W. Va. Code R. § 112-20-6

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

Section 112-20-6 - Ignite Incentive Program

6.1. The program described in this section shall be known as the "Ignite Incentive Program." The State Treasurer will deposit $100 from the Jumpstart Savings Expense Fund into a newly opened Jumpstart Savings account if the designated beneficiary is a resident of West Virginia, and either of the following criteria are met:

6.1.1. The account is opened when the designated beneficiary is under 18 years of age; or

6.1.2. The account is opened within the 180 days following the date of the designated beneficiary's enrollment in an apprenticeship or educational program described in 2.21.1. through 2.21.6. of this rule.

6.2. To qualify for the $100 deposit described in this section, the account owner must provide all information to the board or program manager within 30 days of completion of a Jumpstart account application, as required by the board. All information required to qualify for said deposit will be available on the website.

6.3. An individual may be the designated beneficiary for an account that receives the $100 deposit described in this section only one time during said individual's lifetime, regardless of the number of accounts for which an individual is named as designated beneficiary.

W. Va. Code R. § 112-20-6