NAC353B.660. Rollover distributions from qualified tuition program of another state.

     1. Except as otherwise provided in subsection 2, if a qualified tuition program of another state allows rollover distributions, an account owner may deposit all or part of the money from an account in such a program to an account in the Nevada College Savings Program for the same designated beneficiary or for a different designated beneficiary who is a member of the family of the designated beneficiary of the account from which the money is transferred.

     2. A rollover distribution pursuant to subsection 1 for the same designated beneficiary will be permitted only once in any 12-month period or as otherwise permitted by 26 U.S.C. § 529 and any regulations, rulings, announcements or other guidance issued pursuant thereto.

     3. An account owner who wishes to deposit a rollover distribution pursuant to this section must:

     (a) Submit to the Plan Investment Manager either:

          (1) A rollover distribution form executed by the account owner that authorizes the distribution of money from an account in the qualified tuition program of another state; or

          (2) If the rollover distribution will not be deposited directly into an account in a plan from an account in the qualified tuition program of another state, documentation satisfactory to the Plan Investment Manager that the rollover distribution will be deposited in an account in a plan within 60 days after distribution from an account in the qualified tuition program of another state.

     (b) State the amount of the rollover distribution that constitutes contributions and the amount of the rollover distribution that constitutes earnings and provide verified documentation to support the stated amount.

     4. The entire amount of a rollover distribution from an account in the qualified tuition program of another state will be counted for purposes of calculating the total account balance of all accounts in the Program for a designated beneficiary. If the rollover distribution that is deposited in an account in the Program causes the total account balance of all accounts for a designated beneficiary to exceed the maximum aggregate balance for the accounts of a designated beneficiary established by the Board pursuant to NAC 353B.655, the excess money will be rejected and returned.

     (Added to NAC by St. Treasurer by R185-01, eff. 4-5-2002; A by R041-03, 10-29-2003; R054-09, 10-27-2009)