11 KAR 12:050. Substitution of a beneficiary

Section 1. Substitution. (1) A participant may substitute a beneficiary at any time subject to KRS 164A.330(4). If a participant desires to substitute the beneficiary, the participant shall submit a written notice to substitute beneficiary to the program administrator by mail or electronically. (2) In order for a substitution of beneficiary to be effective, the substituted beneficiary shall be already designated as a beneficiary on another account or eligible, pursuant to 11 KAR 12:030 and 26 U.S.C. 529(e)(1), on the date that the notice to substitute beneficiary is submitted.