Texas Education Code 54.902 – Definitions
Terms Used In Texas Education Code 54.902
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
- Oversight: Committee review of the activities of a Federal agency or program.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
In this subchapter:
(1) “ABLE account” has the meaning assigned by Section 529A, Internal Revenue Code.
(2) “ABLE program” or “program” means the Texas Achieving a Better Life Experience Program created under this subchapter.
(3) “Board” means the Prepaid Higher Education Tuition Board established under § 54.602.
(4) “Designated beneficiary” means a person with a disability who:
(A) is an eligible individual;
(B) is named as the designated beneficiary of an ABLE account; and
(C) meets any residency requirements established by the board.
(5) “Eligible individual” means a person who has certified to the board that the person is eligible to participate in the ABLE program.
(6) “Financial institution” means a bank, a trust company, a depository trust company, an insurance company, a broker-dealer, a registered investment company or investment manager, the Texas Treasury Safekeeping Trust Company, or another similar financial institution authorized to transact business in this state.
(7) “Internal Revenue Code” means the Internal Revenue Code of 1986.
(8) “Participant” means a designated beneficiary or the parent or custodian or other fiduciary of the beneficiary who has entered into a participation agreement under this subchapter.
(9) “Participation agreement” means an agreement between a participant and the board under this subchapter that conforms to the requirements prescribed by this subchapter.
(10) “Qualified disability expenses” means any expenses related to the eligible individual’s blindness or disability that are made for the benefit of an eligible individual who is the designated beneficiary, and includes expenses for education, housing, transportation, employment training and support, assistive technology and personal support services, health, prevention and wellness, financial management and administrative services, legal fees, oversight and monitoring, a funeral and burial, and other expenses approved under federal regulations adopted under Section 529A, Internal Revenue Code.
(11) “Texas ABLE savings plan account” means the Texas ABLE savings plan account created under § 54.903.