Utah Code 53B-8a-303. Deposit of match
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(1) The plan shall deposit a match from the Education Savings Incentive Restricted Account, created in Section 35A-9-602, into a 529 savings account in accordance with the provisions of Section 35A-9-605.
Terms Used In Utah Code 53B-8a-303
- Department: means the Department of Workforce Services created in Section 35A-1-103. See Utah Code 53B-8a-301
- Match: means the same as that term is defined in Section 35A-9-601. See Utah Code 53B-8a-301
- Plan: means the Utah Educational Savings Plan created in Section 53B-8a-103. See Utah Code 53B-8a-102
(2) If, upon receiving a transfer described in Subsection (1), the plan determines that the 529 savings account into which the plan is to deposit the match has been closed, the plan shall return the match to the department.
(3) The plan shall send the department an electronic receipt of the match deposits.