34 Tex. Admin. Code § 7.142 - Statement Regarding Status of Prepaid Tuition Contract

(a) Not later than January 31 of each year, the plan manager shall make available online without charge to each purchaser a statement of:

(1) the amount paid by the purchaser under the prepaid tuition contract;

(2) the total number of each type of tuition unit covered by the contract at any one time;

(3) the number of each type of tuition unit remaining under the contract;

(4) the number of each type of tuition unit that has met the three-year holding period;

(5) the value of the purchasers' tuition units if redeemed at a general academic teaching institution or two-year institution of higher education designated for that year by the purchaser in the time and manner required by the board, not to exceed five institutions, with such information being provided in the tuition unit redemption chart developed pursuant to § 7.125(d) of this title (relating to Redemption of Tuition Units); and

(6) any other information the board determines is necessary or appropriate.

(b) As soon as feasible after the end of the calendar year, the plan manager shall provide a written statement without charge to each purchaser reflecting the information listed in subsection (a) of this section, covering activities in the account through the end of the calendar year.

(c) The plan manager shall provide a separate accounting for each designated beneficiary.

(d) The plan manager shall also provide a statement if tuition units are redeemed under the contract during the year, and if any other distributions are made under the contract that calendar year.

Notes

34 Tex. Admin. Code § 7.142

The provisions of this §7.142 adopted to be effective August 27, 2008, 33 TexReg 6957; Amended by Texas Register, Volume 45, Number 14, April 3, 2020, TexReg 2317, eff. 4/5/2020