Maximum Account definition
Examples of Maximum Account in a sentence
The Program will inform you of the Maximum Account Balance for each year.
However, Accounts that have reached the Maximum Account Balance may continue to accrue earnings.
However, even if the aggregate value of all Accounts established for a Beneficiary under the Program equals the Maximum Account Balance limit, such Account balance may not be sufficient to fund all of the Federal Qualified Higher Education Expenses of such Beneficiary.
The Treasurer will set a Maximum Account Balance for the Program.
Participation in the Program does not guarantee that sufficient funds will be available to cover all Qualified Higher Education Expenses for any Beneficiary, even if the Account reached the Maximum Account Balance.
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.
The Program Manager will maintain separate records for your Account and will provide quarterly statements to you and your advisor showing: • Contributions made to the Account; • Change in Account value for the period; • Withdrawals made from the Account; • The total value of the Account at the end of that time period; and • Information concerning the Maximum Account Balance.
Account Limits – Maximum limits you can have in relation to the Account with regard to the number of Accounts, such as Maximum Account Balance, and limits on transactions as referred in paragraph 2.
Accounts that have reached the Maximum Account Balance may continue to accrue earnings, although future contributions may not be made to such Accounts.
For so long as the assets in an Account are equal to or exceed the Maximum Account Balance, no additional contributions into the Account will be accepted.