West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-20 - Jumpstart Savings Program › Section 112-20-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. "Account"
				means a Jumpstart Savings Program account, established pursuant to W. Va. Code
				§
									18-30A-1
et seq.
and this rule. Any investment account issued by the board or the trust
				constitutes an interest in the Jumpstart Savings Program Trust and, for
				securities law purposes, is classified as a municipal fund security issued by
				the trust.
2.2. "Account owner"
				means the individual who establishes and owns an account and who is authorized
				to receive distributions, designate a beneficiary, select investment options,
				if applicable, and be eligible to receive any and all necessary state or
				federal tax documentation, according to W. Va. Code §
									18-30A-1
et seq.
and this rule.
2.3. "ACH" means
				automated clearinghouse, a national EFT network which enables participating
				financial institutions to distribute electronic credit and debit entries to
				financial institution accounts and to settle the entries.
2.4. "Board" means the Board of Trustees of
				the West Virginia College and Jumpstart Savings Programs, established in W. Va.
				Code §
									18-30-4. The term "board" shall
				also include the program manager or designee when referring to such tasks and
				duties delegated by the board.
2.5.
				"Cash" includes checks, money orders, wire transfers, or EFTs, but does not
				include currency.
2.6.
				"Contribution" means any payment directly allocated to an account for the
				benefit of a designated beneficiary or that is used to pay administrative or
				other fees associated with the account according to the procedures established
				by the board.
2.7. "Designated
				beneficiary" means the individual designated as a beneficiary at the time an
				account is established, or the individual designated as the beneficiary when
				the beneficiary is changed, according to the requirements of W. Va. Code §
									18-30A-1
et seq.
and this rule.
2.8. "EFT" means
				electronic funds transfer through wire transfers, ACH, online transaction
				processing, payroll deduction, automatic contribution plans, or similar
				methods.
2.9. "Jumpstart Savings
				Program" or "program" means the Jumpstart Savings Program, established in W.
				Va. Code §
									18-30A-1
et
				seq.
2.10. "Jumpstart
				Savings Program Trust" or "trust" means the Jumpstart Savings Program Trust
				created in W. Va. Code §
									18-30A-8.
2.11. "Jumpstart Savings Website" or
				"website" means the program website and/or account owner portal where account
				owners can access and transact on their accounts, as well as obtain program
				information, program documents, and program forms.
2.12. "Immediate family," as used to describe
				an individual's relationship to another individual, has the meaning provided in
				W. Va. Code §
									18-30A-3 and includes any of the
				following:
2.12.1. The spouse of the
				designated beneficiary;
2.12.2. A
				child of the designated beneficiary or a descendant of the designated
				beneficiary's child;
2.12.3. A
				brother, sister, stepbrother, or stepsister of the designated
				beneficiary;
2.12.4. The father or
				mother of the designated beneficiary, or an ancestor of either;
2.12.5. A first cousin of the designated
				beneficiary;
2.12.6. A stepfather
				or stepmother of the designated beneficiary;
2.12.7. A son or daughter of a brother or
				sister of the designated beneficiary;
2.12.8. A brother or sister of the father or
				mother of the designated beneficiary;
2.12.9. A son-in-law, daughter-in-law,
				father-in-law, mother-in-law, brother-in-law, or sister-in-law of the
				designated beneficiary; or
2.12.10.
				The spouse of any person described in this section 2.12.
2.12.11. Any term set forth in this rule
				means and includes such term as established through a lawful adoption,
				including, but not limited to, adoptions of a child or children, or other
				individual, by an individual or individuals who are not the father, mother, or
				stepparent of the child or person.