46-902. Qualified ABLE program; duties

296 words·~1 min read·/az/title-46/46-902

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The department shall:

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 section 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 section 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.