35A-9-605. Payment of match.
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Effective 7/1/2023
35A-9-605. Payment of match.
(1)Subject to the other provisions of this section, the department shall transfer money appropriated from the Education Savings Incentive Restricted Account to the plan in the amount of each qualifying individual's match.
(2)The department shall send with the transfer described in Subsection
(1), for each qualifying individual that is receiving a match:
(a)the amount of the match for the qualifying individual;
(b)the qualifying individual's allocation of the match among eligible 529 savings accounts; and
(c)for each eligible 529 savings account into which the qualifying individual allocates the match:
(i)the name of the qualifying individual who is the account owner;
(ii)the name of the beneficiary; and
(iii)the account number.
Enacted by Chapter 52 , 2023 General Session