Missouri Laws 209.620 – Cancellation of participation agreement, penalty
Current as of: 2023 | Check for updates
|
Other versions
Any participant may cancel a participation agreement at will. The board shall impose a penalty equal to or greater than ten percent of the earnings of an ABLE account for any distribution that is not:
(1) Used exclusively for qualified disability expenses of the designated beneficiary;
Terms Used In Missouri Laws 209.620
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
(2) Made because of death of the designated beneficiary; or
(3) Held in the fund for the minimum length of time established by the board.