West Virginia Code 18-30A-10 – Opening a Jumpstart Savings Account; deposits
(a) Beginning on July 1, 2022, a person may open a Jumpstart Savings Account.
Terms Used In West Virginia Code 18-30A-10
- Account owner: means the person who opens and invests money into a Jumpstart Savings Account, as provided in this article. See West Virginia Code 18-30A-3
- Beneficiary: means the person designated as a beneficiary at the time an account is established, or the individual designated as the beneficiary when the beneficiary is changed. See West Virginia Code 18-30A-3
- 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
- board: means the Board of Trustees of the West Virginia College and Jumpstart Savings Programs created in §. See West Virginia Code 18-30A-3
- Contribution: means any amount of money deposited into a Jumpstart Savings Account according to the procedures established and required by the board or the Treasurer. See West Virginia Code 18-30A-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- program: refers to the Jumpstart Savings Program established by this article. See West Virginia Code 18-30A-3
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
- Treasurer: refers to the West Virginia State Treasurer or his or her designee. See West Virginia Code 18-30A-3
(b) To open a Jumpstart Savings Account, the account owner must:
(1) Provide all information required by the Treasurer;
(2) Make a minimum opening deposit, if required by the board; and
(3) Name a single person as the designated beneficiary: Provided, That the designated beneficiary may be the account owner himself or herself, or another person: Provided, however, That the beneficiary may not be a business, corporation, or enterprise.
(c) The Treasurer will deposit $100 from the College and Jumpstart Savings Administrative Account into a newly opened Jumpstart Savings Account if the following criteria are met:
(1) The designated beneficiary is a resident of West Virginia;
(2) Any minimum deposit required by the board is made to the account within 30 days of the account’s opening; and
(3) The account is opened when the designated beneficiary is under 18 years of age; or
(4) The account is opened within the 180 days following the date of the designated beneficiary’s enrollment in an apprenticeship, training, or educational program described in §18-30A-3(a)(12) of this code.
(d) Any person may make a contribution to a Jumpstart Savings Account after the account is opened, subject to applicable state and federal laws.
(e) The Treasurer shall prescribe all forms required to open and make deposits to a Jumpstart Savings Account and make the forms available in a prominent location on the Treasurer’s website.
(f) The board may establish minimum deposits or amounts for accounts to be considered active and may establish procedures to close inactive accounts.