The BEST Prepaid Plan is a 529 Plan. Customers may rollover funds from another 529 Plan into the BEST Prepaid Plan. Alternatively, customers may rollover funds from the BEST Prepaid Plan to another 529 Plan.
- Rollovers INTO BEST:
To rollover from an existing 529 plan into a BEST Prepaid Plan, please contact BEST and our office will send you an application and letter that will need to be sent to your current 529 plan. If you are opening up a new account, please fill out the application form and mark the rollover box located at the top of the form. If you have an existing BEST account, you do not need to fill out the application form again. Please advise BEST that you are an existing customer and we will send you a completed form for your convenience. The BEST application form, along with the letter, will need to be sent to your current 529 plan. Some 529 Plans require a signature guarantee. You will need to contact the 529 Plan about whether they require a signature guarantee on the application. Once you submit the appropriate documentation to the 529 Plan, the 529 plan will process the rollover request and send BEST the application and a check, noting contributions and earnings.
- Rollovers OUT of BEST:
To roll out of an existing BEST Prepaid Plan, please contact the 529 plan you are rolling into. Once you set up an account, the new 529 plan will send BEST documentation advising our office of the rollover. BEST will then verify the information and process the request. BEST will send a check with a letter advising of the contributions and earnings amounts to the new 529 plan.
- Rollovers for the Benefit of the Same Beneficiary:
The purchaser may rollover all or a portion of the funds in the beneficiary's account to an account established for the same beneficiary under the educational savings plan or under another qualified tuition program.
- Rollovers for the Credit of Another Beneficiary:
The purchaser may rollover all or a portion of the funds in the beneficiary's account to an account established for another beneficiary under the educational savings plan or under another qualified tuition program established under Section 529 of the Internal Revenue Code provided that the beneficiary to whose account the funds are being transferred is a "member of the family" of the original beneficiary.
Any rollover is subject to the following conditions:
- The purchaser makes a written rollover request to the Board on such form as may be prescribed by the Board;
- Prior to honoring the rollover request, the Board may require the purchaser to establish that the plan or program to which the funds are being transferred is a qualified plan or program as defined in the above; and
- Any rollover shall be administered in accordance with the applicable rollover provisions of the Internal Revenue Code.
- Rollover Amount:
The amount payable to a rollover request shall equal (i) the total purchase price of all the tuition units in the beneficiary's account that are being transferred pursuant to the rollover request, (ii) plus one hundred percent (100%) of the difference between said purchase price and one percent (1%) of the weighted average tuition in the academic year the transfer if made, multiplied by the number of tuition units in the beneficiary's account that are being transferred pursuant to the rollover request, (iii) minus any transfer fee charged by the Board. The amount payable on account of any tuition units being transferred pursuant to a rollover request that were purchased less than two (2) full years prior to the rollover request shall equal the total purchase price paid for those units, minus any transfer fee charged by the Board.