S.C. Code Regs. 19-1272 - Beneficiary Substitution
A. A
contributor may request a change in a tuition prepayment contract to substitute
an eligible designated beneficiary who a member of the family of the designated
beneficiary. The substitute designated beneficiary must meet all requirements,
including but not limited to the residency requirement, of a designated
beneficiary at the time of substitution.
B. Documentation must be submitted with the
designated beneficiary transfer request evidencing the relationship of the
transferee. The contributor will be required to sign and notarize any request
to substitute designated beneficiaries on a tuition prepayment contract. The
substitution must be made prior to the designated beneficiary matriculating at
a public college or university.
C.
The change to a substitute designated beneficiary is limited to individuals who
are the same age as or younger than the designated beneficiary.
D. When any request for change in the
designated beneficiary is made, the Program may assess an additional amount to
ensure the actuarial soundness of the Fund.
Notes
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