Current through Pa Acts 2024-53, 2024-56 through 2024-92
Section 4666.503 - Treatment of accounts(a)Limitation.--An account shall not be subject to attachment, levy or execution by any creditor of a contributor, account owner or designated beneficiary and shall not be used as security for a loan.(b)Disability or health benefits.--Amounts contributed to an account, increases in the value of the account and qualified withdrawals from the account shall not be used in calculating personal assets of a designated beneficiary or an account owner in order to determine eligibility for disability, medical assistance or other health benefits conferred by the Commonwealth.(c) Student aid.--Amounts contributed to an account and increases in the value of the account shall not be used in calculating personal asset contributions for determining eligibility or need to qualify for student loan programs, student grant programs or other student aid programs administered by a Commonwealth agency, except as otherwise may be provided by Federal law.(d)Death of beneficiary.--Unless prohibited by Federal law, upon the death of a designated beneficiary, proceeds from an account may be transferred to the estate of a designated beneficiary, or to an account for another eligible individual specified by the designated beneficiary or the estate of the designated beneficiary. An agency or instrumentality of the Commonwealth may not seek payment under section 529A(f) of the Internal Revenue Code from the account or its proceeds for benefits provided to a designated beneficiary.Added by P.L. TBD 2016 No. 17, § 503, eff. 4/18/2016.