N.Y. Comp. Codes R. & Regs. tit. 2 § 151.6

Current through Register Vol. 46, No. 50, December 11, 2024

Section 151.6 - Confirmation of death, disability or scholarship of designated beneficiary for an early withdrawal

(a) Prior to an early withdrawal from an account due to the death or disability of the designated beneficiary of that account, or because the designated beneficiary has received a scholarship to be applied toward attendance at an eligible educational institution, the account owner shall certify the reason for the withdrawal and provide written confirmation from a third-party that the designated beneficiary has in fact died, become disabled, or received a scholarship for attendance at an eligible educational institution. A request to make an early withdrawal due to the death or disability of, or a scholarship award to, the designated beneficiary shall not be considered complete until such third-party written confirmation is received by the program manager.

(b) For purposes of subdivision (a) of this section, third-party written confirmation shall consist of the following documentation:

(1) For death of the designated beneficiary, a certified death certificate sufficiently identifying said beneficiary by name and social security number, or such other proof of death as is recognized under applicable law.

(2) For disability of the designated beneficiary, a certification by a physician who is a doctor of medicine or osteopathy that indicates that he or she is legally authorized to practice in a state of the United States and that the designated beneficiary is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or to be of long-continued and indefinite duration. Such certification shall be on a form provided or approved by the program manager.

(3) For a scholarship award to the designated beneficiary, a letter from the grantor of the scholarship or from the eligible educational institution receiving or administering the scholarship, that identifies the designated beneficiary by name and social security number as the recipient of the scholarship and states the amount of the scholarship, the period of time or number of credits or units to which it applies, or the date of the scholarship, and, if applicable, the eligible educational institution to which the scholarship is to be applied.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 151.6