Purchasers And Beneficiaries

(1) A Purchaser may only have one (1) Beneficiary on each Account. (2) A Purchaser may not have more than one (1) Account in the same Beneficiary’s name. (3) A Beneficiary who has been designated as a Beneficiary on more than one (1) Account by two (2) or more different Purchasers shall only be eligible for one (1) Matching Contribution during each Qualifying period and shall not be eligible to receive another Beneficiary’s Matching contributions through a change in Beneficiary. (4) A Purchaser may change a Beneficiary on an Account in accordance with the requirements contained in Tenn. Comp. R & Regs. 1700-05-04-.05(2) and (4). A Purchaser may request a COLLEGE SAVINGS INCENTIVE PLAN CHAPTER 1700-05-03 one-time change of the Beneficiary on the Matching contribution account to a new Beneficiary meeting the residency, age, and familial requirements contained in Rule 1700-05- 03-.02, unless the new Beneficiary already has an existing Matching contribution account. A Purchaser may change the Beneficiary on a Matching contribution account by submitting a request for a change to the Board on a form prescribed by the Board. The new Beneficiary on a Matching contribution account will receive the Matching contributions that were in a previous Beneficiary’s name. (5) A Purchaser may not remove his or her name from a Matching contribution account and substitute it with another Purchaser’s name; however, a Purchaser’s name may be removed from a Matching contribution account upon the Purchaser’s death, divorce, or Permanent disability.