State Codes and Statutes
Statutes > Missouri > T11 > C166 > 166_430Cancellation of agreement, results--penalty.
166.430. Any participant may cancel a participation agreement atwill. The board shall impose a penalty equal to or greater than tenpercent of the earnings of an account for any distribution that is not:
(1) Used exclusively for qualified higher education expenses of thedesignated beneficiary;
(2) Made because of death or disability of the designatedbeneficiary;
(3) Made because of the receipt of scholarship by the designatedbeneficiary;
(4) A rollover distribution, as defined in Section 529(c)(3)(C)(i) ofthe Internal Revenue Code; or
(5) Held in the fund for the minimum length of time established bythe board.
(L. 1998 H.B. 1694, A.L. 1999 S.B. 460)
