Terms Used In South Carolina Code > Title 11 > Chapter 5 > Article 3 - Palmetto Able Savings Program

• account: means an individual savings account established in accordance with the provisions of this article and pursuant to Section 529A of the federal Internal Revenue Code of 1986, as amended. See South Carolina Code 11-5-410
• Account owner: means the person who enters into a Palmetto ABLE account agreement pursuant to the provisions of this article. See South Carolina Code 11-5-410
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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}
• Contract: A legal written agreement that becomes binding when signed.
• Designated beneficiary: means an eligible individual whose qualified disability expenses may be paid from the account. See South Carolina Code 11-5-410
• Ex officio: Literally, by virtue of one's office.
• Financial organization: means an organization authorized to do business in this State and is:
  
  (a) licensed or chartered by the Director of Insurance;
  
  (b) licensed or chartered by the State Commissioner of Banking;
  
  (c) chartered by an agency of the federal government; or
  
  (d) subject to the jurisdiction and regulation of the federal Securities and Exchange Commission. See South Carolina Code 11-5-410
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Management contract: means a contract executed by the State Treasurer and a program manager selected to act as a depository or manager of the program, or both. See South Carolina Code 11-5-410
• Member of the family: has the meaning defined in Section 529A of the federal Internal Revenue Code of 1986, as amended. See South Carolina Code 11-5-410
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Oversight: Committee review of the activities of a Federal agency or program.
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Program: means the Palmetto ABLE Savings Program established pursuant to this article. See South Carolina Code 11-5-410
• Program manager: means a financial organization or an agency or department of another state that has been designated to administer a qualified ABLE Program selected by the State Treasurer to act as a depository or manager of the program, or both. See South Carolina Code 11-5-410
• Qualified disability expense: means any qualified disability expense included in Section 529A of the federal Internal Revenue Code of 1986, as amended. See South Carolina Code 11-5-410
• Qualified withdrawal: means a withdrawal from an account to pay the qualified disability expenses of the designated beneficiary of the account. See South Carolina Code 11-5-410
• Rollover distribution: means a rollover distribution as defined in Section 529A of the federal Internal Revenue Code of 1986, as amended. See South Carolina Code 11-5-410
• Secretary: means the Secretary of the United States Treasury. See South Carolina Code 11-5-410
• Statute: A law passed by a legislature.
• Trustee: A person or institution holding and administering property in trust.