Section 81.02. Definitions.

  In this chapter:

(1)  "Account" means a formal record of transactions maintained for a particular designated beneficiary to meet qualified higher education expenses under the program.

(2)  "Account owner" has the meaning set forth in s. 16.641 (1) (a) , Stats.

(3)  "Board" means the Wisconsin college savings program board.

(4)  "Cash" includes checks, money orders, wire transfers, or electronic funds transfers through payroll deduction, automatic contribution plans or similar methods, but does not include currency.

(5)  "Contribution" means any payment directly allocated to an account for the benefit of a designated beneficiary or that is used to pay administrative or other fees associated with the account.

(6)  "Department" means the Wisconsin department of administration.

(7)  "Designated beneficiary" has the meaning found in section 529 (e)(1) of the internal revenue code.

(8)  "Eligible educational institution" has the meaning found in section 529 (e)(5) of the internal revenue code.

(9)  "Maximum contribution limit" is the sum total market value amount established by the board that may be accumulated in the accounts of a designated beneficiary to meet qualified higher education expenses.

(10)  "Member of the family" has the meaning found in section 529 (e)(2) of the internal revenue code.

(11)  "Non-qualified distribution" means any distribution of funds from an account that is not a qualified distribution.

(12)  "Person" includes an individual, a trust, or a body corporate or politic.

(13)  "Program" means the qualified tuition program established under s. 16.641 , Stats.

(14)  "Program description and participation agreement" means the contract between an account owner and the board setting forth the terms and conditions under which the account owner participates in the program.

(15)  "Program manager" means the entity under contract with the department to serve as the program administrator, marketing agent and investment manager of the program.

(16)  "Qualified distribution" means any distribution of funds, as defined in section 529 of the internal revenue code, for qualified higher education expenses from an account pursuant to a distribution request from the account owner.

(17)  "Qualified higher education expenses" has the meaning found in section 529 (e)(3) of the internal revenue code.

(18)  "Qualified tuition program" means a savings program to help defray the cost of college expenses under section 529 of the internal revenue code.

(19)  "Rollover contribution" means the transfer of all or part of an account from one qualified tuition program account to another qualified tuition program account.

History: CR 02-009 : cr. Register January 2003 No. 565 , eff. 2-1-03; correction in (2), (13) made under s. 13.92 (4) (b) 7. , Stats., Register December 2011 No. 672 .