State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter77 > 77-6105

77-6105. Qualified individual; withdrawals authorized.A qualified individual as defined in subdivision (4)(a) of section 77-6102 may make withdrawals as a participant in the Nebraska long-term care savings plan to pay or reimburse long-term care expenses. A qualified individual as defined in subdivision (4)(b) of section 77-6102 may make withdrawals to pay or reimburse long-term care insurance premiums. Any participant who is not a qualified individual or who makes a withdrawal for any reason other than transfer of funds to a spouse, long-term care expenses, long-term care insurance premiums, or death of the participant shall be subject to a ten-percent penalty on the amount withdrawn. The State Treasurer shall collect the penalty. SourceLaws 2006, LB 965, § 5; Laws 2007, LB304, § 2.