{"data":{"id":"us-ky/krs-164a.305","jurisdiction":"us-ky","citation":"KRS 164A.305","heading":"Definitions for KRS 164A.300 to 164A.380.","body":"As used in KRS 164A.300 to 164A.380, except where the context clearly requires another\ninterpretation:\n(1) \"Act\" means the Kentucky Educational Savings Plan Trust Act codified at KRS\n164A.300 to 164A.380;\n(2) \"Administrative fund\" means the funds used to a dminister the Kentucky\nEducational Savings Plan Trust;\n(3) \"Beneficiary\" means:\n(a) Any person designated at the commencement of participation by a\nparticipation agreement to benefit from payments for education costs at an\neducational institution;\n(b) The new beneficiary, in the case of a change of beneficiaries pursuant to KRS\n164A.330(4); or\n(c) The scholarship recipient, in the case of a participation agreement entered into\nas part of a scholarship program operated by a state or local government\norganization or an organization described in Section 501(c)(3) of the Internal\nRevenue Code, 26 U.S.C. sec. 501(c)(3), that is exempt from federal income\ntaxation pursuant to Section 501(a) of that code;\n(4) \"Benefits\" means the payment of education costs on behal f of a beneficiary by the\nsavings plan trust during the beneficiary's attendance at an educational institution;\n(5) \"Board\" means the board of directors of the Kentucky Higher Education Assistance\nAuthority;\n(6) \"Educational institution\" means an eligible educational institution under 26 U.S.C.\nsec. 529(e)(5) or an elementary or secondary public, private, or religious school;\n(7) \"Institution of higher education\" means an institution as defined in Section\n529(e)(5) of the Internal Revenue Code of 1986, as amended;\n(8) \"Kentucky Educational Savings Plan Trust\" or \"savings plan trust\" means the trust\ncreated pursuant to KRS 164A.310;\n(9) \"Participant\" means an organization described in Section 501(c)(3) of the Internal\nRevenue Code, 26 U.S.C. sec. 501(c)(3), t hat is exempt from federal income\ntaxation pursuant to Section 501(a) of that code, an individual, firm, corporation, a\nstate or local government organization, or a legal representative of any of the\nforegoing who has entered into a participation agreement  pursuant to KRS\n164A.300 to 164A.380 for the advance payment of educational costs on behalf of a\nbeneficiary;\n(10) \"Participation agreement\" means an agreement between a participant and the\nsavings plan trust, pursuant to and conforming with the requirements of KRS\n164A.300 to 164A.380;\n(11) \"Program administrator\" means the administrator of the savings plan trust appointed\nby the board to administer and manage the trust;\n(12) \"Program fund\" means the program fund established by KRS 164A.335 which shall\nbe held as a separate fund within the savings plan trust;\n(13) \"Qualified educational expenses\" means:\n(a) With regard to higher education expenses, the costs specified in 26 U.S.C. sec.\n529(e)(3) for attendance at an institution of higher education;\n(b) With regard to elementary and secondary education expenses, tuition of up to\nten thousand dollars ($10,000) per year in  connection with enrollment or\nattendance at an elementary or secondary public, private, or religious school;\n(c) With regard to qualified education loan repayments, the amounts paid as\nprincipal or interest on any qualified education loan, as defined in 2 6 U.S.C.\nsec. 221(d), of the beneficiary or his or her sibling, not to exceed an aggregate\namount of ten thousand dollars ($10,000) per person; and\n(d) With regard to registered apprenticeship programs, expenses for fees, books,\nsupplies, and equipment for  participation in an apprenticeship program\nregistered and certified with the United States Secretary of Labor;\n(14) \"Tuition\" means the quarterly or semester charges imposed to attend an educational\ninstitution and required as a condition of enrollment; and\n(15) \"Vested participation agreement\" means a participation agreement which has been\nin full force and effect during eight (8) continuous years of residency of the\nbeneficiary in the Commonwealth while participating in the savings plan trust.","path":["KRS Chapter 164A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=50244","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:19Z","sha256":"e538c2f622224fb2e354f97628260cadad6cc338c9a880181a6c697b0d95333d","source_id":"us-ky","stale":false,"prev":"us-ky/krs-164a.300","next":"us-ky/krs-164a.310"},"notice":"GroundRules: Original legal text. Not legal advice."}