Utah Code 35A-9-605. Payment of match

Effective 7/1/2023

35A-9-605. Payment of match.

(1)	Subject to the other provisions of this section, the department shall transfer money appropriated from the Education Savings Incentive Restricted Account to the plan in the amount of each qualifying individual‘s match.

Department: means the Department of Workforce Services created in Section 35A-1-103. See Utah Code 35A-1-102
Match: means the monetary amount described in Subsection 35A-9-603(2). See Utah Code 35A-9-601
Plan: means the Utah Educational Savings Plan created in Section 53B-8a-103. See Utah Code 35A-9-601
Qualifying individual: means an individual who the department identifies as experiencing intergenerational poverty and who has not been disqualified from participating in the program for overclaiming a match in a previous year. See Utah Code 35A-9-601

(2)

The department shall send with the transfer described in Subsection (1), for each qualifying individual that is receiving a match:

(a)	the amount of the match for the qualifying individual;

(b)	the qualifying individual’s allocation of the match among eligible 529 savings accounts; and

(c)

for each eligible 529 savings account into which the qualifying individual allocates the match:

(i)	the name of the qualifying individual who is the account owner;

(ii)	the name of the beneficiary; and

(iii)

the account number.

Enacted by Chapter 52, 2023 General Session