Vermont Statutes Title 16 Sec. 2880d
Terms Used In Vermont Statutes Title 16 Sec. 2880d
- 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
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means Vermont Student Assistance Corporation. See
- Eligible child: means a minor who is a Vermont resident at the time the Corporation deposits or allocates funds pursuant to this subchapter for his or her benefit. See
- Investment Plan: means the plan created pursuant to subchapter 7 of this chapter. See
- Parents: means a student's parent or parents as determined by the Corporation consistently with the requirements of the federal financial assistance programs established under Title IV of the Higher Education Act. See
- Program: means the Vermont Universal Children's Higher Education Savings Account Program. See
- Program Fund: means the Vermont Universal Children's Higher Education Savings Account Program Fund. See
§ 2880d. Vermont Higher Education Investment Plan accounts; matching allocations for families with limited income
(a) The Corporation shall invite the parents or legal guardians of each Program beneficiary to open a Vermont Higher Education Investment Plan account on the beneficiary’s behalf.
(b) The beneficiary, his or her parents or legal guardians, other individuals, and private and public entities may make additional deposits into a beneficiary’s Investment Plan account.
(c) Annually, the Corporation shall deposit into the Program Fund a matching allocation of up to $250.00 per eligible child on a dollar-to-dollar basis for contributions made that year to a single Investment Plan account established for the child under this section, provided that at the time of deposit, the eligible child has a family income of less than 250 percent of the federal poverty level.
(d) Notwithstanding subsection (c) of this section, if the available funds in a given calendar year are insufficient to provide for the maximum allocation amounts under this subsection, the Corporation shall prorate the allocations accordingly. (Added 2015, No. 45, § 2.)