Nev. Admin. Code § 353B.310 - Conditions for change in designation of qualified beneficiary

1. The Board will amend a contract to change the designation of the qualified beneficiary to a person within the immediate family of the existing qualified beneficiary if:

(a) The purchaser requests the change and submits to the Board:

(1) The required fee;

(2) The name and date of birth of the proposed qualified beneficiary;

(3) The expected date of matriculation of the proposed qualified beneficiary; and

(4) Any other relevant information requested by the Board;

(b) Either:

(1) The age of the proposed qualified beneficiary is less than the age of the existing qualified beneficiary plus 3 years; or

(2) The purchaser pays any additional sum the Board determines to be necessary, as a result of the change, to ensure the actuarial soundness of the Trust Fund;

(c) The purchaser is not in default pursuant to NAC 353B.370; and

(d) The contract has not been terminated.

2. If the Board amends a contract to change the designation of the qualified beneficiary pursuant to subsection 1 and any benefits have been paid pursuant to the contract, any new qualified beneficiary is subject to the original expiration date set forth in the contract.

Notes

Nev. Admin. Code § 353B.310

Added to NAC by Bd. of Trustees for Higher Educ. Tuition Trust Fund by R009-99, eff. 11-3-99; A by R118-16A, eff. 12/21/2016

NRS 353B.090