Account means the account that is established under the Plan to record your purchases, redemptions and refunds of Private College 529 Plan Tuition Certificates.
The Beneficiary, often a child, is the person named by the Purchaser in the Enrollment Form (or in a Change of Beneficiary form) to be the recipient of the benefits provided by Tuition Certificates purchased under the Plan.
The Internal Revenue Code of 1986, as amended, together with the Treasury regulations, pronouncements and publications.
The Enrollment Agreement is the agreement between you and TPC, as it may be amended from time to time, which sets forth the terms and conditions of the Plan with respect to Tuition Certificates that you purchase under the Plan. It includes your accepted Account Application. The Enrollment Form is incorporated into the Disclosure Statement as Appendix A.
The Enrollment Form is completed and submitted with payment to participate in a plan. It incorporates by reference the Plan's Disclosure Statement Upon its acceptance, the Enrollment Form forms a part of the Enrollment Agreement. The Enrollment Form can be downloaded here.
For purposes of changing the Beneficiary, the definition of a "member of the family" of the Beneficiary includes biological and step parents, aunts, uncles, siblings, children, first cousins, nieces and nephews; parents, siblings, children, nieces and nephews by marriage; legally adopted children; and half-brothers or half-sisters.
The IRS is the United States Internal Revenue Service.
Fees that are required to be paid by all full-time undergraduate students as a condition of enrollment. Mandatory fees may be different at each participating school. Mandatory fees, however, do not include the cost of books, supplies, room or board-even if required by the participating school.
OFI Private Investments Inc
OFI Private Investments Inc. is a subsidiary of OppenheimerFunds, Inc., one of the nation's largest and most respected asset management companies with over 50 years of financial industry experience.
OppenheimerFunds, Inc. is one of the nation's largest and most respected investment management companies. The products and services of OppenheimerFunds, Inc. and its subsidiaries include mutual funds, qualified retirement plans for individuals and corporations, 529 college savings plans, investment management for institutions, and sub-advisory services.
A private college or university that is a member of the Tuition Plan Consortium (TPC) and contracted to accept Private College 529 Plan Tuition Certificates.
The Private College 529 Plan.
The entity that provides administrative and other services for the Plan. The current Program Manager is OFI Private Investments Inc., a subsidiary of OppenheimerFunds, Inc.
The Internal Revenue Code Section 529 qualified trust established by TPC to hold and maintain the assets of the Plan.
The person or entity that TPC engages as trustee of the Program Trust. The current Program Trustee is OFI Trust Company, a subsidiary of OppenheimerFunds, Inc.
The 12-month period beginning on July 1 and ending on the following June 30.
The person whose Enrollment Form is accepted and who purchases a Tuition Certificate.
Qualified Higher Education Expenses
Qualified expenses include tuition, fees, and the cost of books, supplies and equipment required for enrollment and attendance at accredited post-secondary educational institutions and certain room and board expenses. Qualified expenses also include certain additional enrollment and attendant costs for special needs beneficiaries.
The amount refunded to a Purchaser upon cancellation or expiration of a Tuition Certificate.
Section 529 of the Internal Revenue Code is the section that specifies the requirements for tax-favored college savings programs.
The Successor Owner is the person designated by the Purchaser on the Enrollment Form to succeed to ownership of the Tuition Certificates upon the Purchaser's death, in accordance with the terms and provisions of the Enrollment Agreement.
Many states provide tax deductions or benefits for taxpayers to invest in the state-sponsored 529 plan, while taxing out-of-state 529 plans. States with tax parity laws make contributions made to any 529 college savings plan eligible for a state tax deduction. Check with your tax advisor to see if your state offers tax parity for contributions to the PC529 Plan.
The amount of tuition required to be paid by undergraduate students for full-time attendance at a Participating Institution.
Tuition Plan Consortium, LLC (TPC)
A not-for-profit Delaware limited liability company, which is the Sponsor and Administrator of the Plan.
All payments that you make to the Plan for a single Beneficiary during a single Program Year will be aggregated and recorded as the purchase of a single Tuition Certificate under an Account.
The tuition charged, as determined each Program Year by a Participating Institution, to Beneficiaries who enroll at the Participating Institution and redeem Tuition Certificates purchased during that Program Year to pay for Tuition.
The Uniform Gifts to Minors Act or Uniform Transfers to Minors Act. Control over money in an UGMA/UTMA account automatically is transferred to the beneficiary when he or she reaches the age of majority, usually 18 or 21, depending on state law.
Q: How can I make a gift contribution to a child's Private College 529 Plan account?
A: Complete the Contribution Coupon and send it, along with a bank check made payable to Private College 529 Plan, to the address on the form. Contributions must be $25 or more per account.
Then, download and print a gift certificate, Gifting Acknowledgment, add a personal message and present it to your child or a loved one.