1. (a) Withdrawal requests. To receive a withdrawal, the account owner may either submit a withdrawal request form in good order (as determined by the program manager) to the program manager or any other method approved by the Section 529 Plan Review Committee, which, if the committee and/or program manager deem it necessary, may require:

   1. (1) A certification from the account owner as to whether such withdrawal is a qualified withdrawal or a nonqualified withdrawal;
   2. (2) Such additional information as the program manager may require.

2. (b) Nonqualified withdrawals.

   1. (1) An account owner may make a nonqualified withdrawal in accordance with the terms of the then current program description subject to any applicable federal and/or state income tax and any penalty or additional tax imposed by federal tax law or state law, as set forth in the then current program description.
   2. (2) Except as otherwise specifically provided herein, only the account owner may close an account.

3. (c) Withdrawal taxes and penalties. An account owner making a withdrawal shall have the sole obligation to:

   1. (1) Determine whether the withdrawal is a qualified withdrawal or a nonqualified withdrawal;
   2. (2) Make any required report to the Internal Revenue Service and any applicable state tax authority regarding the withdrawal and the amounts of any earnings included therein; and
   3. (3) Pay any applicable federal or state income taxes or penalty taxes that may apply.

4. (d) Unclaimed account balances.

   1. (1) The committee may establish a maximum duration for accounts.
   2. (2) In the event the committee or program manager notifies an account owner of account inactivity and the account owner does not respond within the time period as set forth in such notice, the committee may return all amounts in the account to the account owner.
   3. (3) The account owner shall be responsible for any applicable federal or state taxes and penalties.

5. (e) Withdrawal payments.

   1. (1) The net asset value for a portfolio applicable to a withdrawal will be the net asset value next calculated for such portfolio on the business day on which the withdrawal request form is received in good order (as determined by the program manager), or upon such other business day as may be set forth in the then current program description.

   2. (2) Withdrawals will be made by:

      1. (A) Check;
      2. (B) ACH; or
      3. (C) At the request of the account owner and upon payment of a fee to be debited from the account, by wire transfer.
6. (f) Requests for withdrawals. Requests for withdrawals will be satisfied as soon as practicable, but in no event later than thirty (30) days following acceptance of a withdrawal request form in good order as determined by the program manager.

Codification Notes: "ACH" means automated clearing house.