(a) (1) (A) An account owner or contributor may establish an account by making an initial contribution to the Arkansas Brighter Future Fund Plan, signing an application form approved by the Section 529 Plan Review Committee, and naming the account owner and the designated beneficiary.(B) (i) (a) A contributor that is a nonprofit organization may establish an account for a designated beneficiary or an identifiable group of beneficiaries. (b) A nonprofit organization establishing an account for a designated beneficiary under subdivision (a)(1)(B)(i)(a) of this section shall present the parent or guardian of the designated beneficiary an option to voluntarily decline the account and any contribution.(ii) The Treasurer of State shall establish a system or procedure to: (a) Obtain the personally-identifiable information necessary to establish an account under this chapter, including without limitation the Social Security number and date of birth of each designated beneficiary or account owner necessary for the establishment of an account; and (b) Protect the confidentiality of both the personally identifiable information and applicable account details.(2) If the contributor is not the account owner, the account owner shall also sign the application form.(3) Any person may make contributions to an account after the account is opened.(4) (A) An Arkansas employer of an employee with an account established under this chapter may make a matching contribution to the account of the employee offered as an employee fringe benefit.(B) The maximum contribution amount allowed under subdivision (a)(4)(A) of this section is five hundred dollars ($500) per contributing employee per year.
(1) (A) An account owner or contributor may establish an account by making an initial contribution to the Arkansas Brighter Future Fund Plan, signing an application form approved by the Section 529 Plan Review Committee, and naming the account owner and the designated beneficiary.(B) (i) (a) A contributor that is a nonprofit organization may establish an account for a designated beneficiary or an identifiable group of beneficiaries. (b) A nonprofit organization establishing an account for a designated beneficiary under subdivision (a)(1)(B)(i)(a) of this section shall present the parent or guardian of the designated beneficiary an option to voluntarily decline the account and any contribution.(ii) The Treasurer of State shall establish a system or procedure to: (a) Obtain the personally-identifiable information necessary to establish an account under this chapter, including without limitation the Social Security number and date of birth of each designated beneficiary or account owner necessary for the establishment of an account; and (b) Protect the confidentiality of both the personally identifiable information and applicable account details.
(A) An account owner or contributor may establish an account by making an initial contribution to the Arkansas Brighter Future Fund Plan, signing an application form approved by the Section 529 Plan Review Committee, and naming the account owner and the designated beneficiary.
(B) (i) (a) A contributor that is a nonprofit organization may establish an account for a designated beneficiary or an identifiable group of beneficiaries. (b) A nonprofit organization establishing an account for a designated beneficiary under subdivision (a)(1)(B)(i)(a) of this section shall present the parent or guardian of the designated beneficiary an option to voluntarily decline the account and any contribution.(ii) The Treasurer of State shall establish a system or procedure to: (a) Obtain the personally-identifiable information necessary to establish an account under this chapter, including without limitation the Social Security number and date of birth of each designated beneficiary or account owner necessary for the establishment of an account; and (b) Protect the confidentiality of both the personally identifiable information and applicable account details.
(i) (a) A contributor that is a nonprofit organization may establish an account for a designated beneficiary or an identifiable group of beneficiaries. (b) A nonprofit organization establishing an account for a designated beneficiary under subdivision (a)(1)(B)(i)(a) of this section shall present the parent or guardian of the designated beneficiary an option to voluntarily decline the account and any contribution.
(a) A contributor that is a nonprofit organization may establish an account for a designated beneficiary or an identifiable group of beneficiaries.
(b) A nonprofit organization establishing an account for a designated beneficiary under subdivision (a)(1)(B)(i)(a) of this section shall present the parent or guardian of the designated beneficiary an option to voluntarily decline the account and any contribution.
(ii) The Treasurer of State shall establish a system or procedure to: (a) Obtain the personally-identifiable information necessary to establish an account under this chapter, including without limitation the Social Security number and date of birth of each designated beneficiary or account owner necessary for the establishment of an account; and (b) Protect the confidentiality of both the personally identifiable information and applicable account details.
(a) Obtain the personally-identifiable information necessary to establish an account under this chapter, including without limitation the Social Security number and date of birth of each designated beneficiary or account owner necessary for the establishment of an account; and
(b) Protect the confidentiality of both the personally identifiable information and applicable account details.
(2) If the contributor is not the account owner, the account owner shall also sign the application form.
(3) Any person may make contributions to an account after the account is opened.
(4) (A) An Arkansas employer of an employee with an account established under this chapter may make a matching contribution to the account of the employee offered as an employee fringe benefit.(B) The maximum contribution amount allowed under subdivision (a)(4)(A) of this section is five hundred dollars ($500) per contributing employee per year.
(A) An Arkansas employer of an employee with an account established under this chapter may make a matching contribution to the account of the employee offered as an employee fringe benefit.
(B) The maximum contribution amount allowed under subdivision (a)(4)(A) of this section is five hundred dollars ($500) per contributing employee per year.
(b) Contributions to an account shall be made only in cash.
(c) Total contributions to all accounts shall not exceed those reasonably necessary to provide for the qualified higher education expenses of the beneficiary, and the committee shall establish maximum contribution limits applicable to plan accounts.
(d) Separate records and accounting shall be required by the plan for each account, and reports shall be made no less frequently than annually to the account owner.
(e) (1) The plan shall be permitted to collect application, account, or administrative fees to defray the costs of the plan.(2) The application, account, or administrative fees must be approved by the committee.
(1) The plan shall be permitted to collect application, account, or administrative fees to defray the costs of the plan.
(2) The application, account, or administrative fees must be approved by the committee.