Nevada Administrative Code

NAC 353B.440 Award of scholarship to qualified beneficiary that duplicates benefits to be provided under contract. (NRS 353B.090) 1. Upon the receipt of a written request signed by a purchaser and such documentation as the Board deems adequate to prove that the qualified benefici…

NAC 353B.450 Request by purchaser to terminate contract. (NRS 353B.090) Upon the receipt of a written request signed by a purchaser to terminate the contract for any reason other than as provided in NAC 353B.430 and 353B.440, the Board will terminate the contract and provide to t…

NAC 353B.500 Fees. (NRS 353B.090, 353B.100) A contract may require the purchaser to pay: 1. For a change in: (a) The amount, time or method of payment; (b) The contractual plan; (c) The identity of the purchaser; or (d) The designation of the qualified beneficiary, Ê a fee of $20…

NAC 353B.510 Penalties for insufficient funds, delinquent payment or termination of contract. (NRS 353B.090, 353B.100) 1. A contract must require the purchaser to pay a penalty of $25 if a payment is returned for insufficient funds in accordance with NRS 353C.115 and the regulati…

NAC 353B.550 Definitions. (NRS 353B.310) As used in NAC 353B.550 to 353B.725, inclusive, unless the context otherwise requires, the words and terms defined in NAC 353B.555 to 353B.590, inclusive, have the meanings ascribed to them in those sections. (Added to NAC by St. Treasurer…

NAC 353B.555 “Account owner” defined. (NRS 353B.310) “Account owner” means a person who: 1. Is legally able to contract under the laws of this State; 2. Meets all federal and state requirements governing the Program and a plan; and 3. Establishes an account under a plan. (Added t…

NAC 353B.560 “Business day” defined. (NRS 353B.310) “Business day” means any weekday on which the New York Stock Exchange is open. (Added to NAC by St. Treasurer by R185-01, eff. 4-5-2002; A by R054-09, 10-27-2009)

NAC 353B.565 “Designated beneficiary” defined. [Replaced in revision by NAC 353B.003.]

NAC 353B.570 “Member of the family” defined. (NRS 353B.310) “Member of the family” has the meaning ascribed to it in 26 U.S.C. § 529. (Added to NAC by St. Treasurer by R185-01, eff. 4-5-2002)

NAC 353B.575 “Participation agreement” defined. (NRS 353B.310) “Participation agreement” means a participant agreement and an account application executed by an account owner which: 1. Sets forth the terms and conditions governing an account; and 2. Is in the form approved by the…

NAC 353B.580 “Person” defined. (NRS 353B.310) “Person” has the meaning ascribed to it in 26 U.S.C. § 7701(a). (Added to NAC by St. Treasurer by R185-01, eff. 4-5-2002)

NAC 353B.582 “Plan” defined. (NRS 353B.310) “Plan” means an investment plan that is approved by the Board for inclusion in the Program which is promoted by a private entity and is offered for sale under the management of the Program Manager or through a contract between the Progr…

NAC 353B.583 “Plan Investment Manager” defined. (NRS 353B.310) “Plan Investment Manager” means a private entity that has contracted with the Program Manager and is approved by the Board to offer plans, to invest accounts opened under a plan and to manage plans within the Program.…

NAC 353B.585 “Program” defined. (NRS 353B.310) “Program” means the Nevada College Savings Program, which is a qualified tuition program pursuant to 26 U.S.C. § 529 that may be marketed as “Nevada’s College Savings Plan” or under any other name. (Added to NAC by St. Treasurer by R…

NAC 353B.590 “Program Manager” defined. (NRS 353B.310) “Program Manager” means the private entity that has contracted with the Board to serve as the administrator, marketing agent and investment manager of the Program. (Added to NAC by St. Treasurer by R185-01, eff. 4-5-2002)

NAC 353B.595 “Qualified higher education expenses” defined. (NRS 353B.310) “Qualified higher education expenses” has the meaning ascribed to it in 26 U.S.C. § 529. (Added to NAC by St. Treasurer by R185-01, eff. 4-5-2002) Administration of Accounts

NAC 353B.600 Eligibility to be account owner or designated beneficiary. (NRS 353B.310) 1. There are no restrictions on the age of a designated beneficiary or any required relationship between an account owner and the designated beneficiary of the account. 2. There may be only one…

NAC 353B.605 Designation of successor account owner; change of ownership of account. (NRS 353B.310) 1. An account owner may designate a successor account owner who becomes the new account owner automatically upon the death of the designating account owner. An account owner, in th…

NAC 353B.610 Change of designated beneficiary. (NRS 353B.310) An account owner may change the designated beneficiary of the account if the new designated beneficiary is a member of the family of the current designated beneficiary. A change of designated beneficiary is not effecti…

NAC 353B.615 Opening of account; selection of investment option; reassignment of accounts under age-based investment option. (NRS 353B.310) 1. To open an account, an applicant must submit to the Plan Investment Manager a completed application and: (a) An initial contribution; or …

NAC 353B.620 Conditions under which Plan Investment Manager may refuse to open account. (NRS 353B.310) The Plan Investment Manager may, without limitation, refuse to open an account if: 1. The applicant is not eligible to be an account owner. 2. The applicant has not provided all…

NAC 353B.625 Participation agreement: Execution. (NRS 353B.310) An account owner must execute a participation agreement for each account by completing and signing an account application. (Added to NAC by St. Treasurer by R185-01, eff. 4-5-2002; A by R041-03, 10-29-2003)

NAC 353B.630 Participation agreement: Required provisions. (NRS 353B.310) Provisions substantially similar to the following will be included in each participation agreement: 1. Any controversy or claim arising out of or relating to this participation agreement, or the breach, ter…

NAC 353B.635 Maintenance of separate records and accounting for each account; annual reports to account owners. (NRS 353B.310) Separate records and accounting will be maintained for each account established under a plan. Reports will be issued to each account owner at least annua…

NAC 353B.640 Prohibition on use of interest as security for loan. (NRS 353B.310) No interest in an account may be used as security for a loan. (Added to NAC by St. Treasurer by R185-01, eff. 4-5-2002)

NAC 353B.645 Authority to make contributions to account; matching contribution by employer; minimum amounts; refusal of certain contributions. (NRS 353B.310) 1. Except as otherwise provided in this section, any person may make a contribution to an existing account. 2. An employer…

NAC 353B.650 Form of contributions to account. (NRS 353B.310) 1. Contributions may be made in cash only. 2. As used in this section, “cash” includes checks, electronic funds transfers, whether through payroll deduction, an automatic contribution plan or otherwise, and such other …

NAC 353B.655 Limitation on contributions to account; maximum aggregate balance for designated beneficiary; return of excess contributions. (NRS 353B.310) 1. A contribution to an account established for a designated beneficiary will not be accepted to the extent the contribution w…

NAC 353B.660 Rollover distributions from qualified tuition program of another state. (NRS 353B.310) 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 mone…

NAC 353B.665 Distributions from account: Procedure; restriction. (NRS 353B.310) 1. An account owner may request a distribution of money from the account by submitting to the Plan Investment Manager not less than 3 business days before the date of the requested distribution a comp…

NAC 353B.670 Distributions: Required notification. (NRS 353B.310) When a Plan Investment Manager makes a distribution of money from an account pursuant to NAC 353B.665 to 353B.695, inclusive, the Plan Investment Manager shall notify the account owner: 1. Of the portion of the dis…

NAC 353B.675 Qualified withdrawals. (NRS 353B.310) 1. A qualified withdrawal is a withdrawal of money from an account to pay for the qualified higher education expenses of the designated beneficiary, or because of death, disability or scholarship, as permitted by 26 U.S.C. § 529 …

NAC 353B.680 Credit to account of refund received from institution of higher education of all or part of distribution. (NRS 353B.310) A refund received from an institution of higher education of all or part of a distribution that is used to pay for qualified higher education expe…

NAC 353B.690 Rollover distributions to account in qualified tuition or ABLE program of another state or to another account in Program; return of excess money. (NRS 353B.310) 1. Except as otherwise provided in subsection 2, if a qualified tuition program of another state or a qual…

NAC 353B.695 Termination of account: Conditions; notice; distribution. (NRS 353B.310) 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 …

NAC 353B.700 Fees to support continued operation of Program. (NRS 353B.310) The Board may charge fees based on the total assets and accounts of the Program to support the continued operation of the Program. These fees will accrue daily and must be remitted by the Program Manager …

NAC 353B.705 Other fees. (NRS 353B.310) The Program Manager and each Plan Investment Manager may charge such fees as are agreed to by the Program Manager and the Board. (Added to NAC by St. Treasurer by R185-01, eff. 4-5-2002; A by R054-09, 10-27-2009)

NAC 353B.710 Accounting and expenditure if money provided by private entities for direct expenses and marketing. (NRS 353B.310, 353B.360) If the State Treasurer, pursuant to NRS 353B.360, accepts on behalf of the Nevada College Savings Trust Fund money provided by private entitie…

NAC 353B.715 Review and modification of investment policies by Board. (NRS 353B.310, 353B.370) The Board will from time to time review the investment policies for the Program and modify those policies if it determines necessary. (Added to NAC by St. Treasurer by R185-01, eff. 4-5…

NAC 353B.720 Prohibition on contributor or designated beneficiary to direct investments of Program; exception. (NRS 353B.310) Except as permitted by 26 U.S.C. § 529 or any regulations, rulings, announcements or other guidance issued pursuant thereto, no contributor to or designat…

NAC 353B.725 Effect of joint decisions and interpretations by Board and Program Manager; claims and appeals by account owners; determination of Board on appeal. (NRS 353B.310) All joint decisions and interpretations by the Board and the Program Manager in connection with the oper…

NAC 353B.740 “Program” defined. (NRS 353B.335) As used in NAC 353B.740 to 353B.746, inclusive, unless the context otherwise requires, “Program” means the Nevada College Kick Start Program created by NRS 353B.335. (Added to NAC by Bd. of Trustees of College Savings Plans of Nev. b…

NAC 353B.741 Enrollment in Program; opt-in form for treatment of directory information of pupil as confidential. (NRS 353B.335) 1. Except as otherwise provided in subsection 2, the Board will automatically enroll a pupil who is enrolled in kindergarten at a public school in this …

NAC 353B.742 Account: Creation; credits; biennial review of adequacy of credits; direction of investment; review and recommendation of incentives for additional credits; transfer or sale prohibited. (NRS 353B.335) 1. The Board will: (a) Create an account for each pupil enrolled i…

NAC 353B.743 Duty of Office of State Treasurer to make available certain account information and to provide written notice and directions to designated beneficiary and parent or guardian after account creation. (NRS 353B.335) The Office of the State Treasurer shall: 1. Make infor…

NAC 353B.744 Application for access to account by parent or guardian. (NRS 353B.335) To access the account of a pupil created pursuant to NAC 353B.742, the parent or guardian of the pupil must apply for such access on a form prescribed by the Office of the State Treasurer. The ap…

NAC 353B.745 Closure of account. (NRS 353B.335) 1. The parent or guardian of a pupil who wishes to voluntarily close an account created pursuant to NAC 353B.742 must complete and submit to the Office of the State Treasurer the opt-out form prescribed by the Office of the State Tr…