(a) Beneficiaries may not add funds directly into their CalKIDS Account. All deposits into the CalKIDS Account are made directly by the Program.(b) Although not a requirement, Beneficiaries may contribute deposits on their own into a personal ScholarShare 529 account. The Program will allow Beneficiaries the ability to link their ScholarShare 529 account to their CalKIDS Account in order to view their ScholarShare 529 account on their CalKIDS Account portal.(c) Based on available funding, the Program may identify all beneficiaries enrolled into the Program pursuant to Section 31011(a) as eligible for financial incentives. Based on available funding, the Program may limit eligibility for financial incentives specifically to Beneficiaries enrolled into the Program pursuant to subdivisions (1), (2), or (3) of Section 31011(a), or a combination of those Beneficiaries for engaging with their CalKIDS Account. (1) Financial incentives will be applied directly to the eligible Beneficiaries CalKIDS Account for engaging with the Program by doing activities such as, but not limited to, accessing their CalKIDS Account, linking a ScholarShare 529 account to their CalKIDS Account, depositing money or establishing a reoccurring deposit in their ScholarShare 529 account, or participating in financial literacy education opportunities.(2) The amount of the financial incentives will range from $1 to $1,000, but the specific amounts will be communicated to the public and will be applied equally to the eligible Beneficiaries identified as eligible for each specific financial incentive opportunity. Information including eligibility and actions needed to earn financial incentives will be posted on the Program website for public availability.(3) Subject to subsection (e), eligible Beneficiaries will receive the financial incentive(s) in their CalKIDS Account within 365 days of completing activities or requirements related to the incentive(s).(d) Beneficiaries with an existing CalKIDS Account pursuant to Education Code Section 69996.9(a)(1) and Education Code Section 69996.9(a)(2) will not receive an additional enhanced deposit if the Board receives information about that particular Beneficiary in a subsequent year through its regular data sharing transfer process with the California Department of Education. The Board will not provide an additional enhanced deposit to these particular Beneficiaries to be in compliance with Education Code Section 69996.9(a)(3).(e) The Executive Director of the Board may establish or modify the structure for financial incentives for the Program based on the following criteria: (1) Participation levels;(3) Grants, gifts, appropriations, and other moneys from any unit of federal, state, or local government or any other person, firm, partnership, or corporation for deposit to the fund.(f) If funding for financial incentives as described in this section is determined to be no longer available, the Executive Director of the Board shall inform the public by posting that information on the agency's internet website within 90 days of that determination.Cal. Code Regs. Tit. 5, § 31012
Note: Authority cited: Section 69996.4, Education Code. Reference: Section 69996.3, Education Code; and Section 69996.9, Education Code.
Note: Authority cited: Section 69996.4, Education Code. Reference: Sections 69996.3 and 69996.9, Education Code.
1. New section filed 8-15-2022; operative 8/15/2022 pursuant to Government Code section 11343.4(b)(3) (Register 2022, No. 33).
2. Amendment filed 6-26-2024; operative 10/1/2024 (Register 2024, No. 26).