§16-48-1. Short Title
This article shall be known and may be cited as the "Achieving a Better Life Experience in West Virginia Act" or the "West Virginia ABLE Act".
§16-48-2. Purpose
The purpose of the West Virginia ABLE Act savings program is to authorize the establishment of savings accounts empowering individuals with a disability and their families to save private funds to support the individual with a disability and to provide guidelines for the maintenance of such accounts.
§16-48-3. Definitions
(a) “ABLE Act” means the federal legislation codified in Section 529A of the Internal Revenue Code of 1986, 26 U.S.C. 529A, and related treasury regulations, as amended from time to time. Any references in this article to Section 529A include related treasury regulations. (b) “Account” or “ABLE savings account” means an individual savings account established […]
§16-48-4. Implementation and Administration of Program; Treasurer S Powers and Responsibilities
(a) The Treasurer shall implement and administer the program under the terms and conditions established by this article. In order to implement and administer the program, the Treasurer may: (1) Engage the services of consultants on a contract basis for rendering professional and technical assistance and advice;
§16-48-5. Use of Financial Organizations as Program Depositories and Managers
(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 held in accounts. The Treasurer may select more than […]
§16-48-6. Establishment of Able Savings Account by Designated Beneficiary or Person or Entity With Signature Authority
(a) Any ABLE savings accounts established pursuant to the provisions of this article shall be opened and managed by a designated beneficiary or a person or entity with signature authority, according to the ABLE Act. (b) Each designated beneficiary may have only one account. (c) In the absence of a conservator, a guardian may manage […]
§16-48-7. Limitation on Liability
(a) Nothing in this act creates 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;
§16-48-8. Establishment of Savings Program Trust Fund and Savings Expense Fund in State Treasury
(a) The West Virginia 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 of any moneys deposited by contributors in accordance with this article […]