§56-4001.1. Definitions.
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/ok/title-56-poor-persons/56-4001-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this act:
1. "ABLE" means achieving a better life experience;
2. "ABLE account" means an individual trust account or savings account owned by the designated beneficiary of the account and established to pay qualified disability expenses as prescribed in this act. Money and assets in the accounts established under the Oklahoma ABLE program or an ABLE program in any other state shall not be considered for the purpose of determining eligibility to receive, or the amount of, any assistance or benefits from local or state means-tested programs;
3. "Account owner" means a resident of this state, designated as eligible to be a beneficiary pursuant to Section 529A of the Internal Revenue Code;
4. "Contracting state" means a state without a qualified ABLE program of its own, which contracts with another state having such a program;
5. "Contribution" means any payment directly allocated to an ABLE account for the benefit of a designated beneficiary;
6. "Designated beneficiary" means:
a. with respect to an account, the individual who is the
owner of the ABLE account and who either established
the account at a time when he or she was eligible or
who has succeeded the former designated beneficiary in
that capacity,
b. if the designated beneficiary is not able to exercise
signature authority over his or her ABLE account or
chooses to establish an ABLE account but not exercise
signature authority, references to the designated
beneficiary with respect to his or her actions include
actions by the designated beneficiary's designated
representative under a power of attorney or, if none,
a parent or legal guardian of the designated
beneficiary, and
c. in the case of a change in beneficiaries described in
subsection E of Section 5 of this act, the individual
who is the new beneficiary;
7. "Designated representative" means an individual who is authorized to act on behalf of the designated beneficiary if the designated beneficiary is a minor or has a guardian, conservator or other fiduciary who has been appointed for purposes of managing that beneficiary's financial affairs;
8. "Disability certification" means, with respect to an individual, a certification by the individual or the parent or guardian of the individual that:
a. the individual has a medically determinable physical
or mental impairment, which results in marked and
severe functional limitations, and which can be
expected to result in death or which has lasted or can
be expected to last for a continuous period of not
less than twelve
(12)months, or is blind within the
meaning of Section 1614(a)(2) of the Social Security
Act, and
b. a copy of the individual's diagnosis relating to the
individual's relevant impairment or impairments,
signed by a physician meeting the criteria of Section
1861(r)(1) of the Social Security Act, can be
provided;
9. "Eligible individual" means, for a taxable year, an individual who either:
a. is entitled during that taxable year to benefits based
on blindness or disability under the Social Security
Act, or
b. is the subject of a disability certification filed for
such taxable year;
10. "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;
11. "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended;
12. "Program" means the Oklahoma ABLE Savings Plan established under this act and implemented by the State Treasurer;
13. "Qualified disability expenses" means any expenses related to the eligible individual's blindness or disability which are made for the benefit of an eligible individual who is the designated beneficiary, including education, housing, transportation, employment training and support, assistive technology and personal support services, health, prevention and wellness, financial
management and administrative expenses, legal fees, expenses for oversight and monitoring, funeral and burial expenses and other expenses approved under Section 529A of the Internal Revenue Code;
14. "Qualified withdrawal" means a withdrawal from an account to pay the qualified disability expenses of the designated beneficiary of the account, but only if the withdrawal is made in accordance with this act; and
15. "Partner ABLE program" means a qualified ABLE program established by another state or consortium of states which the State Treasurer has contracted or entered into an agreement with to facilitate access to a qualified ABLE program. Added by Laws 2016, c. 354, § 2, eff. Jan. 1, 2017.