Section 2500.90 Account Limits

Section 2500

Section 2500.90  Account Limits

a)         The

Treasurer shall limit the contributions that may be made to the Pool on behalf

of a designated beneficiary to prevent contributions in excess of those

necessary to provide for the qualified expenses of the designated beneficiary. The

account balance limit will be reflected on the Treasurer's website or in

another form that provides adequate notice to account owners.  No donor may

make a contribution to an account for a designated beneficiary if that contribution

would cause the aggregate balance of all accounts for the designated beneficiary

in State of Illinois section 529 programs to exceed the account balance limit

established by the Treasurer.  For purposes of the account balance limit, the

aggregate balance shall be comprised of all accounts under all section 529 qualified

tuition programs in the State of Illinois for a particular designated

beneficiary.  An account may only exceed the account balance limit in the event

that investment earnings accrue after the last permitted contribution.  The

Treasurer may, from time to time, adjust the account balance limit.

b)         Account

Balance Limit Calculation

When adjusting the account balance

limit, the Treasurer will consider the following:

1)         Estimates

of tuition, fees, books, supplies, equipment, and room and board as set forth

in the cost of attendance for an undergraduate, graduate and professional

degree from at least 12 eligible educational institutions, including at least two

public and two private eligible educational institutions reasonably believed to

have the highest cost qualified expenses in:

A)        Illinois;

B)        the

Midwest; and

C)        nationally

es, equipment, and room and board as set forth

in the cost of attendance for an undergraduate, graduate and professional

degree from at least 12 eligible educational institutions, including at least two

public and two private eligible educational institutions reasonably believed to

have the highest cost qualified expenses in:

A)        Illinois;

B)        the

Midwest; and

C)        nationally.

2)         The

guidance available from the United States Treasury and the Internal Revenue

Service on how an account balance limit may be determined to provide adequate

safeguards to prevent contributions on behalf of a designated beneficiary in

excess of those necessary to provide for the qualified expenses of the

designated beneficiary.