Terms Used In Maryland Code, EDUCATION 18-19C-01

  • 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
(a) In this subtitle the following words have the meanings indicated.

(b) “ABLE account” means an account described under § 529A(e) of the Internal Revenue Code.

(c) “ABLE account contributor” means an individual who contributes money to an ABLE account described under § 529A(e) of the Internal Revenue Code.

(d) “ABLE account holder” means an individual who has established an account described under § 529A(e) of the Internal Revenue Code and is the designated beneficiary of the account.

(e) “Board” means the Maryland 529 Board established under § 18-1904 of this title.

(f) “Designated beneficiary” means an individual described in § 529A(e) of the Internal Revenue Code.

(g) “Maryland ABLE Program” means a qualified ABLE program described in § 529A(b) of the Internal Revenue Code.

(h) “Qualified disability expenses” means expenses described in § 529A(e) of the Internal Revenue Code.