Iowa Admin. Code r. 781-20.6 - Authorized individual
(1) An
eligible individual may establish an account. If an eligible individual (whether a minor or adult) is unable
to establish the individual's own account, an account may be established on behalf of the eligible individual
by the eligible individual's agent under a power of attorney or, if none, by a conservator or legal guardian,
spouse, parent, sibling, grandparent of the eligible individual, or a representative payee appointed for the
eligible individual by the Social Security Administration, in that order, or as otherwise provided in Section
529A.
(2) The plan may accept a certification, made under
penalties of perjury, from the person seeking to establish an account (1) as to the basis for the person's
authority to establish the account, and (2) that there is no other person with a higher priority, set forth
in Section 529A, to establish the account.
(3) An authorized
individual may make investment decisions for the account owner. An authorized individual may neither have nor
acquire any beneficial interest in the account during the account owner's lifetime and must administer the
account for the benefit of the account owner. Whenever an action is required to be taken by an account owner
in connection with an account, the authorized individual may take such action on behalf of the account
owner.
(4) An adult account owner with legal capacity may appoint
an individual as an authorized individual.
(5) An authorized
individual may be required to provide supporting documentation to the plan, including documentation of the
authority of the individual to establish the account, in accordance with the plan disclosure documents. The
plan may freeze an account until the plan receives the required documentation.
Notes
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