Wisconsin Administrative Code
Department of Administration
Chapter Adm 81 - Wisconsin college savings program board
Section Adm 81.13 - Account termination
Universal Citation: WI Admin Code ยง Adm 81.13
Current through February 26, 2024
(1) The board shall determine the conditions under which an account may be terminated, including but not limited to the following:
(a) The account balance is below an
established minimum.
(b) The
account has been inactive for an established amount of time.
(c) Any portion of the account remains unused
10 years after the anticipated academic year of the designated beneficiary's
initial enrollment in an eligible educational institution.
(d) The account owner or the designated
beneficiary provides false or misleading information to the board, the program
manager, or an eligible educational institution.
(2) Prior to termination, the program manager shall give reasonable notice to the account owner of the proposed termination. The notice shall provide a reasonable period of time, as determined by the board, in which to prevent termination by either making an additional contribution or a qualified distribution as necessary. Upon termination, the account balance shall be paid to the account owner as a nonqualified distribution, subject to applicable federal or state taxes, and any additional fees as determined by the board.
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