NAC353B.310. Conditions for change in designation of qualified beneficiary.

The Board will amend a contract to change the designation of the qualified beneficiary to a person within the immediate family of the existing qualified beneficiary if:

     1. The purchaser requests the change and submits to the Board:

     (a) The required fee;

     (b) The name and date of birth of the proposed qualified beneficiary;

     (c) The expected date of matriculation of the proposed qualified beneficiary; and

     (d) Any other relevant information requested by the Board;

     2. Either:

     (a) The age of the proposed qualified beneficiary is less than the age of the existing qualified beneficiary plus 3 years; or

     (b) The purchaser pays any additional sum the Board determines to be necessary, as a result of the change, to ensure the actuarial soundness of the Trust Fund;

     3. No benefits have been paid pursuant to the contract;

     4. The purchaser is not in default pursuant to NAC 353B.370; and

     5. The contract has not been terminated.

     (Added to NAC by Bd. of Trustees for Higher Educ. Tuition Trust Fund by R009-99, eff. 11-3-99)