Section 429-1-002 - Definitions002.1Account means the separate account created by a Participation Agreement entered into between each Participant and the Trust. Unless otherwise allowed by the Code and Act, each Account shall only have one Participant and one Beneficiary.002.2Act means the Nebraska Legislative Act authorizing the Trust and the Program.002.3Administrative Fund means the administrative fund created in section 7 of the Act.002.4Beneficiary means the individual designated by a Participant, or the individual who is designated as the new Beneficiary when Beneficiaries are changed, who (in either case) meets all of the requirements of the Code, the Act, and these Rules and Regulations.002.5Cash means lawful United States currency and shall include but not be limited to cash, checks (other than travelers checks), money orders, payroll deductions, automatic contribution plans, and electronic funds transfers, or similar means of payment accepted by the Trustee. Cash shall not include real or non-cash personal property.002.6Code means the present Internal Revenue Code and regulations of the United States.002.7Contribution means Cash deposited into an Account established under the Act for the benefit of a Beneficiary.002.8Distribution means any disbursement from an Account established under the Act.002.9Endowment Fund means the Endowment Fund created in section 7 of the Act. 002.10Forms means forms and notices referenced in these Rules and Regulations, copies of which are kept current, and are available at the office of the State Treasurer at State Capitol Room 2003, Lincoln, NE 68509 / 402-471 -2455 / or online at www.treasurer.org.002.11Higher Education Costs means the certified costs of tuition and fees, books, supplies, and equipment required for enrollment or attendance at an Institution of Higher Education. Reasonable room and board expenses, based on the minimum amount applicable for the Institution of Higher Education during the period of enrollment, shall be included as a Higher Education Cost for those students enrolled on at least a half-time basis, to the extent allowed by the Code and the Act.002.12Institution of Higher Education means an institution described in the Code provisions governing qualified State tuition programs and which is eligible to participate in the United States Department of Education's student aid programs.002.13Maximum Contribution Limit means the total amount established by the Trustee from time to time (and reviewed at least once each calendar year) that a Beneficiary may be estimated to expend for Higher Education Costs. Documentation supporting the amount of the Maximum Contribution Limit will be on file at the office of the State Treasurer. (The Maximum Contribution Limit is $250,000, as of September 20, 2001).002.14Member of Family means with respect to any designated Beneficiary (a) the spouse of such Beneficiary; (b) an individual who bears a relationship to such Beneficiary which is described in paragraphs (1) through (8) of section 152(a) of the Code; (c) any first cousin of such Beneficiary; and (d) the spouse of any individual described in subparagraph (b) of this subsection.002.15Minimum Contribution Limit means the minimum amount required to be invested per Beneficiary per year in a year in which a Participant is making a Contribution. (The Minimum Contribution Limit is $ 0.00, as of April 17, 2001).002.16Nebraska Institution of Higher Education means an Institution of Higher Education which is located in the state of Nebraska.002.17Non-Qualified Withdrawal means any Distribution from an Account other than: (1) a Qualified Withdrawal;(2) a withdrawal made on account of the death or disability of the Beneficiary; (3) a withdrawal made on account of the receipt of a scholarship or allowance or payment described in Section 25A(g)(2) received by the Beneficiary to the extent the amount of the Distribution does not exceed the amount of such scholarship, allowance, or payment; or(4) a Qualified Rollover Distribution.002.18Participant means an individual, an individual's legal representative, or any other legal entity authorized to establish an Account under the Code and the Act and who has entered into a Participation Agreement. A Participant need not be a resident of the State of Nebraska.002.19Participation Agreement means a legally binding and executed agreement, in a form and content approved by the Trustee, between a Participant and the Trust entered into pursuant to the Act.002.20Program means the Nebraska Educational Savings Plan Trust as operated and administered in accordance with the Code and the Act.002.21Refund Penalty means the amount assessed by the Trustee, as required by the Code, for any Non-Qualified Withdrawal. For taxable years beginning after December 31, 2001, the Refund Penalty shall be zero percent of any Distribution. For prior taxable years, the Refund Penalty is ten percent of the amount of any Distribution which is a Non-Qualified Withdrawal which is attributable to investment earnings.002.22Qualified Rollover Distribution means a Distribution or transfer from an Account that is re-deposited within sixty (60) days into either (i) another Account in the Trust for the benefit of another Beneficiary who is a Member of the Family of the original Beneficiary, or (ii) an account in another qualified tuition plan for the benefit of the same or another Beneficiary.002.23Qualified Withdrawal means a withdrawal from an Account that is used to pay the Higher Education Costs of the Beneficiary.002.24Trust means the Nebraska Educational Savings Plan Trust created under section 4 of the Act.002.25Trustee means the Nebraska State Treasurer.429 Neb. Admin. Code, ch. 1, § 002