NAC353B.695. Termination: Conditions; notice; nonqualified distribution; qualified distribution.

     1. An account may be terminated if the account has a balance of less than $1,000 and no contributions or withdrawals have been made within the preceding 2 calendar years. Before the termination of an account, the account owner will be given such notice as the Board determines adequate and will be given an opportunity to prevent the termination of the account by making an additional contribution or a qualified withdrawal within the period specified by the Plan Investment Manager. Upon the involuntary termination of an account, the account balance will be paid to the account owner as a nonqualified distribution.

     2. An account owner may request a qualified distribution of the remaining balance of an account upon termination. Such a request will be honored following receipt by the Plan Investment Manager of all information requested by the Plan Investment Manager.

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