Ohio Administrative Code › Title 3334 - Ohio Tuition Trust Authority › Chapter 3334-1 - General Provisions › Section 3334-1-07 - Changing beneficiaries

Current through all regulations passed and filed through July 1, 2024
(A) A purchaser under the Ohio college
			 savings program or a contributor under the Ohio variable college savings
			 program may change the beneficiary on an account for any reason for all or a
			 portion of the account by complying with the requirements set forth in
			 paragraph (E) of this rule unless the account was established with funds
			 pursuant to either a Uniform Gift To Minor Act and/or Uniform Transfer To Minor
			 Act and/or the change would cause the aggregate balances of all accounts of the
			 new beneficiary to exceed the maximum account value. To insure a non-taxable
			 and penalty-free event, the new beneficiary must be a member of the family of
			 the prior beneficiary.
(B)
			 Notwithstanding the provisions of paragraph (A) of this rule, in no event may a
			 purchaser under the Ohio college savings program
			 change a beneficiary to a new beneficiary who is in a younger age group more
			 than one time provided, however, that if the then current beneficiary has
			 attained the age of twenty years no beneficiary changes will be permitted
			 unless due to the death, incompetence or permanent disability of the
			 beneficiary or if the beneficiary is at said time serving in the United States
			 military, any of which events shall not be counted against the aforesaid
			 limitation. In addition, this limitation on changes to a beneficiary in a
			 younger age group may be waived by the authority due to special or unique
			 circumstances presented to the authority but said waiver shall be at the sole
			 discretion of the authority. Purchasers under the Ohio
			 college savings program may also change a beneficiary to a new
			 beneficiary in an older age group one time provided, however, that if the then
			 current beneficiary has attained the age of twenty two years no beneficiary
			 changes will be permitted unless due to the death, incompetence or permanent
			 disability of the beneficiary or if the beneficiary is at said time serving in
			 the United States military, any of which events shall not be counted against
			 the aforesaid limitation. In addition, this limitation on changes to a
			 beneficiary in an older age group may be waived by the authority due to special
			 or unique circumstances presented to the authority but said waiver shall be at
			 the sole discretion of the authority. Based on the manner in which the tuition
			 credits and/or tuition units were acquired and any other factors the authority
			 deems relevant, the authority shall make an adjustment to the tuition credits
			 and/or tuition units which the authority deems appropriate to maintain the
			 actuarial soundness of the Ohio college savings program.
(C) Contributors under the Ohio variable college savings program may
			 change to new beneficiaries whether in younger or older age groups unlimited
			 times.
(D) Unless otherwise
			 specified in this rule, all applications for changes of beneficiaries whether
			 by a purchaser under the Ohio college savings
			 program or a contributor
			 under the Ohio variable college savings program
			 shall:
(1) Be made in writing on such forms as
			 the authority may require; and
(2) State the name, age, address and social
			 security number of the new beneficiary.