24 Pa. Stat. § 6901.319

Current through Pa Acts 2024-53, 2024-56 through 2024-111
Section 6901.319 - Family Savings Account Program/Tuition Account Program Coordination
(a) Program coordination.--A saver under the Family Savings Account Program (FSA) established under Chapter 21 of the act of June 29, 1996 (P.L. 434, No. 67) , known as the Job Enhancement Act, may transfer the saver's Family Savings Account contributions into a Tuition Account Program (TAP) contract and become an FSA/TAP account owner if the FSA saver has successfully completed all the terms of the FSA saver's approved plan pursuant tosection 2102(e) of the Job Enhancement Act and the FSA saver's approved plan specifies education as the eligible use. The FSA saver does not have to be the beneficiary of the education.
(b) Match payment.--The match to be provided pursuant to Chapter 21 of the Job Enhancement Act shall be paid by the FSA saver's service provider directly to the Treasury Department for deposit in the FSA/TAP saver's selected Tuition Account Program account.
(c) Waiver of restrictions.--The restrictions on withdrawal of the FSA match pursuant to section 2102(f)(3) of the Job Enhancement Act shall not apply to an FSA/TAP account owner.
(d) Termination.-- In the event an FSA/TAP account owner terminates the Tuition Account Program contract pursuant to section 313, the amount refunded to the FSA/TAP account owner shall exclude the match made pursuant tosection 2102(f) of the Job Enhancement Act and any increase in value resulting from that match. The Treasury Department shall pay the match to the Department of Community and Economic Development.
(e) Agency coordination.--The Treasury Department and the Department of Community and Economic Development may issue regulations to further facilitate coordination of the Tuition Account Program and the Family Savings Account Program.

24 P.S. § 6901.319

1992, April 3, P.L. 28, No. 11, § 319, added 2000, June 22, P.L. 418, No. 58, § 6, effective in 60 days.