Indiana Code 12-11-14-11. Board duties and powers
(1) employ a manager, who is not a member of the board; and
Terms Used In Indiana Code 12-11-14-11
- ABLE account: refers to an achieving a better life experience (ABLE) account established by an eligible individual that:
Indiana Code 12-11-14-1
- authority: refers to the achieving a better life experience (ABLE) authority created by section 9 of this chapter. See Indiana Code 12-11-14-2
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- board: refers to the ABLE board of the authority established by section 10 of this chapter. See Indiana Code 12-11-14-3
- Contract: A legal written agreement that becomes binding when signed.
- contracting state: means a state that has entered into a contract with Indiana to:
Indiana Code 12-11-14-4
- qualified ABLE program: refers to the achieving a better life experience (ABLE) program established under this chapter under which a person may make contributions for a taxable year for the benefit of an eligible individual to an ABLE account to meet the qualified disability expenses of the designated beneficiary in compliance with Section 529A of the Internal Revenue Code. See Indiana Code 12-11-14-7
- qualified disability expense: means any expenses related to the eligible individual's blindness or disability that are incurred for the benefit of an eligible individual who is the designated beneficiary, including the following expenses:
Indiana Code 12-11-14-8
(b) The board has the powers necessary and appropriate to carry out and effectuate the purposes of this chapter, including the following:
(1) To develop and implement a qualified ABLE program for Indiana through:
(A) rules adopted under IC 4-22-2 or emergency rules adopted in the manner provided under IC 4-22-2-37.1; or
(B) rules, guidelines, procedures, or policies established by the board.
(2) To conform the qualified ABLE program to meet the requirements of Section 529A of the Internal Revenue Code and all applicable federal laws and regulations.
(3) To retain professional services, including the following:
(A) Advisers and managers, including investment advisers.
(B) Custodians and other fiduciaries.
(C) Accountants and auditors.
(D) Consultants or other experts.
(E) Actuarial services providers.
(F) Attorneys.
(4) To establish minimum ABLE account deposit amounts (both initial and periodic).
(5) To employ persons, if the board chooses, and as may be necessary, and to fix the terms of employment.
(6) To recommend legislation to the governor and the general assembly.
(7) To apply for designation as a tax exempt entity under the Internal Revenue Code.
(8) To sue and be sued.
(9) To provide or facilitate provision of benefits and incentives for the benefit of qualified beneficiaries.
(10) To conform the qualified ABLE program to federal tax advantages or incentives, to the extent consistent with the purposes and objectives of this chapter.
(11) To charge, impose, and collect administrative fees and service charges in connection with any agreement, contract, or transaction under a qualified ABLE program.
(12) To have perpetual succession.
(13) To establish policies and procedures to govern distributions from ABLE accounts that are not:
(A) made on account of the death or disability of an account beneficiary; or
(B) rollovers.
(14) To establish penalties for withdrawals of money from ABLE accounts that are not used exclusively for a qualified disability expense of an account beneficiary unless a circumstance described in subdivision (13) applies.
(15) To establish policies and procedures regarding the transfer of individual ABLE accounts and the designation of substitute account beneficiaries.
(16) To establish policies and procedures for withdrawal of money from ABLE accounts for, or in reimbursement of, a qualified disability expense.
(17) To enter into agreements with ABLE account owners, account beneficiaries, and contributors, with the agreements naming:
(A) the account owner; and
(B) the account beneficiary.
(18) To establish ABLE accounts for account beneficiaries. However, the authority shall establish a separate ABLE account for each account beneficiary.
(19) To enter into agreements with financial institutions relating to ABLE accounts as well as deposits, withdrawals, penalties, allocation of benefits or incentives, and transfers of accounts, account owners, and account beneficiaries.
(20) To develop marketing plans and promotional material.
(21) To enter into agreements with other states to:
(A) allow Indiana residents to participate in a plan operated by a contracting state with a qualified ABLE program; or
(B) allow residents of contracting states to participate in the Indiana qualified ABLE program.
(22) To do all things necessary and appropriate to carry out the purposes of this chapter.
As added by P.L.12-2016, SEC.8.