§ 42-7.2-20.3. Creation of program. [Contingent effective date; see note.] (a) There shall be established within the executive office and administered, in conjunction with, the SIC, the achieving a better life experience program for the purposes of administering ABLE accounts established to encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities. Under the program, one or more persons may make contributions to an ABLE account to meet the qualified disability expenses of the designated beneficiary of the account.
(b) Unless otherwise permitted under 26 U.S.C. § 529A, the owner of an ABLE account shall be the designated beneficiary of the account.
(c) A designated beneficiary may have only one account.
(d) Unless otherwise permitted under 26 U.S.C. § 529A, the designated beneficiary of an ABLE account shall be a resident of this state or of a contracting state. The executive office shall determine residency for such purpose in such manner as may be required or permissible under 26 U.S.C. § 529A or, in the absence of any guidance under 26 U.S.C. § 529A, by such other means as the executive office shall consider advisable for purposes of satisfying the requirements of 26 U.S.C. § 529A.
(e) Any person may make contributions to an ABLE account to meet the qualified disability expenses of the designated beneficiary of the account; provided that the account and contributions meet the other requirements of this section and regulations promulgated by the executive office.
(f) The executive office, in conjunction with the SIC, and, to the extent required by the terms of such designation, any designated administrator shall operate the program so that it shall constitute a qualified ABLE program in compliance with the requirements of 26 U.S.C. § 529A.
(g) The SIC and any designated administrator shall provide investment options for the investment of amounts contributed to an ABLE account.
History of Section. (P.L. 2015, ch. 158, § 1; P.L. 2015, ch. 187, § 1.)
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