75-648 Same; trust fund established; expense fund established; disposition of moneys and interest; payment of expenses of administration.
75-648. Same; trust fund established; expense fund established; disposition of moneys and interest; payment of expenses of administration. (a) (1) The Kansas postsecondary education savings program trust fund is hereby established in the state treasury. Such savings trust fund shall consist of moneys deposited by depositors in accordance with this act, moneys acquired from governmental […]
75-649 Payroll deductions for postsecondary education savings accounts.
75-649. Payroll deductions for postsecondary education savings accounts. The director of accounts and reports shall make payroll deductions from the salary and wages of state officers and employees for family postsecondary education savings accounts provided for in K.S.A. 75-464 [75-646], and amendments thereto, when authorized to make such deductions by the written, voluntary authorization of […]
75-650 Low-income family postsecondary savings accounts incentive program; definitions; administration by state treasurer; applications; limitations.
75-650. Low-income family postsecondary savings accounts incentive program; definitions; administration by state treasurer; applications; limitations. (a) As used in this section: (1) “Federal poverty level” means the most recent poverty income guidelines published in the calendar year by the United States department of health and human services. (2) “Program” means the low-income family postsecondary savings […]
75-651 Kansas ABLE savings program; legislative intent.
75-651. Kansas ABLE savings program; legislative intent. There is hereby established an enabling savings program and such program shall be known and may be cited as the Kansas ABLE savings program. The purpose of the Kansas ABLE savings program is to authorize the establishment of savings accounts empowering individuals with a disability and their families […]
75-652 Same; definitions.
75-652. Same; definitions. As used in this act: (a) “Account” or “ABLE savings account” means an individual savings account established in accordance with the provisions of this act. (b) “Account owner” means the person who enters into an ABLE savings agreement pursuant to the provisions of this act. The account owner must also be the […]
75-653 Same; implementation and administration of program by state treasurer.
75-653. Same; implementation and administration of program by state treasurer. (a) The treasurer shall implement and administer the program under the terms and conditions established by this act. In furtherance of such implementation and administration, the treasurer shall have the authority and responsibility to: (1) Develop and implement the program in a manner consistent with […]
75-654 Same; implementation by state treasurer, powers and duties.
75-654. Same; implementation by state treasurer, powers and duties. (a) The treasurer may implement the program through use of financial organizations as account depositories and managers. The treasurer may solicit proposals from financial organizations to act as depositories and managers of the program. Financial organizations submitting proposals shall describe the investment instruments which will be […]
75-655 Same; establishment of accounts; contributions and distributions; statements and information relating to accounts.
75-655. Same; establishment of accounts; contributions and distributions; statements and information relating to accounts. (a) Any ABLE savings accounts established pursuant to the provisions of this act shall be opened by a designated beneficiary or a conservator or guardian of a designated beneficiary who lacks capacity to enter into a contract and each beneficiary may […]
75-656 Same; rights and obligations; rules and regulations.
75-656. Same; rights and obligations; rules and regulations. (a) Nothing in this act shall create or be construed to create any obligation of the treasurer, the state or any agency or instrumentality of the state to guarantee for the benefit of any account owner or designated beneficiary with respect to the: (1) Return of principal; […]
75-657 Same; Kansas ABLE savings program trust fund established; disposition of moneys.
75-657. Same; Kansas ABLE savings program trust fund established; disposition of moneys. (a) The Kansas ABLE savings program trust fund is hereby established in the state treasury. The fund shall be utilized if the treasurer elects to accept deposits from contributors rather than have deposits sent directly to the program manager. Such fund shall consist […]