W. Va. Code R. § 112-20-13

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 112-20-13 - Investment policies

13.1. The board may establish investment policies for the monies in the Jumpstart Savings Trust Fund, if applicable, to the nature of accounts in the program. The board may review and modify the investment policies from time-to-time as the board, in its sole discretion, determines.

13.2. The program may include interest-bearing only savings accounts and/or investment accounts to account owners. Any interest-bearing only savings accounts made available to account owners must be insured by the Federal Deposit Insurance Corporation.

13.3. Taxation of any investment returns or interest earnings are governed by applicable federal and state law. Account owners should consult with their own federal tax advisor concerning any potential tax implications of interest or earnings accruing to their Jumpstart Savings account.

13.4. Any changes to the investment policies shall apply prospectively.

13.5. If an account requires investment direction, investment direction by the account owner or designated beneficiary of an account is prohibited. Nothing in this section prohibits the program manager from offering a limited menu of portfolio options to all account owners based on risk-tolerance and potential for growth and permitting an account owner to change his or her portfolio option up to two times per year.

W. Va. Code R. § 112-20-13