West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-20 - Jumpstart Savings Program › Section 112-20-11 - Termination of Account

Current through Register Vol. XLI, No. 28, July 12, 2024
11.1. An
				account owner may terminate an account at any time by submitting an account
				termination request to the board, via any method made available by the board on
				the website:
https://wvjumpstart.com
.
11.2. If the board receives credible evidence
				that an account owner or a designated beneficiary has provided false or
				misleading information to the board, or to a state or federal tax authority
				related to an account, the board may suspend an account pending an
				investigation. The board shall consider any credible information provided by
				the account owner to refute the evidence leading to suspension of the account.
				The board shall provide written notice of any suspension and the reason for the
				suspension to an account owner as soon as reasonably practicable.
11.3. If the board receives credible evidence
				that an account has been used in connection with fraud or inappropriate
				activity, or in connection with a violation of any laws or any rules or
				standards of the program, the board may suspend such account pending an
				investigation. The board shall consider any credible information provided by
				the account owner to refute the evidence leading to suspension of the account.
				The board shall provide written notice of any suspension and the reason for the
				suspension to an account owner as soon as reasonably practicable.
11.4. If the board determines that an account
				owner or designated beneficiary has provided false or misleading information to
				the board, or to a state or federal tax authority related to an account, or if
				the board determines that an account has been used in connection with fraud or
				inappropriate activity, or in connection with a violation of any laws or any
				rules or standards of the program, the board may terminate the account. The
				board shall provide written notice of the decision to terminate an account to
				the account owner as soon as reasonably practicable.
11.5. The board may terminate an account in
				accordance with the provisions of the program description and participation
				agreement if the account balance drops below a point at which there are
				insufficient funds to cover appropriate account fees or are below a level
				determined by the board.
11.6. Upon
				termination of an account, the remaining account balance will be distributed to
				the account owner, and the contributions and earnings thereon may be subject to
				federal and state income taxation according to applicable laws. Neither the
				program, nor the board nor the program manager, nor the board's other
				designee(s) shall be subject to liability for any federal or state income taxes
				or penalties imposed on an account owner as a result of a
				distribution.
11.7. The Board may
				develop standards and procedures to limit the number of accounts an account
				owner may open or the number of times an account owner or beneficiary may
				participate in any incentive program or programs in order to prevent
				duplication of program benefits, misuse of funds, or fraud.