75-653. Implementation and administration of program by state treasurer.

315 words·~1 min read·/ks/chapter-75/75-653

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

(a)The treasurer shall implement and administer the program under the terms and conditions established by this act. In furtherance of such implementation and administration, the treasurer shall have the authority and responsibility to:

(1)Develop and implement the program in a manner consistent with the provisions of this act;

(2)engage the services of consultants on a contract basis for rendering professional and technical assistance and advice;

(3)seek rulings and other guidance from the secretary and the federal internal revenue service relating to the program;

(4)make changes to the program required for the participants in the program to obtain the federal and state income tax benefits or treatment provided by section 529A of the federal internal revenue code of 1986, as amended;

(5)charge, impose and collect administrative fees and service charges in connection with any agreement, contract or transaction relating to the program;

(6)develop marketing plans and promotion material;

(7)establish the methods by which the funds held in accounts shall be dispersed;

(8)establish the method by which funds shall be allocated to pay for administrative costs;

(9)do all things necessary and proper to carry out the purposes of this act;

(10)promulgate rules and regulations necessary to effectuate the provisions of this act;

(11)make an annual evaluation of the ABLE savings program and prepare an annual report of such evaluation to be provided to the governor, the senate and the house of representatives; and

(12)notify the secretary when an account has been opened for a designated beneficiary and submit other reports concerning the program required by the secretary.

(b)The treasurer may enter into agreements with other states to either allow Kansas residents to participate in a plan operated by another state or to allow residents of other states to participate in the Kansas ABLE program.