Nebraska Administrative Code
Topic - TREASURER, STATE
Title 429 - NEBRASKA EDUCATIONAL SAVINGS PLAN TRUST
Chapter 1 - RULES AND REGULATIONS FOR THE NEBRASKA EDUCATIONAL SAVINGS PLAN TRUST
Section 429-1-011 - Endowment Fund
Current through September 17, 2024
011.1 Earmarking of Endowment Fund Each Beneficiary under a Participation Agreement shall receive a pro rata interest in the Endowment Fund as computed in accordance with the terms of the Act each year after any transfers to the Administrative Fund have been made.
011.2 Non-vesting of Endowment Funds No rights to any money derived from the Endowment Fund shall exist if money payable under the Participation Agreement is paid to an Institution of Higher Education which is not a Nebraska Institution of Higher Education.
011.3 Distributions to be used at a Nebraska Institution of Higher Education When Distributions for the Beneficiary begin, the Beneficiary's pro rata share of the Endowment Fund shall be available for Distribution provided the Beneficiary's Higher Education Costs are incurred at a Nebraska Institution of Higher Education.
011.4 Disclosure of Non-Vesting Each Participation Agreement shall disclose to the Participant that all funds in the Endowment Fund are nonvested and shall remain property of the Trust until disbursed pursuant to Section 008.
