Nevada Administrative Code
Chapter 353B - College Savings Plans of Nevada
NEVADA HIGHER EDUCATION PREPAID TUITION PROGRAM
Amendment of Contracts
Section 353B.310 - Conditions for change in designation of qualified beneficiary

Universal Citation: NV Admin Code 353B.310

Current through December 12, 2024

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.

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

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