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

Current through October 13, 2021

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 NRS 353B.090

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