New restrictions imposed in Ohio's Guaranteed Savings Fund
1) Once the beneficiary reaches age 22, tuition units and credits may not be transferred for use by another family member. However, the participant may reallocate the account to another investment option in the CollegeAdvantage savings plan and change the beneficiary in the process.
2) For beneficiaries below the age of 22, tuition units and credits may be transferred but may not be re-transferred thereafter. For a beneficiary age 20 or 21, units and credits may be transferred only to an older beneficiary. If the beneficiary is below 20, the new beneficiary does not have to be older than the current beneficiary.
3) Remaining units and credits must be withdrawn when the beneficiary reaches age 28 unless the beneficiary is still attending college or is serving in the U.S. military. Alternatively, the account may be reallocated to a CollegeAdvantage investment option.
4) The account owner may be changed to another account owner, but may not thereafter be changed again except where the change is made back to the original owner or where the original owner dies or becomes permanently disabled.