Arizona Laws 46-902. Qualified ABLE program; duties
The department shall:
Terms Used In Arizona Laws 46-902
- Account: means an individual account in the fund established as prescribed in this article for a single designated beneficiary. See Arizona Laws 46-901
- 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
- Committee: means the achieving a better life experience act oversight committee. See Arizona Laws 46-901
- Department: means the department of economic security. See Arizona Laws 46-901
- Designated beneficiary: means the eligible individual who establishes an account and who is the owner of the account. See Arizona Laws 46-901
- Financial institution: means any bank, commercial bank, national bank, savings bank, savings and loan association, credit union, insurance company, brokerage firm or other similar entity that is authorized to do business in this state. See Arizona Laws 46-901
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Program: means the qualified ABLE program that is established under this article and as defined in 26 United States Code § 529A. See Arizona Laws 46-901
- Qualified disability expenses: means any expenses that are related to the eligible individual's blindness or disability and that are for the benefit of an eligible individual who is the designated beneficiary of an account, including education, housing, transportation, employment training and support, assistive technology and personal support services, health care, prevention and wellness, financial management and administrative services, legal fees, expenses for oversight and monitoring and funeral and burial expenses and any other expenses that are approved by the United States secretary of the treasury as required by 26 United States code section 529A. See Arizona Laws 46-901
- Services: includes social casework, rehabilitation counseling and similar services rendered to a person or persons in need as provided for in this title. See Arizona Laws 46-101
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
1. Develop and implement the program in a manner consistent with this article through the adoption of rules, guidelines and procedures in consultation with the committee.
2. Retain professional services, if necessary, including accountants, auditors, consultants and other experts.
3. Seek rulings and other guidance from the United States department of the treasury and the internal revenue service relating to the program.
4. Make changes to the program, as necessary, to comply with 26 United States Code § 529A and any regulations issued pursuant to that section.
5. Provide notification to the chairpersons of the senate health and human services committee and the house of representatives children and family affairs committee or their successor committees of any material changes to the federal program that would necessitate changes in this article or rules adopted pursuant to this article.
6. Negotiate and select the financial institution or institutions to act as the depository and manager of the program in accordance with this article. The department shall consult with the committee when selecting the financial institution or institutions.
7. Negotiate a fee with the financial institution or institutions.
8. Maintain the program on behalf of this state as required by 26 United States Code § 529A and any regulations issued pursuant to that section.
9. Develop and implement requirements, in consultation with the committee, for disbursements from accounts for qualified disability expenses.
10. Provide for separate accounting for each designated beneficiary of the designated beneficiary‘s account.
11. Develop procedures for educating account owners about nonqualified and qualified expenses if the department finds that distributions from any account were made for nonqualified expenses.
12. Develop and provide, in consultation with the committee, educational materials on the program, qualified disability expenses and requirements for being a designated beneficiary.