Indiana Code 21-9-7-8. Maximum account balance
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Sec. 8. (a) Contributions to an account may not exceed the amount necessary to provide for the qualified higher education expenses of the account beneficiary.
(b) The authority shall adopt rules or emergency rules under IC 4-22-2 to determine the maximum account balance applicable to all accounts of account beneficiaries with the same expected year of enrollment.
As added by P.L.25-1999, SEC.13. Amended by P.L.135-2002, SEC.25.
Terms Used In Indiana Code 21-9-7-8
- 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
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5