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or termination of the Long-Term Care Savings Plan Act shall be subject to a ten-percent penalty on the amount withdrawn.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
Nebraska Legal Code