Vermont Statutes Title 33 Sec. 8001
Terms Used In Vermont Statutes Title 33 Sec. 8001
- ABLE account: means an account established by an eligible individual, owned by the eligible individual, and maintained under the Vermont ABLE Savings Program. See
- 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
- Designated beneficiary: means the eligible individual who establishes an ABLE account under this chapter and is the owner of the account. See
- Eligible individual: means :
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
- Financial organization: means an organization that is authorized to do business in this State and that is:
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 8001. Program established
(a) The State Treasurer or designee shall have the authority to establish the Vermont Achieving a Better Life Experience (ABLE) Savings Program consistent with the provisions of this chapter under which a person may make contributions for a taxable year, for the benefit of an individual who is an eligible individual for such taxable year, to an ABLE account that is established for the purpose of meeting the qualified disability expenses of the designated beneficiary of the account, and that:
(1) limits a designated beneficiary to one ABLE account for purposes of this section;
(2) allows for the establishment of an ABLE account only for a designated beneficiary who is a resident of Vermont or a resident of a contracting State; and
(3) meets the other requirements of this chapter.
(b)(1) The Treasurer or designee may solicit proposals from financial organizations to implement the Program as account depositories and managers.
(2) A financial organization that submits a proposal shall describe the investment instruments that will be held in accounts.
(3) The Treasurer shall select from among the applicants one or more financial organizations that demonstrate the most advantageous combination, both to potential Program participants and this State, of the following criteria:
(A) the financial stability and integrity of the financial organization;
(B) the safety of the investment instrument offered;
(C) the ability of the financial organization to satisfy recordkeeping and reporting requirements;
(D) the financial organization’s plan for promoting the Program and the investment the organization is willing to make to promote the Program;
(E) the fees, if any, proposed to be charged to the account owners;
(F) the minimum initial deposit and minimum contributions that the financial organization will require;
(G) the ability of the financial organization to accept electronic withdrawals, including payroll deduction plans; and
(H) other benefits to the State or its residents included in the proposal, including fees payable to the State to cover expenses of operation of the Program.
(c) The Treasurer or designee shall have the authority to implement the Program in cooperation with one or more states or other partners in the manner he or she determines is in the best interests of the State and designated beneficiaries.
(d) The Treasurer or designee shall have the authority to adopt rules, policies, and procedures necessary to implement the provisions of this chapter and comply with applicable federal law. (Added 2015, No. 51, § C.7, eff. June 3, 2015; amended 2015, No. 157 (Adj. Sess.), § F.2, eff. June 2, 2016.)