Illinois Section 529 Programs definition

Illinois Section 529 Programs means the Bright Start Direct-Sold College Savings Program, the Bright Directions Advisor- Guided 529 College Savings Program, and College Illinois!, a prepaid tuition program. Individual Fund Portfolio means an investment Portfolio that invests in the shares of a single Underlying Investment. Account Owners do not own shares of the Underlying Investment directly, but rather own shares in a Portfolio of the Program. You can choose to allocate your Contributions to one or more Individual Fund Portfolio according to your investment objective and risk tolerance. The performance of the Individual Fund Portfolios is dependent on the performance of the Individual Underlying Investment in which they invest. As a result, its performance may be more volatile than the other available Portfolios in the Program. See “Exhibit B – Investment Portfolios and Underlying Investments.” Individual Fund ETF Portfolio means an investment Portfolio that invests in the shares of a single exchange traded fund. Account Owners do not own shares of the underlying exchange traded funds directly, but rather own shares in a Portfolio of the Program. You can choose to allocate your Contributions to one or more Individual Fund ETF Portfolios according to your investment objective and risk tolerance. The performance of the Individual Fund ETF Portfolios is dependent on the performance of the individual exchange- traded funds in which they invest. As a result, their performance may be more volatile than the other available Portfolios in the Program. See “Exhibit C – Underlying Exchange Traded Fund Information.”

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Illinois Section 529 Programs means the Bright Start Direct-Sold College Savings Program, the Bright Directions Advisor-Guided 529 College Savings Program, and College Illinois, a prepaid tuition program.

Illinois Section 529 Programs means the Bright Start Direct-Sold College Savings Program, the Bright Directions Advisor-Guided 529 College Savings Program, and College Illinois, a prepaid tuition program. Individual Fund Portfolio means an investment Portfolio that invests in the shares of a single Underlying Investment. Account Owners do not own shares of the Underlying Investment directly, but rather, own shares in a Portfolio of the Program. You can choose to allocate your Contributions to one or more Individual Fund Portfolios according to your investment objective and risk tolerance. The performance of an Individual Fund Portfolio is entirely dependent on the performance of the individual Underlying Investment in which it invests. As a result, its performance may be more volatile than the other available Portfolios in the Program. See “Exhibit B – Investment Portfolios and Underlying Investments.”

Examples of Illinois Section 529 Programs in a sentence

• If an Account Owner has multiple Accounts in the Program for the same Beneficiary, or multiple Accounts in the Program and other Illinois Section 529 Programs, the Account Owner may change the Portfolios in all such Accounts without tax consequences, as long as the changes to all of the Accounts are made at the same time and no more frequently than twice per calendar year or upon a change of Beneficiary.

• However, the aggregate balance of all Accounts for a Beneficiary, and accounts in other Illinois Section 529 Programs, including the Bright Start Direct-Sold College Savings Program and College Illinois!, may not exceed the Maximum Account Balance.

• If an Account Owner has multiple Accounts in the Program for the same Beneficiary, or multiple Accounts in the Program and other Illinois Section 529 Programs, the Account Owner may change the Portfolios in all such Accounts without tax consequences, so long as the changes to all of the Accounts are made at the same time and no more frequently than twice per calendar year or upon a change of the Beneficiary.

• You may not make additional Contributions to any Account for a Beneficiary once the aggregate balance of all Accounts for the Beneficiary, and all accounts in other Illinois Section 529 Programs for the Beneficiary, including the Bright Start Direct-Sold College Savings Program and College Illinois!, equals or exceeds the Maximum Account Balance.

• You may not make additional Contributions to any Account for a Beneficiary once the aggregate balance of all Accounts for the Beneficiary, and all accounts in other Illinois Section 529 Programs for the Beneficiary, including the Bright Start Direct- Sold College Savings Program and College Illinois!, equals or exceeds the Maximum Account Balance.

• If an Account Owner has multiple accounts in the Program for the same Beneficiary or multiple accounts in the Program and other Illinois Section 529 Programs for the same Beneficiary, the Account Owner may change the Portfolios in all of these accounts without tax consequences, as long as the changes to all of the accounts are made at the same time and no more frequently than twice per calendar year or upon a change of Beneficiary.

• The aggregate balance limit for Accounts for a Beneficiary in the Program and any additional accounts in other Illinois Section 529 Programs is $450,000.

• Without limiting the foregoing, operating leases shall continue to be classified and accounted for on a basis consistent with GAAP as in effect on the Closing Date for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment addressing such changes, as provided for above.

• However, the Maximum Account Balance for Accounts for a Beneficiary under the Program and any additional accounts in other Illinois Section 529 Programs is $450,000.

• However, the Maximum Account Balance for Accounts for a Beneficiary under the Plan and any additional accounts in other Illinois Section 529 Programs is $500,000.‌ Qualified Withdrawals.