Louisiana Revised Statutes 17:3090 – A. There shall be established as a special fund in the state treasury the Achieving a Better Life Experience in Louisiana Fund, hereinafter referred to as the “ABLE Fund”. The assets
Terms Used In Louisiana Revised Statutes 17:3090
- ABLE account: means a special savings account for financing of certain qualified expenses of persons with disabilities as specifically provided for in this Chapter that conforms with all applicable standards and requirements set forth for ABLE accounts in the ABLE Act. See Louisiana Revised Statutes 17:3082
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means the Louisiana Tuition Trust Authority. See Louisiana Revised Statutes 17:3082
- 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
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
A. There shall be established as a special fund in the state treasury the Achieving a Better Life Experience in Louisiana Fund, hereinafter referred to as the “ABLE Fund”. The assets of the Louisiana Tuition Trust Authority reserved for the payment of the obligations of the authority pursuant to its agreements with ABLE program account owners shall be deposited into the ABLE Fund. Funds received by the authority from persons making deposits in an ABLE program account, all interest and investment income earned by the fund, and all other receipts of the authority from any other source which the authority determines appropriate, shall be deposited in the ABLE Fund. Any claim for redemption or withdrawal pursuant to a Louisiana ABLE account owner’s agreement shall be solely against the account owner’s portion of the assets of the ABLE Fund. No account owner or beneficiary of a Louisiana ABLE account shall have any claim against the state general fund or other funds or revenue sources of the state.
B. The monies in the ABLE Fund shall be used solely as provided in this Chapter.
C. All unexpended and unencumbered monies in ABLE program accounts at the end of a fiscal year shall remain in such fund account and be available in the next fiscal year.
D. The monies in the ABLE Fund shall be invested by the state treasurer in accordance with state law and as provided for by program rules, regulations, and guidelines, and interest earned on the investment of these monies shall be credited to the respective fund accounts, following compliance with the requirement of La. Const. Art. VII, § 9(B) relative to the Bond Security and Redemption Fund. However, principal deposited by account owners and interest earned thereon is not public money and therefore is not subject to the requirements of La. Const. Art. VII, § 9(B) .
Acts 2017, No. 353, §1.