11 KAR 12:050. Substitution of a beneficiary

Link to law: http://www.lrc.ky.gov/kar/011/012/050.htm
Published: 2015

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      11 KAR 12:050. Substitution of a

beneficiary.

 

      RELATES TO: KRS 164A.325(5), 164A.330(4),

(5)

      STATUTORY AUTHORITY: KRS 164A.325(9)

      NECESSITY, FUNCTION, AND CONFORMITY: KRS

164A.325(9) authorizes the board to promulgate administrative regulations for

the administration of the Kentucky Educational Savings Plan Trust. KRS

164A.330(4) and (5) establishes the statutory framework for the substitution of

a beneficiary. KRS 164A.325(5) authorizes the board to promulgate, impose, and

collect administrative fees and charges for trust transactions. This

administrative regulation establishes the requirements for the substitution of

a beneficiary.

 

      Section 1. Substitution. (1) A

participant may substitute a beneficiary at any time subject to KRS

164A.330(4). If a participant desires to substitute the beneficiary, the

participant shall give written notice to the program administrator by

submitting a "notice to substitute beneficiary."

      (2) In order for a substitution of

beneficiary to be effective, the substituted beneficiary shall be already

designated as a beneficiary on another account or eligible, pursuant to 11 KAR

12:030, on the date that the notice to substitute beneficiary is submitted. (17

Ky.R. 3574; eff. 8-2-91; Am. 19 Ky.R. 438; eff. 10-1-92; 23 Ky.R. 161; 1389;

eff. 9-5-96; 26 Ky.R. 2287; eff. 8-14-2000; 28 Ky.R. 1439; 1790; eff. 2-11-02.)