Section 30958 - Rollover Distributions(a) Rollover Distribution From Another Qualified Tuition Program. An account owner (other than a custodial account owner) may make a rollover distribution at any time from another qualified tuition program to an account, either owned by the same or a different account owner, by submitting a written request to the program administrator or its designee and by complying with applicable federal and state law governing this transaction. The rollover distribution shall be effective provided that the transfer of funds does not cause the aggregate amount of contributions held for the new designated beneficiary to exceed the maximum account balance limit applicable to that beneficiary.(b) Rollover of Account Funds Methods. A rollover of account funds from another qualified tuition program shall be effective through a direct transfer of funds from the other qualified tuition program to an account, or as a deposit of the funds by the account owner into an account within 60 days of withdrawal of the funds from the other qualified tuition program. Both the direct transfer of funds and the deposit of funds by the account owner must be accompanied by a written statement from the other qualified tuition program that identifies the portion of the amount directly transferred, or deposited, that represents contributions and the portion of the amount that represents earnings.(c) Limitation of Rollover of Account Funds to Savings Program. A rollover distribution from another qualified tuition program shall not be accepted unless the funds are transferred from a qualified tuition program as defined in Section 529(b)(1)(A)(ii) of the Internal Revenue Code.(d) Transfer of Account Funds as Rollover Distribution. An account owner (other than a custodial account owner) may transfer funds from an account to another account either owned by the same or a different account owner at any time by submitting a written request to the program administrator or its designee. The transfer of account funds shall be effective provided that: (1) the funds are transferred to an account for a new designated beneficiary who is a member of the family of the designated beneficiary of the account from which the funds are being transferred and the account owner so certifies in the written request (unless the entity making the rollover distribution is a state or local government agency or an entity described in Section 501(c)(3) of the Internal Revenue Code and identified in Section 30959(a)(2) in which case the account owner must certify that the newly designated beneficiary is not a member of the family of the current beneficiary); and(2) the transfer of funds does not cause the aggregate amount of contributions held for the new designated beneficiary to exceed the maximum account balance limit applicable to that beneficiary.(e) Execution of New Participation Agreement. Any rollover distribution that is intended to transfer funds to a new account not yet established under the Act shall not be effective until the account owner who is to receive the transferred funds has submitted to the program administrator or its designee a completed and signed participation agreement for the new account and the account has been established.(f) Rollover Distribution to Another Qualified State Tuition Program. An account owner (other than a custodial account owner) may make a rollover distribution at any time from an account to another qualified tuition program by submitting a written request to the program administrator or its designee and by complying with applicable federal and state law governing this transaction. (1) The program administrator or its designee shall treat the rollover distribution as a non-qualified distribution unless the program administrator or its designee receives confirmation that the amount of the distribution has been deposited in another qualified tuition program within sixty (60) days of distribution from the account.(g) Rollover Distributions Requested By Entity Account Owners. An entity account owner must provide with the written request for a rollover distribution substantiation that the rollover distribution is authorized by the entity and that the signer of the written request is authorized to conduct the transaction.Cal. Code Regs. Tit. 5, § 30958
1. New section filed 12-30-99 as an emergency pursuant to Education Code section 69993.5; operative 12-26-99 (Register 99, No. 53). A Certificate of Compliance must be transmitted to OAL by 4-24-2000 or emergency language will be repealed by operation of law on the following day.
2. Certificate of Compliance as to 12-30-99 order, including amendment of subsections (a) and (d), transmitted to OAL 4-21-2000 and filed 6-1-2000 (Register 2000, No. 22).
3. Amendment of section and NOTE filed 12-26-2000 as an emergency; operative 1-1-2001 (Register 2000, No. 52). A Certificate of Compliance must be transmitted to OAL by 7-2-2001 pursuant to Education Code section 6993.5 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 12-26-2000 order transmitted to OAL 5-22-2001 and filed 7-5-2001 (Register 2001, No. 27).
5. Amendment filed 12-18-2001 as an emergency; operative 1-1-2002 (Register 2001, No. 51). Pursuant to Education Code section 69993.5, a Certificate of Compliance must be transmitted to OAL by 7-1-2002 or emergency language will be repealed by operation of law on the following day.
6. Editorial correction of HISTORY 5 (Register 2002, No. 21).
7. Editorial correction of HISTORY 5 (Register 2002, No. 31).
8. Reinstatement of section as it existed prior to 12-18-2001 emergency amendment by operation of Government Code section 11346.1(f) (Register 2002, No. 31).
9. Amendment filed 7-31-2002 as an emergency; operative 7-31-2002 (Register 2002, No. 31). A Certificate of Compliance must be transmitted to OAL by 12-2-2002 or emergency language will be repealed by operation of law on the following day.
10. Certificate of Compliance as to 7-31-2002 order transmitted to OAL 11-13-2002 and filed 12-5-2002 (Register 2002, No. 49).
11. Amendment of subsections (a) and (d) filed 12-1-2003; operative 1-1-2004 (Register 2003, No. 49).
12. Amendment filed 7-20-2016; operative 10-1-2016 (Register 2016, No. 30). Note: Authority cited: Sections 69981(d) and 69982(h), Education Code. Reference: Sections 69982(j)(1), 69983(f) and 69986(h), Education Code; Section 24306(c)(4)(A) and (B) Revenue and Taxation Code; and Sections 152(a), 529(b)(1)(A)(ii) and (c)(3)(C), Internal Revenue Code.
1. New section filed 12-30-99 as an emergency pursuant to Education Code section 69993.5; operative 12-26-99 (Register 99, No. 53). A Certificate of Compliance must be transmitted to OAL by 4-24-2000 or emergency language will be repealed by operation of law on the following day.
2. Certificate of Compliance as to 12-30-99 order, including amendment of subsections (a) and (d), transmitted to OAL 4-21-2000 and filed 6-1-2000 (Register 2000, No. 22).
3. Amendment of section and Note filed 12-26-2000 as an emergency; operative 1-1-2001 (Register 2000, No. 52). A Certificate of Compliance must be transmitted to OAL by 7-2-2001 pursuant to Education Code section 6993.5 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 12-26-2000 order transmitted to OAL 5-22-2001 and filed 7-5-2001 (Register 2001, No. 27).
5. Amendment filed 12-18-2001 as an emergency; operative 1-1-2002 (Register 2001, No. 51). Pursuant to Education Code section 69993.5, a Certificate of Compliance must be transmitted to OAL by 7-1-2002 or emergency language will be repealed by operation of law on the following day.
6. Editorial correction of History 5 (Register 2002, No. 21).
7. Editorial correction of History 5 (Register 2002, No. 31).
8. Reinstatement of section as it existed prior to 12-18-2001 emergency amendment by operation of Government Code section 11346.1(f) (Register 2002, No. 31).
9. Amendment filed 7-31-2002 as an emergency; operative 7-31-2002 (Register 2002, No. 31). A Certificate of Compliance must be transmitted to OAL by 12-2-2002 or emergency language will be repealed by operation of law on the following day.
10. Certificate of Compliance as to 7-31-2002 order transmitted to OAL 11-13-2002 and filed 12-5-2002 (Register 2002, No. 49).
11. Amendment of subsections (a) and (d) filed 12-1-2003; operative 1-1-2004 (Register 2003, No. 49).
12. Amendment filed 7-20-2016; operative 10/1/2016 (Register 2016, No. 30).