W. Va. Code R. § 112-20-15

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

Section 112-20-15 - Distributions

15.1. Only the account owner may authorize and receive a distribution of funds (whether for a qualified expense, a non-qualified expense, or otherwise) from an account. A designated beneficiary may not authorize distribution or withdrawal of account funds unless he or she is also the account owner.

15.2. An account owner may request a distribution of funds by submitting a distribution request to the board via any method made available by the board (e.g., online or paper form). Upon receipt, the program manager shall commence processing properly submitted distribution requests as soon as reasonably practicable.

15.3. A change in the designated beneficiary of a Jumpstart Savings account is not a distribution for the purposes of this article or W. Va. Code § 11-21-1et seq. if the new designated beneficiary is a member of the prior designated beneficiary's immediate family.

W. Va. Code R. § 112-20-15