Contract: A legal written agreement that becomes binding when signed.
  • person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
(2) “beneficiary” means a designated beneficiary as defined under 26 U.S.C. § 529(e)(1) (Internal Revenue Code);
(3) “board” means the Board of Regents of the university;
(4) “eligible educational institution” has the meaning given in 26 U.S.C. § 135(c) (3) (Internal Revenue Code);
(5) “fund” means the Alaska advance college tuition savings fund established under Alaska Stat. § 14.40.803;
(6) “plan” means the formal plan for administration of an advance college tuition savings program adopted by the board under Alaska Stat. § 14.40.809(b);
(7) “purchaser” means the person who is named in the contract and has the rights conferred upon a purchaser under an advance college tuition savings contract;
(8) “qualified higher education expenses” has the meaning given in 26 U.S.C. § 529(e)(3) (Internal Revenue Code);
(9) “university” means the University of Alaska, including a community college affiliated with the university.
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