South Carolina Code of Regulations
Chapter 19 - STATE BUDGET AND CONTROL BOARD
Article 12 - THE SOUTH CAROLINA TUITION PREPAYMENT PROGRAM REGULATIONS
Section 19-1272 - Beneficiary Substitution
Current through Register Vol. 48, No. 3, March 22, 2024
A. A contributor may request a change in a tuition prepayment contract to substitute an eligible designated beneficiary who a member of the family of the designated beneficiary. The substitute designated beneficiary must meet all requirements, including but not limited to the residency requirement, of a designated beneficiary at the time of substitution.
B. Documentation must be submitted with the designated beneficiary transfer request evidencing the relationship of the transferee. The contributor will be required to sign and notarize any request to substitute designated beneficiaries on a tuition prepayment contract. The substitution must be made prior to the designated beneficiary matriculating at a public college or university.
C. The change to a substitute designated beneficiary is limited to individuals who are the same age as or younger than the designated beneficiary.
D. When any request for change in the designated beneficiary is made, the Program may assess an additional amount to ensure the actuarial soundness of the Fund.
