Qualified individual; withdrawals authorized.

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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, death of the participant, or termination of the Long-Term Care Savings Plan Act shall be subject to a ten-percent penalty on the amount withdrawn. The State Treasurer shall collect the penalty.

Source

  • Laws 2006, LB 965, § 5;
  • Laws 2007, LB304, § 2;
  • Laws 2016, LB756, § 3.
  • Termination Date: January 1, 2018


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