Common use of EFT Clause in Contracts

EFT. The Account Owner may authorize the IAdvisor 529 Plan to withdraw funds by EFT from a checking or savings account by calling an Account representative at ▇-▇▇▇-▇▇▇-▇▇▇▇ or by using the online Account access services at ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇. To establish the EFT option, an Account Owner must either: (1) select it on the new Account Application and submit a voided check or savings account information; or (2) submit an Account Maintenance Form and a voided check or savings account information after the Account has been established. Qualified Rollover contributions to an Account must be accompanied by the appropriate form, as well as any other information required by the IAdvisor 529 Plan. See “Required information for certain contributions” for details. A Qualified Rollover to an Account for the benefit of the same Beneficiary may not be made within 12 months of a previous Qualified Rollover for that Beneficiary without adverse federal income tax consequences. In other cases, the rollover may be considered a Non-Qualified Withdrawal, the earnings portion of which may be subject to applicable federal and state and/or local taxes, potentially including the additional 10% federal tax. A Qualified Rollover contribution will be permitted only to the extent that the aggregate balance of all Accounts under the Trust for the new Beneficiary, including the amount of such transfer, would not exceed the maximum Account limit as described in the “Program Summary.” If a Qualified Rollover contribution of at least $25,000 is made to the IAdvisor 529 Plan from another state’s 529 plan and a rollover fee is charged, the Program Manager will reimburse the rollover fee charged (up to $75 per Qualified Rollover) by the previous 529 plan. The Program Manager will not reimburse the Account for other charges imposed, such as CDSCs, finder’s fees, or annual Account charges. The amount of the reimbursement will be credited to the Account into which the Qualified Rollover contribution is made and the reimbursement will be treated as a contribution by the Account Owner to the Account. You may wish to consult your tax advisor regarding any potential tax implications related to such reimbursement. In order to receive the reimbursement, a copy of a statement showing the fee must be provided to the Program Manager within 30 days of the assets being transferred. Purchases of Class A units with assets rolled over or transferred to an Account in IAdvisor 529 Plan from another Section 529 program may be made without initial sales charges. See “Choosing a unit Class – Sales charge waivers” for more information The Program Manager reserves the right to discontinue the reimbursement program at any time. When making a contribution to the IAdvisor 529 Plan using assets previously invested in a ▇▇▇▇▇▇▇▇▇ Education Savings Account (“ESA”), a qualified U.S. Savings Bond, or another qualified tuition program, the contributor must indicate the source of the contribution and provide the Program Manager with the following documentation, as applicable: • In the case of a contribution from an ESA, an account statement issued by the financial institution that acted as custodian of the ESA that shows basis and earnings in the ESA. • In the case of a contribution from the redemption of a qualified U.S. Savings Bond, an account statement or Form 1099-INT issued by the financial institution that redeemed the bond showing interest from the redemption of the bond. • In the case of a Qualified Rollover contribution from another qualified tuition program, a statement issued by the distributing program that shows the earnings portion of the distribution. In the case of any direct transfer between qualified tuition programs, the distributing program must provide the IAdvisor 529 Plan a statement that sets forth this information. Until the IAdvisor 529 Plan receives the documentation described above, as applicable, the IAdvisor 529 Plan will treat the entire amount of the contribution as earnings. Maximum contribution‌ Contributions to an Account will not be permitted to the extent that the contribution would cause the aggregate balance of all Iowa Educational Savings Plan Trust (IAdvisor and College Savings Iowa 529 Plans) accounts for the same Beneficiary to exceed the maximum allowable contribution limit. The maximum allowable contribution limit is based on the aggregate market value of the account(s) for a Beneficiary at the time of contribution, not on the aggregate contributions made to accounts. Accounts that have reached the maximum allowable contribution limit may continue to increase in value due to market fluctuation. For the current maximum allowable contribution limit, please refer to the “Program Summary.” Pursuant to Section 529 of the Code, the Trustee is required to set the maximum allowable contribution limit for all Iowa Educational Savings Plan Trust accounts for a Beneficiary. The Trustee evaluates the maximum allowable contribution limit periodically and may make adjustments deemed to be appropriate. Information concerning the current maximum allowable contribution limit may be obtained through the Program Manager. It is possible that federal law might impose different limits on maximum allowable contributions in the future. Excess contributions‌ The IAdvisor 529 Plan will not accept any contribution to the extent that the maximum contribution limit is exceeded or to the extent that the contribution causes the maximum contribution limit to be exceeded. Excess contributions will be returned to the contributor. Contribution policies and fees‌ Following receipt of any contributions, the IAdvisor 529 Plan reserves the right, subject to applicable law, not to allow withdrawals of those contributions (or their equivalent) for up to seven calendar days. The Program Manager may impose a fee on any check, AIP investment, payroll direct deposit, or purchase via EFT returned unpaid by the financial institution upon which it is drawn, which may be deducted from the Account. See “Service and transaction fees” for details. Account Owners will receive statements confirming investments purchased and such other information as may be required by law. If an error has been made in the amount of the contribution, or the Option used is not what the Account Owner selected, the Account Owner has 60 days from the date of the statement to notify the Program Manager of the error. The Program Manager uses reasonable procedures to confirm that transaction requests are genuine. The Program Manager may be responsible if it does not follow these procedures. The Account Owner may be responsible for losses resulting from fraudulent or unauthorized instructions received by the Program Manager, provided that the Program Manager reasonably believes the instructions were genuine. To safeguard your Account, please keep your information confidential. Contact the Program Manager immediately if you believe that there is a discrepancy between a transaction you performed and the confirmation statement you received, or if you believe that someone has obtained unauthorized access to your Account. A contribution may be refused or rejected, in whole or in part, if it appears to be an abuse of the IAdvisor 529 Plan. Ownership of contributions and earnings‌ Although contributions to an Account can be made by anyone, the Account Owner retains ownership and control of all contributions, as well as all earnings credited to the Account up to the date they are directed for disbursement. A Beneficiary or contributor who is not the Account Owner has no control over any of the Account assets. WITHDRAWALS‌ An Account Owner may make withdrawals from his or her Account at any time. An Account Owner may also terminate his or her participation in the IAdvisor 529 Plan at any time by withdrawing the entire Account balance. In the event of a withdrawal or termination, the withdrawal is effected at the NAV calculated at the next close of business of the NYSE after the IAdvisor 529 Plan’s receipt and the acceptance of a properly completed request. See “Tax Treatment – Federal taxation on contributions and withdrawals” for details. Account Owners are responsible for making the determination as to whether a withdrawal is a Qualified Withdrawal or a Non-Qualified Withdrawal and for including this information on the Withdrawal Request Form. As part of this determination, Account Owners are responsible for monitoring and complying with the aggregate limit per tax year applicable to withdrawals used to pay for tuition in connection with enrollment or attendance at K-12 Institutions. If an Account Owner indicates on the Withdrawal Request Form that a withdrawal is a Qualified Withdrawal, such a withdrawal may be paid: • Directly to a Eligible Educational Institution • Directly to a K-12 Institution • Directly to the Account Owner • Directly to a Beneficiary for Qualified Education Expenses for higher education at an Eligible Educational Institution If an Account Owner indicates on the Withdrawal Request Form that a withdrawal is a Non-Qualified Withdrawal, that withdrawal may only be paid to the Account Owner. Qualified Withdrawals‌ The recipient of any withdrawal, not the IAdvisor 529 Plan, is responsible for determining whether the withdrawal is a Qualified Withdrawal for tax purposes. If an Eligible Educational Institution refunds any portion of an amount previously withdrawn from an Account and treated as a Qualified Withdrawal, you may be required to treat the amount of the refund as a Non-Qualified Withdrawal for federal income tax purposes, unless you contribute such amount to a qualified tuition program for the same Beneficiary not later than 60 days after the date of the refund. At the time of this printing, the IRS has indicated that they intend to propose rules that would treat refunds from K-12 institutions similar, but such rules have not yet been proposed. Different treatment may apply if the refund is used to pay other Qualified Education Expenses of the Beneficiary. You should consult a qualified tax advisor regarding Qualified Withdrawals.

EFT. The Account Owner may authorize the IAdvisor 529 Plan to withdraw funds by EFT from a checking or savings account by calling an Account representative at ▇-▇▇▇-▇▇▇-▇▇▇▇ or by using the online Account access services at ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇. To establish the EFT option, an Account Owner must either: (1) select it on the new Account Application and submit a voided check or savings account information; or (2) submit an Account Maintenance Form and a voided check or savings account information after the Account has been established. Qualified Rollover contributions to an Account must be accompanied by the appropriate form, as well as any other information required by the IAdvisor 529 Plan. See “Required information for certain contributions” for details. A Qualified Rollover to an Account for the benefit of the same Beneficiary may not be made within 12 months of a previous Qualified Rollover for that Beneficiary without adverse federal income tax consequences. In other cases, the rollover may be considered a Non-Qualified Withdrawal, the earnings portion of which may be subject to applicable federal and state and/or local taxes, potentially including the additional 10% federal tax. A Qualified Rollover contribution will be permitted only to the extent that the aggregate balance of all Accounts under the Trust for the new Beneficiary, including the amount of such transfer, would not exceed the maximum Account limit as described in the “Program Summary.” If a Qualified Rollover contribution of at least $25,000 is made to the IAdvisor 529 Plan from another state’s 529 plan and a rollover fee is charged, the Program Manager will reimburse the rollover fee charged (up to $75 per Qualified Rollover) by the previous 529 plan. The Program Manager will not reimburse the Account for other charges imposed, such as CDSCs, finder’s fees, or annual Account charges. The amount of the reimbursement will be credited to the Account into which the Qualified Rollover contribution is made and the reimbursement will be treated as a contribution by the Account Owner to the Account. You may wish to consult your tax advisor regarding any potential tax implications related to such reimbursement. In order to receive the reimbursement, a copy of a statement showing the fee must be provided to the Program Manager within 30 days of the assets being transferred. Purchases of Class A units with assets rolled over or transferred to an Account in IAdvisor 529 Plan from another Section 529 program may be made without initial sales charges. See “Choosing a unit Class – Sales charge waivers” for more information The Program Manager reserves the right to discontinue the reimbursement program at any time. When making a contribution to the IAdvisor 529 Plan using assets previously invested in a ▇▇▇▇▇▇▇▇▇ Education Savings Account (“ESA”), a qualified U.S. Savings Bond, or another qualified tuition program, the contributor must indicate the source of the contribution and provide the Program Manager with the following documentation, as applicable: • In the case of a contribution from an ESA, an account statement issued by the financial institution that acted as custodian of the ESA that shows basis and earnings in the ESA. • In the case of a contribution from the redemption of a qualified U.S. Savings Bond, an account statement or Form 1099-INT issued by the financial institution that redeemed the bond showing interest from the redemption of the bond. • In the case of a Qualified Rollover contribution from another qualified tuition program, a statement issued by the distributing program that shows the earnings portion of the distribution. In the case of any direct transfer between qualified tuition programs, the distributing program must provide the IAdvisor 529 Plan a statement that sets forth this information. Until the IAdvisor 529 Plan receives the documentation described above, as applicable, the IAdvisor 529 Plan will treat the entire amount of the contribution as earnings. Maximum contribution‌ Contributions to an Account will not be permitted to the extent that the contribution would cause the aggregate balance of all Iowa Educational Savings Plan Trust (IAdvisor and College Savings Iowa 529 Plans) accounts for the same Beneficiary to exceed the maximum allowable contribution limit. The maximum allowable contribution limit is based on the aggregate market value of the account(s) for a Beneficiary at the time of contribution, not on the aggregate contributions made to accounts. Accounts that have reached the maximum allowable contribution limit may continue to increase in value due to market fluctuation. For the current maximum allowable contribution limit, please refer to the “Program Summary.” Pursuant to Section 529 of the Code, the Trustee is required to set the maximum allowable contribution limit for all Iowa Educational Savings Plan Trust accounts for a Beneficiary. The Trustee evaluates the maximum allowable contribution limit periodically and may make adjustments deemed to be appropriate. Information concerning the current maximum allowable contribution limit may be obtained through the Program Manager. It is possible that federal law might impose different limits on maximum allowable contributions in the future. Excess contributions‌ The IAdvisor 529 Plan will not accept any contribution to the extent that the maximum contribution limit is exceeded or to the extent that the contribution causes the maximum contribution limit to be exceeded. Excess contributions will be returned to the contributor. Contribution policies and fees‌ Following receipt of any contributions, the IAdvisor 529 Plan reserves the right, subject to applicable law, not to allow withdrawals of those contributions (or their equivalent) for up to seven calendar days. The Program Manager may impose a fee on any check, AIP investment, payroll direct deposit, or purchase via EFT returned unpaid by the financial institution upon which it is drawn, which may be deducted from the Account. See “Service and transaction fees” for details. Account Owners will receive statements confirming investments purchased and such other information as may be required by law. If an error has been made in the amount of the contribution, or the Option used is not what the Account Owner selected, the Account Owner has 60 days from the date of the statement to notify the Program Manager of the error. The Program Manager uses reasonable procedures to confirm that transaction requests are genuine. The Program Manager may be responsible if it does not follow these procedures. The Account Owner may be responsible for losses resulting from fraudulent or unauthorized instructions received by the Program Manager, provided that the Program Manager reasonably believes the instructions were genuine. To safeguard your Account, please keep your information confidential. Contact the Program Manager immediately if you believe that there is a discrepancy between a transaction you performed and the confirmation statement you received, or if you believe that someone has obtained unauthorized access to your Account. A contribution may be refused or rejected, in whole or in part, if it appears to be an abuse of the IAdvisor 529 Plan. Ownership of contributions and earnings‌ Although contributions to an Account can be made by anyone, the Account Owner retains ownership and control of all contributions, as well as all earnings credited to the Account up to the date they are directed for disbursement. A Beneficiary or contributor who is not the Account Owner has no control over any of the Account assets. WITHDRAWALS‌ An Account Owner may make withdrawals from his or her Account at any time. An Account Owner may also terminate his or her participation in the IAdvisor 529 Plan at any time by withdrawing the entire Account balance. In the event of a withdrawal or termination, the withdrawal is effected at the NAV calculated at the next close of business of the NYSE after the IAdvisor 529 Plan’s receipt and the acceptance of a properly completed request. See “Tax Treatment – Federal taxation on contributions and withdrawals” for details. To be a Qualified Withdrawal for federal or state tax purposes, the proceeds must be used for Qualified Education Expenses, which may include qualified higher-education expenses, qualified K-12 education expenses, Apprenticeship Expenses, or Loan Repayments (all as discussed below). Account Owners are responsible for making the determination as to whether a withdrawal is a Qualified Withdrawal or a Non-Qualified Withdrawal and for including this information on the Withdrawal Request Form. As part of this determination, Account Owners are responsible for monitoring and complying with the aggregate limit per tax year applicable to withdrawals used to pay for tuition in connection with enrollment or attendance at K-12 InstitutionsInstitutions and the applicable lifetime limit applicable to withdrawals used for the payment of qualified education loans. If an Account Owner indicates on the Withdrawal Request Form that a withdrawal is a Qualified Withdrawal, such a withdrawal may be paid: • Directly to a Eligible Educational Institution • Directly to a K-12 Institution • Directly to the Account Owner • Directly to a Beneficiary for Qualified Education Expenses for higher education at an Eligible Educational Institution If an Account Owner indicates on the Withdrawal Request Form that a withdrawal is a Non-Qualified Withdrawal, that withdrawal may only be paid to the Account Owner. Qualified Withdrawals‌ The recipient of any withdrawal, not the IAdvisor 529 Plan, is responsible for determining whether the withdrawal is a Qualified Withdrawal for tax purposes. If an Eligible Educational Institution refunds any portion of an amount previously withdrawn from an Account and treated as a Qualified Withdrawal, you may be required to treat the amount of the refund as a Non-Qualified Withdrawal for federal income tax purposes, unless you contribute such amount to a qualified tuition program for the same Beneficiary not later than 60 days after the date of the refund. At the time of this printing, the IRS has indicated that they intend to propose rules that would treat refunds from K-12 institutions similar, but such rules have not yet been proposed. Different treatment may apply if the refund is used to pay other Qualified Education Expenses of the Beneficiary. You should consult a qualified tax advisor regarding Qualified Withdrawals.