Illinois Administrative Code
Title 23 - EDUCATION AND CULTURAL RESOURCES
Part 2500 - COLLEGE SAVINGS POOL
Section 2500.60 - Contributions

Universal Citation: 23 IL Admin Code ยง 2500.60

Current through Register Vol. 48, No. 12, March 22, 2024

a) Contributions may be made only in cash. Cash contributions may be made by check, money order, electronic transfer, payroll contribution, wire transfer, or similar methods allowed by the Code.

b) The Pool shall have no requirement on minimum contributions, and donors may make contributions at any time. The Pool shall not permit any additional contributions to an account as soon as the sum of:

1) the aggregate balance in all accounts in the Pool for the designated beneficiary; and

2) the aggregate contributions in the Illinois Prepaid Tuition Program for the designated beneficiary reaches the specified balance limit established from time to time by the Treasurer in accordance with Section 2500.90.

c) Contributions may be made by the account owner or any other person. No person other than the account owner may direct the investment and distribution of contributions to an account (or earnings thereon).

d) An account owner may, directly or indirectly, direct the investment of their account only as provided in section 529(b)(4) of the Code. Donors and designated beneficiaries, in those capacities, may not, directly or indirectly, direct the investment of an account.

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