La. Admin. Code tit. 28 § VI-507
Account Owner-the eligible individual who opened the account, or the eligible individual on whose behalf the account was opened, and who is also the beneficiary
Administrator-the person who has the authority to direct the activities of the account. The administrator of the account may be the account owner or a person authorized by law or by authentic act to administer the account on behalf of the beneficiary. For purposes of these rules, the term administrator shall mean the account owner or a person who is legally authorized to act on his behalf
Beneficiary-the eligible individual who established the ABLE account, or for whom an ABLE account was established, and who is the owner of such account.
Current Value-the value of an ABLE account at a given point in time.
Deposits-the actual amount of money received for deposit for investment in an ABLE account. Deposits do not include earnings on deposits.
Eligible Individual-an individual is an eligible individual for a given tax year if one of the following is met:
False or Misleading Information-a statement or response made by a person which is knowingly false or misleading, and made for the purpose of establishing a program account and/or receiving benefits to which the person would not otherwise be entitled.
Fixed Earnings-the placement of all deposits in an ABLE account, including the interest earned thereon, in investments that normally provide a fixed rate of return for a specific period of time.
Louisiana Board of Regents-the agency of state government responsible for administering the ABLE account program under the direction of the Tuition Trust Authority.
Louisiana Resident-
Louisiana Tuition Trust Authority (LATTA)-the statutory body responsible for the administration of the ABLE Account Program.
Maximum Allowable Account Balance-500,000.
Member of Family-an individual who is the brother, sister, stepbrother, stepsister, half-brother, or half-sister to the beneficiary, including an adopted brother, sister, stepbrother, stepsister, half-brother, or half-sister.
Natural Person-a human being.
Office of Student Financial Assistance (LOSFA)-a program under the Board of Regents, performs the functions of the state relating to programs of financial assistance and certain scholarship programs for higher education in accordance with directives of its governing bodies and applicable law, and as such is responsible for administering the ABLE account program as directed by LATTA and the Board of Regents.
Other Person-(with respect to any designated beneficiary)-any person, other than the beneficiary, whether natural or juridical, who is not a member of the family, including but not limited to individuals, groups, trusts, estates, associations, organizations, partnerships, corporations, and custodians under the Uniform Transfer to Minors Act (UTMA).
Owner's Agreement-the agreement for program participation that the account owner or administrator completes and signs. It incorporates, by reference, R.S. 17:3081 et seq., and the rules promulgated by the LATTA to implement this statutory provision and any other state or federal laws applicable to the agreement and the terms and conditions as set forth therein.
Person-a human being or a juridical entity.
Qualified Disability Expenses (QDEs)-expenses that relate to the blindness or disability of the designated beneficiary in maintaining or improving his or her health, independence, or quality of life. QDEs may, but need not, benefit only the disabled individual. QDEs include, but are not limited to, expenses related to the beneficiarys:
Redemption Value-the cash value of the money in an ABLE Account invested in a fixed earnings option that are attributable to the sum of the principal deposited and the earnings on principal authorized to be credited to the account by the LATTA, less any disbursements and refunds. Redemption value is not applicable to an ABLE account invested in variable earnings.
Refund Recipient-the person designated in the ABLE account program owner's agreement or by operation of law to receive refunds from the account. The designated refund recipient can only be the account owner, his heirs, or his estate. If no refund recipient is designated, the refund shall be made to the Disability Services Fund established by R.S.28.826(B)(2)(d).
Trade Date-the date that a deposit to an investment option that includes variable earnings is assigned a value in units, the date a disbursement or refund from an investment option that includes variable earnings is assigned a value, or the date of a change in investment options that includes variable earnings is assigned a value, whichever is applicable.
Variable Earnings-refers to that portion of funds in an ABLE account invested in equities, bonds, short-term fixed income investments or a combination of any of the three.
La. Admin. Code tit. 28, § VI-507