Nebraska Administrative Code › Topic - TREASURER, STATE › Title 429 - NEBRASKA EDUCATIONAL SAVINGS PLAN TRUST › Chapter 1 - RULES AND REGULATIONS FOR THE NEBRASKA EDUCATIONAL SAVINGS PLAN TRUST › Section 429-1-002 - Definitions

Current through June 17, 2024
002.1
Account
means the separate account
				created by a Participation Agreement entered into between each Participant and
				the Trust. Unless otherwise allowed by the Code and Act, each Account shall
				only have one Participant and one Beneficiary.
002.2
Act
means the Nebraska Legislative Act
				authorizing the Trust and the Program.
002.3
Administrative
				Fund
means the administrative fund created in section 7 of
				the Act.
002.4
Beneficiary
means the individual
				designated by a Participant, or the individual who is designated as the new
				Beneficiary when Beneficiaries are changed, who (in either case) meets all of
				the requirements of the Code, the Act, and these Rules and
				Regulations.
002.5
Cash
means lawful United States currency
				and shall include but not be limited to cash, checks (other than travelers
				checks), money orders, payroll deductions, automatic contribution plans, and
				electronic funds transfers, or similar means of payment accepted by the
				Trustee. Cash shall not include real or non-cash personal property.
002.6
Code
means the present Internal Revenue
				Code and regulations of the United States.
002.7
Contribution
means Cash deposited into an
				Account established under the Act for the benefit of a Beneficiary.
002.8
Distribution
means any disbursement from
				an Account established under the Act.
002.9
Endowment
				Fund
means the Endowment Fund created in section 7 of the
				Act.
002.10
Forms
means forms and notices referenced
				in these Rules and Regulations, copies of which are kept current, and are
				available at the office of the State Treasurer at State Capitol Room 2003,
				Lincoln, NE 68509 / 402-471 -2455 / or online at
www.treasurer.org
.
002.11
Higher Education
				Costs
means the certified costs of tuition and fees, books,
				supplies, and equipment required for enrollment or attendance at an Institution
				of Higher Education. Reasonable room and board expenses, based on the minimum
				amount applicable for the Institution of Higher Education during the period of
				enrollment, shall be included as a Higher Education Cost for those students
				enrolled on at least a half-time basis, to the extent allowed by the Code and
				the Act.
002.12
Institution of Higher Education
means an
				institution described in the Code provisions governing qualified State tuition
				programs and which is eligible to participate in the United States Department
				of Education's student aid programs.
002.13
Maximum Contribution
				Limit
means the total amount established by the Trustee
				from time to time (and reviewed at least once each calendar year) that a
				Beneficiary may be estimated to expend for Higher Education Costs.
				Documentation supporting the amount of the Maximum Contribution Limit will be
				on file at the office of the State Treasurer. (The Maximum Contribution Limit
				is $250,000, as of September 20, 2001).
002.14
Member of
				Family
means with respect to any designated Beneficiary (a)
				the spouse of such Beneficiary; (b) an individual who bears a relationship to
				such Beneficiary which is described in paragraphs (1) through (8) of section
				152(a) of the Code; (c) any first cousin of such Beneficiary; and (d) the
				spouse of any individual described in subparagraph (b) of this
				subsection.
002.15
Minimum Contribution Limit
means the
				minimum amount required to be invested per Beneficiary per year in a year in
				which a Participant is making a Contribution. (The Minimum Contribution Limit
				is $ 0.00, as of April 17, 2001).
002.16
Nebraska Institution
				of Higher Education
means an Institution of Higher
				Education which is located in the state of Nebraska.
002.17
Non-Qualified
				Withdrawal
means any Distribution from an Account other
				than:
(1) a Qualified Withdrawal;
(2) a withdrawal made on account of the death
				or disability of the Beneficiary;
(3) a withdrawal made on account of the
				receipt of a scholarship or allowance or payment described in Section 25A(g)(2)
				received by the Beneficiary to the extent the amount of the Distribution does
				not exceed the amount of such scholarship, allowance, or payment; or
(4) a Qualified Rollover
				Distribution.