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Code of Federal Regulations Title 20. Employees' Benefits § 20.416.1247 Exclusion of a dedicated account in a financial institution

Current as of October 02, 2022 | Updated by FindLaw Staff

(a) General. In determining the resources of an individual (or spouse, if any), the funds in a dedicated account in a financial institution established and maintained in accordance with § 416.640(e) will be excluded from resources. This exclusion applies only to benefits which must or may be deposited in such an account, as specified in § 416.546, and accrued interest or other earnings on these benefits. If these funds are commingled with any other funds (other than accumulated earnings or interest) this exclusion will not apply to any portion of the funds in the dedicated account.

(b) Exclusion during a period of suspension or termination—

(1) Suspension. The exclusion of funds in a dedicated account and interest and other earnings thereon continues to apply during a period of suspension due to ineligibility as described in § 416.1320, administrative suspension, or a period of eligibility for which no payment is due, so long as the individual's eligibility has not been terminated as described in §§ 416.1331 through 416.1335.

(2) Termination. Once an individual's eligibility has been terminated, any funds previously excluded under paragraph (a) of this section may not be excluded if the individual establishes a subsequent period of eligibility by filing a new application.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 20. Employees' Benefits § 20.416.1247 Exclusion of a dedicated account in a financial institution - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-20-employees-benefits/cfr-sect-20-416-1247/

Read this complete Code of Federal Regulations Title 20. Employees' Benefits § 20.416.1247 Exclusion of a dedicated account in a financial institution on Westlaw

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