As used in this part:

1. (1) “Account Application Form” means an application substantially in the form approved by the Section 529 Plan Review Committee from time to time;
2. (2) “Age-based option” means a portfolio the assets of which are invested in a combination of underlying investments, currently based on the ages of designated beneficiaries specified for such portfolio;
3. (3) “Approved allocation” means the allocation of assets for a portfolio as approved by the Section 529 Plan Review Committee as may be set forth in the program management agreement;
4. (4) “Approved allocation effective date” means the annual date (July 1) by which the approved allocation for a portfolio is approved, as may be set forth in the program management agreement;
5. (5) “Arkansas administration fee” means any fee paid out of the Arkansas Brighter Future Fund Plan’s assets to the Section 529 Plan Review Committee pursuant to a program management agreement;
6. (6) “Business day” means each day on which the New York Stock Exchange is open for trading;

7. (7) “Cash” means:

   1. (A) United States dollars;
   2. (B) Checks;
   3. (C) Electronic funds transfers; or
   4. (D) Any other method deemed appropriate by the Section 529 Plan Review Committee;
8. (8) “Code” means the Internal Revenue Code of 1986, 26 U.S.C. § 1 et seq., as amended;
9. (9) “Contribution maximum” means the maximum amount that an account owner can contribute to all program accounts for the same designated beneficiary, as determined from time to time by the Section 529 Plan Review Committee based upon a methodology that calculates such maximum amount on an annual basis using the cost of up to seven (7) years of tuition, fees, books, supplies and equipment, and room and board at a higher educational institution;
10. (10) “Custom portfolio option”, “iShares asset allocation portfolios”, or “custom iShares portfolio” means a portfolio the assets of which are invested in one (1) or a combination of underlying investments, in accordance with a fixed asset allocation that does not change based on the age or years-to-enrollment of a designated beneficiary;
11. (11) “Designated Beneficiary Change Form” means a change of a designated beneficiary substantially in the form approved by the Section 529 Plan Review Committee, from time to time;
12. (12) “Eligible participant” means an individual, other person, or legal entity eligible under the Arkansas Brighter Future Fund Plan Act, Arkansas Code § 6-84-101 et seq., under applicable federal tax law and regulations to participate in the program;
13. (13) “Eligible scholarship” means a scholarship or other payment qualifying for an exemption from the withdrawal penalty required by Internal Revenue Code § 529, or any successor provision thereto, of the Internal Revenue Code;
14. (14) “Investment fund” means the portion of a plan’s assets invested in underlying investments (i.e., that portion of a plan’s assets not held in the operating fund);
15. (15) “Investment manager” means the entity contracted by the program manager to manage the assets of the portfolios, as approved by the Section 529 Plan Review Committee;
16. (16) “Management fee” means any fee paid out of a plan’s assets to the program manager pursuant to a written agreement approved by the Section 529 Plan Review Committee;
17. (17) “MSRB” means Municipal Securities Rulemaking Board and any duly established entity that succeeds to the functions thereof;

18. (18) “Net asset value” or “NAV” means the net asset value per share of the underlying investments as of the NYSE on that business day, such NAV to reflect:

    1. (A) Adjustments, if any, to the net asset value per share of any underlying investments made after the market close;
    2. (B) Net purchase orders and net redemption orders received by the investment manager from the program manager each business day;
    3. (C) The deduction and payment of fees and expenses from the portfolios by the program manager or by the investment manager; and
    4. (D) The investment manager’s reinvestment, into any underlying investment or its affiliate offers and manages, of any income, dividends and/or capital gain distributions paid by underlying investments;
19. (19) “NYSE” means the New York Stock Exchange;
20. (20) “Operating account” means the account established for the purpose of holding the Arkansas administration fee;
21. (21) “Operating fund” means that portion of the plan’s assets not held in the investment fund;
22. (22) “Participation agreement” means an agreement between an account owner and the Arkansas Brighter Future Fund Plan Trust substantially in the form approved by the Section 529 Plan Review Committee from time to time that establishes the account and the obligations of the Arkansas Brighter Future Fund Plan Trust and the account owner;

23. (23) “Plan” means either:

    1. (A) The direct-sold plan established within the program;
    2. (B) The advisor-sold plan established within the program; or
    3. (C) Any other college savings plan established pursuant to the Arkansas Brighter Future Fund Plan Act and administered by the Section 529 Plan Review Committee, collectively, under the Arkansas Brighter Future Fund Plan Trust;

24. (24) “Portfolio” means one (1) of the plan portfolios established within the investment fund:

    1. (A) To which contributions may be allocated; and
    2. (B) That are invested in underlying investments;
25. (25) “Program description” means the complete disclosure document or set of documents describing a plan, including any supplement or supplements thereto, each as amended from time to time, constituting an “official statement” within the meaning of Rule 15c2-12 under the Securities Exchange Act of 1934, 15 U.S.C. § 78a, as amended, and the rules of the Municipal Securities Rulemaking Board and any successor to the applicable functions thereof;
26. (26) “Program distributor” means the program distributor employed by the Section 529 Plan Review Committee pursuant to Arkansas Code § 6-84-105, or any successor provision thereto, and designated as such in the then current program description;

27. (27) “Program management agreement” means a written agreement among the:

    1. (A) Arkansas Brighter Future Fund Plan Trust;
    2. (B) Section 529 Plan Review Committee; and
    3. (C) Program manager;
28. (28) “Program manager” means both the program manager and the recordkeeping and servicing agent employed by the Section 529 Plan Review Committee pursuant to Arkansas Code § 6-84-105, or any successor provision thereto, and designated as such in a program management agreement;
29. (29) “Rollover contribution” means a contribution to an account that is transferred to or deposited in the account from another program operating as a “qualified tuition program” within the meaning of Internal Revenue Code § 529, or any successor provision thereto, of the Internal Revenue Code of 1986, 26 U.S.C. § 1 et seq.;
30. (30) “Rollover distribution” means a distribution or transfer from an account that is transferred to or deposited in another program operating as a "qualified tuition program" within the meaning of Section 529, or any successor provision thereto, of the Internal Revenue Code of 1986, 26 U.S.C. § 1 et seq.;
31. (31) “Section 529 Plan Review Committee” or “committee” means the committee created pursuant to Arkansas Code § 6-84-105, or any successor provision thereto;
32. (32) “Series” means a class of units of a portfolio;
33. (33) “State” means the State of Arkansas, acting through its executive, administrative, legislative, and judicial branches;
34. (34) “Trust” means the Arkansas Brighter Future Fund Plan Trust created under Arkansas Code § 6-84-104;
35. (35) “Underlying investments” means exchange traded funds, securities, separate accounts, registered mutual funds, or other investments in which assets of a portfolio are invested;
36. (36) “Withdrawal” means a qualified withdrawal or a nonqualified withdrawal;
37. (37) “Withdrawal request” means a request by an account owner to effect a withdrawal substantially in the form or other process approved by the Section 529 Plan Review Committee, from time to time; and
38. (38) “Year-of-enrollment portfolio” means a portfolio the assets of which are invested in a combination of underlying investments based upon the designated beneficiary’s anticipated year of enrollment as determined by the account owner.