(a) An account owner may establish an account by making an initial contribution to the Plan in the name of the designated beneficiary. Once a contribution is made it becomes part of the Plan and subject to this subchapter.

Terms Used In Delaware Code Title 14 Sec. 3487

  • Account: means an individual account, a trust account or a savings account established in accordance with this subchapter. See Delaware Code Title 14 Sec. 3485
  • 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. See Delaware Code Title 14 Sec. 3485
  • 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 Plans Management Board pursuant to § 2722 of Title 29. See Delaware Code Title 14 Sec. 3485
  • 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. See Delaware Code Title 14 Sec. 3485
  • Plan: means the DE529 Education Savings Plan established by this subchapter. See Delaware Code Title 14 Sec. 3485
  • Qualified education expenses: means tuition and other permitted expenses as set forth in 26 U. See Delaware Code Title 14 Sec. 3485
  • Trust: means a trust which is revocable or irrevocable and which has at least 1 individual as its current beneficiary. See Delaware Code Title 14 Sec. 3485
  • Trustee: A person or institution holding and administering property in trust.

(b) Any person may make a contribution to an account once an account is opened. If the account owner is a trust, the trustee must consent to the contribution.

(c) Contributions to an account shall be made only in cash.

(d) Total contributions to all accounts shall not exceed those reasonably necessary, considering the return on contributions and the age and circumstances of the designated beneficiary, to provide for the qualified education expenses of the beneficiary. The Board shall establish maximum contribution limits applicable to Plan accounts and shall require such information from the account owner and the designated beneficiary to establish the limit as it relates to such account.

(e) Separate records and accounting shall be required by the Plan for each account and reports shall be made no less frequently than annually to the account owner and the designated beneficiary.

(f) In the case of an account owner which is a trust, the Board shall require such information from the account owner as is necessary to establish compliance with the Plan.

71 Del. Laws, c. 71, § ?1; 71 Del. Laws, c. 402, § ?1; 72 Del. Laws, c. 300, § ?2; 73 Del. Laws, c. 188, § ?2; 76 Del. Laws, c. 149, §§ ?4, 5; 80 Del. Laws, c. 295, § 1; 83 Del. Laws, c. 413, § 1;