California Code of Regulations › Title 5 - Education › Division 4.5 - Scholarshare Investment Board › Chapter 1 - Golden State Scholarshare Trust Program › Section 30958 - Rollover Distributions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Rollover
				Distribution From Another Qualified Tuition Program. An account owner (other than a
				custodial account owner) may make a rollover distribution at any time from another
				qualified tuition program to an account, either owned by the same or a different
				account owner, by submitting a written request to the program administrator or its
				designee and by complying with applicable federal and state law governing this
				transaction. The rollover distribution shall be effective provided that the transfer
				of funds does not cause the aggregate amount of contributions held for the new
				designated beneficiary to exceed the maximum account balance limit applicable to
				that beneficiary.
(b) Rollover of
				Account Funds Methods. A rollover of account funds from another qualified tuition
				program shall be effective through a direct transfer of funds from the other
				qualified tuition program to an account, or as a deposit of the funds by the account
				owner into an account within 60 days of withdrawal of the funds from the other
				qualified tuition program. Both the direct transfer of funds and the deposit of
				funds by the account owner must be accompanied by a written statement from the other
				qualified tuition program that identifies the portion of the amount directly
				transferred, or deposited, that represents contributions and the portion of the
				amount that represents earnings.
(c)
				Limitation of Rollover of Account Funds to Savings Program. A rollover distribution
				from another qualified tuition program shall not be accepted unless the funds are
				transferred from a qualified tuition program as defined in Section
				529(b)(1)(A)(ii) of the
				Internal Revenue Code.
(d) Transfer of
				Account Funds as Rollover Distribution. An account owner (other than a custodial
				account owner) may transfer funds from an account to another account either owned by
				the same or a different account owner at any time by submitting a written request to
				the program administrator or its designee. The transfer of account funds shall be
				effective provided that:
(1) the funds are
				transferred to an account for a new designated beneficiary who is a member of the
				family of the designated beneficiary of the account from which the funds are being
				transferred and the account owner so certifies in the written request (unless the
				entity making the rollover distribution is a state or local government agency or an
				entity described in Section
				501(c)(3) of the
				Internal Revenue Code and identified in Section
				30959(a)(2) in which
				case the account owner must certify that the newly designated beneficiary is not a
				member of the family of the current beneficiary); and
(2) the transfer of funds does not cause the
				aggregate amount of contributions held for the new designated beneficiary to exceed
				the maximum account balance limit applicable to that
				beneficiary.