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Title 011 | Chapter 012 | Regulation 060REG

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KENTUCKY HIGHER EDUCATION ASSISTANCE AUTHORITY
Division of Student Financial Aid
(Amended at ARRS Committee)

11 KAR 12:060.Cancellation, partial withdrawal, and payment of refund.

RELATES TO:

KRS 164A.325(5), 164A.350

STATUTORY AUTHORITY:

KRS 164A.310(14), 164A.325(5), (9), 164A.350(2)(8)

CERTIFICATION STATEMENT:

This is to certify that this administration regulation complies with the requirements of 2025 RS HB 6, Section 8.

NECESSITY, FUNCTION, AND CONFORMITY:

KRS 164A.325(9) authorizes the board to promulgate administrative regulations to implement the Kentucky Educational Savings Plan Trust. KRS 164A.325(5) authorizes the board to promulgate, impose, and collect administrative fees and charges for trust transactions. KRS 164A.310(14) authorizes the board to promulgate administrative regulations to implement the provisions of KRS 164A.300 to KRS 164A.380 consistent with federal Internal Revenue Code regulations. KRS 164A.350(2) provides that a participant may cancel a participation agreement and allows a penalty to be charged by the trust. This administrative regulation establishes the procedures for cancellation of the participation agreement and refund of the account balance and specifies the penalty.

Section 1.

Cancellation. To cancel a participation agreement pursuant to KRS 164A.350(2), a participant shall submit to the program administrator a notice to terminate the participation agreement by mail or electronically.

Section 2.

Partial Withdrawal. A participant may request a partial withdrawal of an account balance without cancellation of the participating agreement. To request a partial withdrawal from a Kentucky Educational Savings Plan Trust account, a participant shall submit a written or online request to the program administrator by mail or electronically.

Section 3.

Refund. The amount to be refunded pursuant to KRS 164A.350, shall be mailed or otherwise sent to the participant within sixty (60) days after receipt by the program administrator of notice to terminate the participation agreement or written or online request for partial withdrawal submitted by mail or electronically.
FILED WITH LRC: November 10, 2025
CONTACT PERSON: Hon. Miles F. Justice, General Counsel, Kentucky Higher Education Assistance Authority, P.O. Box 798, Frankfort, Kentucky 40602-0798, phone (502) 696-7309, fax (502) 696-7293, email mjustice@kheaa.com.

7-Year Expiration: 9/28/2025

Last Updated: 11/13/2025

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