Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2775 - ILLINOIS PREPAID TUITION PROGRAM › Section 2775.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Code" - The Illinois Pension Code [ 40 ILCS 5 ].
"Consultant" - The independent investment consulting firm or
				firms contractually engaged by the Program to provide general or specialty
				investment consulting services for the prudent administration of the Program's
				investment portfolio as a fiduciary to the Fund.
"Custodian" - Pursuant to Section 35 of the Illinois Prepaid
				Tuition Act [ 110 ILCS 979 ], the investment custody service provider
				responsible for safekeeping of assets, trade processing and asset servicing,
				which includes a fiduciary obligation to the Fund.
"Eligible Institution" - An eligible educational institution as
				defined in section 529 of the federal Internal Revenue Code of 1986 (
				26 USC
				529 ) and any regulations under that
				section.
"Fiduciary" or "Fiduciaries" - A person or entity is a
				fiduciary with respect to the Fund to the extent that the person or
				entity:
exercises any discretionary authority or discretionary control
				respecting management or disposition of its assets;
renders investment advice or renders advice on the selection
				of fiduciaries for a fee or other compensation, direct or indirect, with
				respect to any moneys or other property of the Fund, or has any authority or
				responsibility to do so; or
has any discretionary authority or discretionary
				responsibility in the administration of the Fund.
"Fund" - The Illinois Prepaid Tuition Trust Fund.
"Illinois Community College" - A public community college as
				defined in Section 1-2 of the Public Community College Act [ 110 ILCS 805
				].
"Illinois Prepaid Tuition Contract" or "Contract" - A contract
				entered into between the Illinois Student Assistance Commission, on behalf of
				the State of Illinois, and a purchaser under Section 45 of the Illinois Prepaid
				Tuition Act [ 110 ILCS 979 ] to provide for the higher education of a qualified
				beneficiary.
"Illinois Prepaid Tuition Program" or "Program" - The college
				savings and investment program created in Section 15 of the Illinois Prepaid
				Tuition Act.
"Illinois Prepaid Tuition Trust Fund" - The repository of all
				moneys received by the Commission, including all contributions, appropriations,
				interest and dividend payments, gifts, or other financial assets received in
				connection with operation of the Illinois Prepaid Tuition Program.
"Illinois Public University" - Any campus of: the University of
				Illinois, Illinois State University, Chicago State University, Governors State
				University, Southern Illinois University, Northern Illinois University, Eastern
				Illinois University, Western Illinois University or Northeastern Illinois
				University.
"Investment Advisor" or "Investment Manager" - A fiduciary
				appointed by the Commission to manage a portion of the Fund's assets or a
				fiduciary to a limited partnership or commingled fund in which the Fund is an
				investor.
"Investment Committee" - A subcommittee of the Commission
				consisting of at least three members of the Commission with knowledge of
				investing.
"Investment Services" - Investment Manager, Consultant and
				Custodian services or similar services.
"Manager Database" - An industry database containing
				information regarding institutional quality investment management firms. The
				database is used to identify, screen and evaluate Investment Manager
				candidates. The database may be provided and maintained by the Consultant or by
				a third-party firm approved by the Consultant.
"Member of the Family" or "Immediate Family" - Member of the
				family, as defined in the Internal Revenue Code, section 529(e)(2), as amended,
				means an individual who bears a relationship to a qualified beneficiary as
				follows: son or daughter, or a descendant of either; stepson or stepdaughter;
				brother, sister, stepbrother, stepsister, half-brother, or half-sister; father
				or mother or an ancestor of either; stepfather or stepmother; son or daughter
				of a brother or sister; brother or sister of the father or mother; son-in-law,
				daughter-in-law, father-in-law, mother-in-law, brother-in-law or sister-in-law,
				or the spouse of any of these; the spouse; or any first cousin. In determining
				whether any of these relationships exist, a legally adopted child of an
				individual shall be treated as a child of that individual by blood.
"Minority Person", "female", "person with a disability",
				"minority owned business", "female owned business", "business owned by a person
				with a disability" - All have the meaning ascribed in the Business Enterprise
				for Minorities, Females, and Persons with Disabilities Act [ 30 ILCS 575
				].
"Nonpublic Institution of Higher Education" - An eligible
				institution, other than a public institution of higher education.
"Private Market Fund" - Any private equity fund, private equity
				fund of funds, venture capital fund, hedge fund, hedge fund of funds, real
				estate fund, or other investment vehicle that is not publicly traded.
"Program" - The Illinois Prepaid Tuition Program.
"Public Institution of Higher Education" - An Illinois public
				university or Illinois community college.
"Purchaser" - Any person that has contracted to make payments
				under an Illinois prepaid tuition contract in accordance with State and federal
				laws.
"Qualified Beneficiary" - An individual designated as the
				recipient of the benefits of a prepaid tuition contract, provided he/she: has
				been a resident of this State for at least 12 months prior to the date of the
				application; or is a nonresident, so long as the purchaser has been a resident
				of the State for at least 12 months prior to the date of the application; or is
				less than one year of age and whose parent or legal guardian has been a
				resident of the State for at least 12 months prior to the date of the
				application.
"Registration Fees" - The charges derived by combining tuition
				and mandatory fees.
"Staff" - The professional investment staff of the
				Program.