§ 20-3-105 — Achieving a Better Life Experience Program Committee - Administration - Authority - Powers

Arkansas § 20-3-105

• Jurisdiction: Arkansas
• Title: 20

Text

(a) This chapter shall be administered by the Achieving a Better Life Experience Program Committee, which shall be composed of: (1) The Secretary of the Department of Human Services, or his or her designee; (2) The Commissioner of Arkansas Rehabilitation Services, or his or her designee; and (3) The Treasurer of State, or his or her designee. (b) The Treasurer of State shall: (1) Manage the Achieving a Better Life Experience Program Trust under § 20-3-104 for the committee; (2) Provide office space, staff, and materials for the committee; (3) Perform other services necessary to implement this chapter; and (4) Conduct outreach and engage in financial educational activities with individuals with disabilities, stakeholders within the community of individuals with disabilities, and their support system. (c) The committee shall adopt rules necessary to administer this chapter and to ensure compliance with the Achieving a Better Life Experience Program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295 and federal regulations under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295. (d) The committee shall: (1) Establish, develop, implement, and maintain the Achieving a Better Life Experience Program in a manner consistent with this chapter and an Achieving a Better Life Experience Program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295, and obtain the benefits provided by an Achieving a Better Life Experience Program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295, for the Achieving a Better Life Experience Program, account owners, and designated beneficiaries; (2) Adopt rules for the general administration of the Achieving a Better Life Experience Program; (3) Maintain, invest, and reinvest the funds contributed into the Achieving a Better Life Experience Program consistent with the investment restrictions established by the committee and the standard of care described in the prudent investor rule under § 24-2-611 ; and (4) (A) Make and enter into contracts, agreements, or arrangements and retain, employ, and contract for the services of financial institutions, depositories, consultants, broker-dealers, investment advisors or managers, third-party plan administrators, and research, technical, and other services necessary or desirable for carrying out the purposes of this chapter. (B) Contracts entered into by the committee may be for a term of one to ten (1-10) years.

Legislative History

Amended by Act 2023, No. 182,§ 5, eff. 8/1/2023. Amended by Act 2019, No. 910,§ 5173, eff. 7/1/2019. Amended by Act 2017, No. 324,§ 1, eff. 3/2/2017. Added by Act 2015, No. 1238,§ 1, eff. 7/22/2015.