Sec. 06.65.010. Program authorized.

The Alaska savings program for eligible individuals is created in the department. The department shall implement and administer the program under this chapter and as required by the federal authorizing law.

Sec. 06.65.020. General department duties.

(a) To implement and administer the program, the department shall, in addition to the other powers and duties provided to the department under this chapter, (1) develop, set, and approve the terms and conditions of the program, consistent with this chapter and the federal authorizing law, including limiting the nature and amount of contributions that […]

Sec. 06.65.030. Modification of program.

Consistent with this chapter and the federal authorizing law, the department may modify the terms and conditions of the program as the department considers necessary or desirable for the effective and efficient operation of the program.

Sec. 06.65.040. Additional department powers.

The department may (1) set fees the department considers necessary or desirable for program transactions and services; and (2) develop marketing plans and materials to promote the benefits of the program that are available to contributors under the program and to beneficiaries under the program.

Sec. 06.65.050. Contracting authority; procurement exemption.

(a) The department may contract with a person to advise and assist in the implementation and operation of the program. (b) The department may contract with a person to provide services for the program. (c) The department may enter into a contract with other states to obtain or provide the services for implementing the program. […]

Sec. 06.65.060. Investment oversight.

The department shall (1) oversee and approve the selection of investment managers and advisors for the program; (2) oversee all aspects of the program’s investments and investment performance and decisions regarding the investment of program assets; and (3) oversee all investment disclosure documents and regulatory filings related to program investments.

Sec. 06.65.070. Financial contractor obligations.

In addition to any other obligations imposed by the contract with the department, if the department enters into a contract with a person to provide program accounts, the financial contractor shall (1) provide program accounts that comply with the federal authorizing law; (2) take the action necessary to keep the program in compliance with the […]

Sec. 06.65.080. Additional audits.

In addition to the annual audit required by AS 06.65.020(a)(5), the department may require a financial contractor to have an audit conducted of the financial contractor’s operations and financial position when the department is concerned about the financial position, the record-keeping practices, or the status of the program accounts of the financial contractor.

Sec. 06.65.090. Contract termination; nonrenewal.

The department may terminate or fail to renew a financial contract. If the department terminates or does not renew a contract with a financial contractor, the department shall take custody of the program accounts held by the financial contractor and transfer the program accounts to another financial contractor as soon as possible and into program […]

Sec. 06.65.100. Eligible individuals.

To be eligible for a program account, when an individual or the individual’s representative establishes the program account or makes a distribution to another program account under AS 06.65.200, the individual must be (1) entitled to benefits based on blindness or disability under 42 U.S.C. 401 – 434 or 42 U.S.C. 1381 – 1383f, and […]

Sec. 06.65.110. Representative of eligible individual.

(a) A person may act as the representative of an eligible individual under this chapter if the eligible individual is a minor or lacks decision-making capacity and if the person is (1) a parent, guardian, or conservator of the eligible individual; in this paragraph, (A) “conservator” has the meaning given in AS 13.06.050; (B) “guardian” […]

Sec. 06.65.120. Program account ownership.

(a) The owner of a program account is the designated beneficiary of the program account. (b) If a representative of an eligible individual establishes a program account for an eligible individual, the representative is not an owner of the program account and does not have or acquire an interest in the assets of the program […]

Sec. 06.65.130. Number of program accounts.

An eligible individual may not be the designated beneficiary on more than one program account.

Sec. 06.65.140. Program account application.

The application for a program account must be in the form established by the department and contain (1) the name, address, and social security number of the program account owner and, if applicable, the representative who opens the program account for the eligible individual; and (2) additional information that the department and the secretary determine […]

Sec. 06.65.150. Program account establishment fee.

The financial contractor may charge an eligible individual a nonrefundable fee for establishing a program account. The department shall establish the amount of the fee by contract with the financial contractor or by regulation.

Sec. 06.65.160. Program account contributions.

(a) As provided by the federal authorizing law, a person may make a contribution to a program account for the designated beneficiary. A person may also make a contribution to a program account under AS 14.40.802(f)(3). (b) A person may not make a contribution to open or add to a program account unless the person […]

Sec. 06.65.170. Limited investment direction.

A designated beneficiary or the designated beneficiary’s representative may not, directly or indirectly, direct the investment of a program account, including the earnings on the program account, more than twice in one calendar year.

Sec. 06.65.180. Change of designated beneficiary.

A designated beneficiary or the designated beneficiary’s representative may change the designated beneficiary of a program account to an eligible individual who is a member of the family of the previous designated beneficiary.

Sec. 06.65.190. Distributions for qualified expenses.

Except as allowed under AS 06.65.200, a designated beneficiary or the representative of the designated beneficiary may not make a withdrawal or other distribution from a program account unless the withdrawal or other distribution is used to pay for the qualified expenses of the designated beneficiary.

Sec. 06.65.200. Rollover distribution.

(a) Subject to the restrictions in the federal authorizing law for rollover distributions, a designated beneficiary or the designated beneficiary’s representative may make a distribution of the money in a program account to another (1) program account if the designated beneficiary of the program account to which the distribution is being made is (A) the […]