257-2 Eligible individuals.
§257-2 Eligible individuals. (a) The income of the household of the individual development account holder shall not exceed eighty per cent of the area household median income. (b) The individual shall enter into an individual development account agreement with a fiduciary organization. [L 1999, c 160, pt of §25]
257-3 Fiduciary organizations.
§257-3 Fiduciary organizations. (a) Fiduciary organizations shall serve as an intermediary between individual development account holders and financial institutions holding accounts. The fiduciary organization’s responsibilities may include: (1) Marketing participation; (2) Soliciting matching contributions; (3) Counseling program participants; and (4) Conducting verification and compliance activities. (b) Locally-based organizations shall enter into a competitive process for […]
257-4 Penalties.
§257-4 Penalties. (a) The fiduciary organization shall establish a grievance committee and a procedure to hear, review, and decide in writing any grievance made by an individual development account holder who disputes a decision of the operating organization that a withdrawal is subject to penalty. (b) Each fiduciary organization shall establish regulations as are necessary, […]
257-5 Death.
§257-5 Death. In the event of an account holder’s death, the account may be transferred to the ownership of a contingent beneficiary. An account holder shall name contingent beneficiaries at the time the account is established and may change beneficiaries at any time. If the named beneficiary is deceased or otherwise cannot accept the transfer, […]
257-6 Financial institutions.
§257-6 Financial institutions. (a) Financial institutions shall be permitted to establish individual development accounts pursuant to this chapter. The financial institution shall certify to the fiduciary organization, on forms prescribed by same and accompanied by any documentation required by it, that such accounts have been established pursuant to all the provisions of this chapter and […]
257-7 Assets; disregarded.
§257-7 Assets; disregarded. The department of human services shall collaborate with individual development account fiduciary organizations to ensure that the accounts as provided for in this chapter, including any earned interest, shall be disregarded in the determination of benefits or eligibility for services account holders may receive from the department of human services as allowed […]
257-8 Matches.
§257-8 Matches. (a) The State shall match an amount of up to $100,000 per calendar year for individual development accounts. (b) Not more than a 2:1 match of state funds to account holder deposits shall be deposited into any individual development account in a given year. [L 1999, c 160, pt of §25]
257-9 Tax exemption.
§257-9 Tax exemption. All moneys contributed into an individual development account, including state and private matches, individual savings, and interest earned, shall be exempt from taxation. [L 1999, c 160, pt of §25]
257-10 REPEALED.
§257-10 REPEALED. L 2021, c 117, §38.
257-11 Administration; evaluation; information; reporting.
§257-11 Administration; evaluation; information; reporting. (a) The fiduciary organization running an individual development account program shall have sole authority over the administration of the project. The State may prescribe only such regulations with respect to demonstration projects under this chapter as are necessary to ensure compliance pursuant to this chapter. (b) Each individual development account […]